14. EARNINGS PER UNIT (“EPU”)

The following tables present a reconciliation of the numerators and denominators of the basic and diluted EPU calculations for the periods ended March 31, 2013 and 2012:


Three months ended March 31, 2013	General Partner	Common Unitholders	Subordinated Unitholders
Numerator:	(in thousands, except per unit data)
Interest in net income/(loss)	$ (4)	$ (101)	$ (72)
Denominator:
Weighted average units used to compute basic EPU	n/a	15,354	12,397
Effect of dilutive securities — LTIP awards	n/a	-	-
Weighted average units used to compute diluted EPU	n/a	15,354	12,397

Net income/(loss) per limited partner unit, basic	n/a	$ (0.01)	$ (0.01)
Net income/(loss) per limited partner unit, diluted	n/a	$ (0.01)	$ (0.01)


Three months ended March 31, 2012	General Partner	Common Unitholders	Subordinated Unitholders
Numerator:	(in thousands, except per unit data)
Interest in net income	$ 179	$ 4,860	$ 3,935
Denominator:
Weighted average units used to compute basic EPU	n/a	15,313	12,397
Effect of dilutive securities — LTIP awards	n/a	14	-
Weighted average units used to compute diluted EPU	n/a	15,327	12,397

Net income per limited partner unit, basic	n/a	$ 0.32	$ 0.32
Net income per limited partner unit, diluted	n/a	$ 0.32	$ 0.32

Diluted EPU gives effect to all dilutive potential common units outstanding during the period using the treasury stock method. Diluted EPU excludes all dilutive potential units calculated under the treasury stock method if their effect is anti-dilutive. When an entity incurs a net loss in a period, potential dilutive units shall not be included in the computation of diluted EPU since their effect will always be anti-dilutive. Since the Partnership incurred a net loss for the three months ended March 31, 2013, all potential dilutive units were excluded from the diluted EPU calculation for this period. There were no other anti-dilutive units for any other periods presented.