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Note 9 - Net Income Per Limited Partner Unit
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

9.

NET INCOME PER LIMITED PARTNER UNIT

 

For purposes of calculating earnings per unit, Preferred Units, general partner units, and common units are first allocated net income to the extent they receive a distribution. Next, 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. For the year ended December 31, 2021, the Preferred Units were also allocated income for the excess consideration paid over carrying value for the repurchase of Preferred Units. The remainder is allocated to common units. The following sets forth the computation of basic and diluted net income per common unit (in thousands, except per unit data):

 

  

Year ended December 31,

  

2020

 

2021

Net income (loss)

 $(13,480) $110,530 

General partner interest in net income (loss)

  (213)  1,751 

Preferred interest in net income

  25,115   24,824 

Net income (loss) available to limited partners

 $(38,382) $83,955 
         

Basic and diluted weighted average number of units:

        

Common units

  41,104   41,484 

Restricted and phantom units

  1,285   1,453 

Total units

  42,389   42,937 
         

Basic and diluted net income (loss) from discontinued operations per common unit

 $(0.98) $1.74 

Basic and diluted net income from continuing operations per common unit

 $0.07  $0.22 

Basic and diluted net income (loss) per common unit

 $(0.91) $1.96