Earnings Per Unit

6 Months Ended

Jun. 30, 2011

Notes To Financial Statements [Abstract]

Note 11 - Earnings Per Unit

Basic earnings per unit is computed by dividing net earnings attributable to unitholders by the weighted average number of units outstanding during each period. Diluted earnings per unit is computed by adjusting the average number of units outstanding for the dilutive effect, if any, of unit equivalents. The Company uses the treasury stock method to determine the dilutive effect.

The following table provides a reconciliation of the numerators and denominators of the basic and diluted per unit computations for net income (loss):

	Net Income (Loss) (Numerator)			Units (Denominator)		Per Unit Amount
	(in thousands)
Three months ended June 30, 2011:
Net income:
Allocated to units	$	237,109
Allocated to unvested restricted units		(2,475	)
	$	234,634
Net income per unit:
Basic net income per unit					175,035	$	1.34
Dilutive effect of unit equivalents					762		(0.01	)
Diluted net income per unit					175,797	$	1.33

Three months ended June 30, 2010:
Net income:
Allocated to units	$	59,786
Allocated to unvested restricted units		(592	)
	$	59,194
Net income per unit:
Basic net income per unit					146,124	$	0.41
Dilutive effect of unit equivalents					338		(0.01	)
Diluted net income per unit					146,462	$	0.40

Six months ended June 30, 2011:
Net loss:
Allocated to units	$	(209,573	)
Allocated to unvested restricted units		(2,439	)
	$	(212,012	)
Net loss per unit:
Basic net loss per unit					169,104	$	(1.25	)
Dilutive effect of unit equivalents					-		-
Diluted net loss per unit					169,104	$	(1.25	)

Six months ended June 30, 2010:
Net income:
Allocated to units	$	125,096
Allocated to unvested restricted units		(1,336	)
	$	123,760
Net income per unit:
Basic net income per unit					137,874	$	0.90
Dilutive effect of unit equivalents					360		-
Diluted net income per unit					138,234	$	0.90

There were no anti-dilutive unit equivalents for the three months ended June 30, 2011. Basic units outstanding excludes the effect of weighted average anti-dilutive unit equivalents related to 2 million unit options and warrants for the six months ended June 30, 2011. All equivalent units were anti-dilutive for the six months ended June 30, 2011. Basic units outstanding excludes the effect of weighted average anti-dilutive unit equivalents related to 1 million unit options and warrants for the three months and six months ended June 30, 2010.