Income (Loss) Per Limited Partner Unit

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Income (Loss) Per Limited Partner Unit

Income (Loss) per Limited Partner Unit

The following table provides a reconciliation of the numerator and denominator of the basic and diluted earnings per unit computations for the years ended December 31, 2011 and 2009. For the periods from May 26, 2010 to December 31, 2010 and from January 1, 2010 to May 25, 2010, diluted earnings per unit equals basic because all instruments were antidilutive.

	Successor						Predecessor
	For the Year Ended December 31, 2011						For the Year Ended December 31, 2009
	Income (Numerator)			Units (Denominator)	Per-Unit Amount		Income (Numerator)		Units (Denominator)	Per-Unit Amount
Amounts allocated to common units	$	57,450		145,490,869	$	0.39	$	131,752	80,582,705	$	1.63
Effect of Dilutive Securities
Common unit options	—			19,192			—		—
Phantom units	—			148,388			—		100,764
Series A Preferred Units	(9,991		)	4,632,389			—		—
Class D common units	$	—		—			$	820	797,425
Diluted Earnings per Unit	$	47,459		150,290,838	$	0.32	$	132,572	81,480,894	$	1.63

In connection with the CDM acquisition, the Partnership issued 7,276,506 Class D common units. At the commitment date, the sales price of $30.18 per unit represented a $1.10 discount from the fair value of the Partnership’s common units. This discount represented a beneficial conversion feature that is treated as a non-cash distribution for purposes of calculating earnings per unit. The beneficial conversion feature is reflected in income per unit using the effective yield method over the period the Class D common units were outstanding, as indicated on the statements of operations in the line item entitled “beneficial conversion feature for Class D common units.” The Class D common units converted into common units without the payment of further consideration on a one-for-one basis on February 9, 2009 and no additional Class D common units have been issued.

The following data show securities that could potentially dilute earnings per unit in the future that were not included in the computation of diluted earnings per unit because to do so would have been antidilutive for the periods presented:

	Successor		Predecessor
	Year Ended December 31, 2011	Period from Acquisition (May 26, 2010) to  December 31, 2010	Period from January 1, 2010 to (May 25, 2010)	Year Ended December 31, 2009
Restricted (non-vested) common units	—	—	396,918	566,493
Common unit options	—	259,650	298,400	357,489
Phantom units*	—	366,489	369,346	—
Series A Preferred Units	—	4,584,192	4,584,192	1,449,211

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* Amount assumes maximum conversion rate for market condition awards.

The partnership agreement requires that the General Partner shall receive a 100% allocation of income until its capital account is made whole for all of the net losses allocated to it in prior years.