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Cash Distributions and Earnings per Unit
 12 Months Ended
Dec. 31, 2014
CASH DISTRIBUTIONS AND EARNINGS PER UNIT [Abstract]  
Cash Distributions and Earnings per Unit
NOTE 19 - CASH DISTRIBUTIONS AND EARNINGS PER UNIT
The partnership agreement of Navios Partners requires that all available cash is distributed quarterly, after deducting expenses, including estimated maintenance and replacement capital expenditures and reserves. Distributions may be restricted by, among other things, the provisions of existing and future indebtedness, applicable partnership and limited liability company laws and other laws and regulations. The amount of the minimum quarterly distribution is $0.35 per unit or $1.40 per unit per year and is made in the following manner:
      •       First, 98% to all unitholders;
 Thereafter there is incentive distribution rights held by the General Partner, which are analyzed as follows:
 
 
 
 
Marginal Percentage
Interest in Distributions
 
Total Quarterly Distribution
 
 
Common
 
General
 
 Target Amount
 
 
Unitholders
 
Partner
Minimum Quarterly  Distribution
$0.35
 
 
98%
 
2%
First Target Distribution
up to $0.4025
 
 
98%
 
2%
Second Target Distribution
above $0.4025 up to $0.4375
 
 
85%
 
15%
Third Target Distribution
above $0.4375 up to $0.525
 
 
75%
 
25%
Thereafter
above $0.525
 
 
50%
 
50%
 
On January 24, 2012, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended December 31, 2011 of $0.44 per unit. The distribution was paid on February 14, 2012 to all holders of record of common and general partner units (not including holders of subordinated Series A units) on February 9, 2012. The aggregate amount of the declared distribution was $24,829.
On April 25, 2012, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended March 31, 2012 of $0.44 per unit. The distribution was paid on May 14, 2012 to all holders of record of common and general partner units (not including holders of subordinated Series A units) on May 10, 2012. The aggregate amount of the declared distribution was $26,923.
 
On July 23, 2012, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended June 30, 2012 of $0.4425 per unit. The distribution was paid on August 13, 2012 to all holders of record of common and general partner units on August 8, 2012. The aggregate amount of the declared distribution was $27,563.
On October 18, 2012, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended September 30, 2012 of $0.4425 per unit. The distribution was paid on November 13, 2012 to all holders of record of common and general partner units on November 8, 2012. The aggregate amount of the declared distribution was $27,563.
On January 21, 2013, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended December 31, 2012 of $0.4425 per unit. The distribution was paid on February 14, 2013 to all holders of record of common and general partner units on February 8, 2013, which included the unitholders from the common unit offering in February 2013. The aggregate amount of the declared distribution was $29,936.
On April 22, 2013, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended March 31, 2013 of $0.4425 per unit. The distribution was paid on May 14, 2013 to all holders of record of common and general partner units on May 10, 2013. The aggregate amount of the declared distribution was $29,936.
On July 22, 2013, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended June 30, 2013 of $0.4425 per unit. The distribution was paid on August 13, 2013 to all holders of record of common and general partner units on August 8, 2013. The aggregate amount of the declared distribution was $29,936.
On October 25, 2013, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended September 30, 2013 of $0.4425 per unit. The distribution was paid on November 13, 2013 to all holders of record of common and general partner units on November 8, 2013. The aggregate amount of the declared distribution was $32,573.
On January 24, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended December 31, 2013 of $0.4425 per unit. The distribution was paid on February 14, 2014 to all holders of record of common and general partner units on February 10, 2014. The aggregate amount of the declared distribution was $32,573.
On April 25, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended March 31, 2014 of $0.4425 per unit. The distribution was paid on May 13, 2014 to all holders of record of common and general partner units on May 9, 2014. The aggregate amount of the declared distribution was $35,474.
On July 24, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended June 30, 2014 of $0.4425 per unit. The distribution was paid on August 13, 2014 to all holders of record of common and general partner units on August 8, 2014. The aggregate amount of the declared distribution was $35,474.
On October 23, 2014, the Board of Directors of Navios Partners authorized its quarterly cash distribution for the three month period ended September 30, 2014 of $0.4425 per unit. The distribution was paid on November 10, 2014 to all holders of record of common and general partner units on November 7, 2014. The aggregate amount of the declared distribution was $35,474.
Navios Partners calculates earnings per unit by allocating reported net income for each period to each class of units based on the distribution waterfall for available cash specified in Navios Partners' partnership agreement, net of the unallocated earnings (or losses). Basic earnings net income per unit is determined by dividing net income by the weighted average number of units outstanding during the period. Diluted earnings per unit is calculated in the same manner as net income per unit, except that the weighted average number of outstanding units increased to include the dilutive effect of outstanding unit options or phantom units. Net loss per unit undistributed is determined by taking the distributions in excess of net income and allocating between common units and general partner units on a 98%-2% basis. There were no options or phantom units outstanding during the years ended December 31, 2014, 2013 and 2012.
The calculations of the basic and diluted earnings per unit are presented below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
Year Ended
 
Year Ended
 
December 31,
December 31,
December 31,
 
2014
2013
2012
 
Net income
$
74,853
 
$
59,006
 
$
95,898
 
Earnings attributable to:
 
 
 
 
 
 
 
 
 
    Common unit holders
 
71,225
 
 
55,949
 
 
93,566
 
    Weighted average units outstanding (basic and diluted)
 
 
 
 
 
 
 
 
 
    Common unit holders
 
76,587,656
 
 
66,317,588
 
 
58,008,617
 
    Earnings per unit (basic and diluted):
 
 
 
 
 
 
 
 
 
    Common unit holders
$
0.93
 
$
0.84
 
$
1.61
 
Earnings per unit — distributed (basic and diluted):
 
 
 
 
 
 
 
 
 
    Common unit holders
$
1.79
 
$
1.82
 
$
1.79
 
    Loss per unit — undistributed (basic and diluted):
 
 
 
 
 
 
 
 
 
    Common unit holders
$
(0.86
 ) 
$
(0.98
 ) 
$
(0.18
 )