Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Unit

Summery of basic and diluted earnings per limited partner unit

The following table sets forth the computation of basic and diluted earnings per limited partner unit (in millions, except unit and per unit data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator for basic and diluted earnings per limited partner unit:
Net income (loss)	$	99.9	$	14.6	$	94.7	$	(96.2)
Net loss attributable to noncontrolling interest		(3.1)		(1.1)		(18.5)		(1.1)
Net income (loss) attributable to partners	$	103.0	$	15.7	$	113.2	$	(95.1)
Less:
General partner’s interest in net income (loss)		2.1		0.3		2.3		(1.9)
Non-vested share based payments		0.1		0.2		0.1		—
Net income (loss) attributable to limited partners	$	100.8	$	15.2	$	110.8	$	(93.2)
Denominator for earnings per limited partner unit:
Basic weighted average limited partner units outstanding		80,172,810		79,384,878		80,046,930		79,277,719
Effect of dilutive securities:
Incremental units		104,673		1,076,722		101,589		—
Diluted weighted average limited partner units outstanding (1)		80,277,483		80,461,600		80,148,519		79,277,719
Limited partners’ interest basic net income (loss) per unit:
Limited partners’ interest	$	1.26	$	0.19	$	1.38	$	(1.18)
Limited partners’ interest diluted net income (loss) per unit:
Limited partners’ interest	$	1.26	$	0.19	$	1.38	$	(1.18)

(1) Total diluted weighted average limited partner units outstanding excludes a de-minimis amount of potentially dilutive phantom units which would have been anti-dilutive for the nine months ended September 30, 2022.