Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2015

Basis of Presentation and Summary of Significant Accounting Policies

Schedule of the carrying amount and fair value of debt

The following table summarizes the carrying amount and fair value of our debt as of March 31, 2015 and December 31, 2014 (in thousands):

	March 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Fixed rate debt	$	690,581	$	650,000	$	690,295	$	611,000
Floating rate debt	652,000		653,000		610,000		611,000
Total debt	$	1,342,581	$	1,303,000	$	1,300,295	$	1,222,000

Schedule of reconciliation of net income used in calculation of basic and diluted earnings per common unit

The following table reconciles net income used in the calculation of basic and diluted earnings per common unit (in thousands):

	Three Months Ended March 31,
	2015			2014
Net income	$	20,085		$	6,939
Less: General partner incentive distribution rights	(3,887		)	(2,518		)
Less: General partner 2% ownership interest	(322		)	(86		)
Common units interest in net income	15,876			4,335
Less: Net income attributable to participating securities	(48		)	(49		)
Net income used in basic and diluted earnings per common unit	$	15,828		$	4,286

Schedule of potential common units included in computing diluted earnings per common unit

The following table shows the potential common units that were included in computing diluted earnings per common unit (in thousands):

	Three Months Ended March 31,
	2015		2014
Weighted average common units outstanding including participating securities	55,739		49,494
Less: Weighted average participating securities outstanding	(61	)	(65	)
Weighted average common units outstanding — used in basic earnings per common unit	55,678		49,429
Net dilutive potential common units issuable:
Phantom units	—		6
Weighted average common units and dilutive potential common units — used in diluted earnings per common unit	55,678		49,435