Note 7 - Net Income Per Limited Partner Unit

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

7. NET INCOME PER LIMITED PARTNER UNIT

For purposes of calculating earnings per unit, the excess of distributions over earnings or excess of earnings over distributions for each period are allocated to the Partnership’s general partner based on the general partner’s ownership interest at the time. The following sets forth the computation of basic and diluted net income per common unit (in thousands, except per unit data): 

	Three Months ended September 30,					Nine Months ended September 30,
	2018			2019		2018			2019
Net income	$	2,408		$	6,959	$	8,635		$	14,072
General partner interest in net income		39			110		298			268
Preferred interest in net income		6,279			6,278		18,836			18,836
Net income (loss) available to limited partners	$	(3,910	)	$	571	$	(10,499	)	$	(5,032	)
Basic and diluted weighted average number of units:
Common units		40,380			40,811		40,331			40,735
Restricted and phantom units		1,090			1,130		1,019			1,004
Total units		41,470			41,941		41,350			41,739
Basic and diluted net income (loss) per common unit	$	(0.09	)	$	0.01	$	(0.25	)	$	(0.12	)