Earnings Per Unit ('EPU')

6 Months Ended

Jun. 30, 2018

Earnings Per Unit [Abstract]

Earnings Per Unit ("EPU")

12. EARNINGS PER UNIT (“EPU”)

The following table presents a reconciliation of the numerators and denominators of the basic and diluted EPU calculations for the periods ended June 30, 2018 and 2017:

Three months ended June 30, 2018	General Partner			Common Unitholders			Subordinated Unitholders			Preferred Unitholders
	(in thousands, except per unit data)
Numerator:
Interest in net (loss)/income:
Net (loss)/income from continuing operations	$	(14	)	$	(3,061	)	$	(269	)	$	309
Net(loss)/income from discontinued operations		-			-			-			-
Total interest in net (loss)/income	$	(14	)	$	(3,061	)	$	(269	)	$	309
Denominator:
Weighted average units used to compute basic EPU		n/a			13,055			1,146			1,500
Weighted average units used to compute diluted EPU		n/a			13,055			1,146			1,500
Net (loss)/income per limited partner unit, basic
Net (loss)/income per unit from continuing operations		n/a		$	(0.23	)	$	(0.23	)	$	0.21
Net(loss/income) per unit from discontinued operations		n/a			-			-			-
Net (loss)/income per common unit, basic		n/a		$	(0.23	)	$	(0.23	)	$	0.21
Net (loss)/income per limited partner unit, diluted
Net (loss)/income per unit from continuing operations		n/a		$	(0.23	)	$	(0.23	)		0.21
Net (loss)/income per unit from discontinued operations		n/a			-			-			-
Net (loss)/income per common unit, diluted		n/a		$	(0.23	)	$	(0.23	)		0.21

Three months ended June 30, 2017	General Partner			Common Unitholders			Subordinated Unitholders			Preferred Unitholders
	(in thousands, except per unit data)
Numerator:
Interest in net (loss)/income:
Net (loss)/income from continuing operations	$	(3	)	$	(738	)	$	(70	)	$	1,357
Net (loss) from discontinued operations		(1	)		(232	)		(23	)		-
Total interest in net (loss)/income	$	(4	)	$	(970	)	$	(93	)		1,357
Denominator:
Weighted average units used to compute basic EPU		n/a			12,964			1,236			1,500
Weighted average units used to compute diluted EPU		n/a			12,964			1,236			1,500
Net (loss)/income per limited partner unit, basic
Net (loss)/income per unit from continuing operations		n/a		$	(0.06	)	$	(0.06	)	$	0.90
Net (loss) per unit from discontinued operations		n/a			(0.02	)		(0.02	)		-
Net (loss)/income per common unit, basic		n/a		$	(0.08	)	$	(0.08	)	$	0.90
Net (loss)/income per limited partner unit, diluted
Net (loss)/income per unit from continuing operations		n/a		$	(0.06	)	$	(0.06	)	$	0.90
Net (loss) per unit from discontinued operations		n/a			(0.02	)		(0.02	)		-
Net (loss)/income per common unit, diluted		n/a		$	(0.08	)	$	(0.08	)	$	0.90

Six months ended June 30, 2018	General Partner			Common Unitholders			Subordinated Unitholders			Preferred Unitholders
	(in thousands, except per unit data)
Numerator:
Interest in net (loss)/income:
Net (loss)/income from continuing operations	$	(27	)	$	(5,917	)	$	(521	)	$	609
Net (loss)/income from discontinued operations		-			-			-			-
Total interest in net (loss)/income	$	(27	)	$	(5,917	)	$	(521	)	$	609
Denominator:
Weighted average units used to compute basic EPU		n/a			13,009			1,146			1,500
Weighted average units used to compute diluted EPU		n/a			13,009			1,146			1,500
Net (loss)/income per limited partner unit, basic
Net (loss)/income per unit from continuing operations		n/a		$	(0.45	)	$	(0.45	)	$	0.41
Net (loss)/income per unit from discontinued operations		n/a			-			-			-
Net (loss)/income per common unit, basic		n/a		$	(0.45	)	$	(0.45	)	$	0.41
Net (loss)/income per limited partner unit, diluted
Net (loss)/income per unit from continuing operations		n/a		$	(0.45	)	$	(0.45	)		0.41
Net (loss)/income per unit from discontinued operations		n/a			-			-			-
Net (loss)/income per common unit, diluted		n/a		$	(0.45	)	$	(0.45	)		0.41

Six months ended June 30, 2017	General Partner			Common Unitholders			Subordinated Unitholders			Preferred Unitholders
	(in thousands, except per unit data)
Numerator:
Interest in net (loss/income):
Net (loss)/income from continuing operations	$	(16	)	$	(3,533	)	$	(338	)		2,473
Net (loss) from discontinued operations		(1	)		(296	)		(28	)		-
Total interest in net (loss)/income	$	(17	)	$	(3,829	)	$	(366	)		2,473
Denominator:
Weighted average units used to compute basic EPU		n/a			12,920			1,236			1,500
Weighted average units used to compute diluted EPU		n/a			12,920			1,236			1,500
Net (loss)/income per limited partner unit, basic
Net (loss)/income per unit from continuing operations		n/a		$	(0.28	)	$	(0.28	)	$	1.65
Net (loss) per unit from discontinued operations		n/a			(0.02	)		(0.02	)		-
Net (loss)/income per common unit, basic		n/a		$	(0.30	)	$	(0.30	)	$	1.65
Net (loss)/income per limited partner unit, diluted
Net (loss)/income per unit from continuing operations		n/a		$	(0.28	)	$	(0.28	)	$	1.65
Net (loss) per unit from discontinued operations		n/a			(0.02	)		(0.02	)		-
Net (loss)/income per common unit, diluted		n/a		$	(0.30	)	$	(0.30	)	$	1.65

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. Since the Partnership incurred a total net loss for three and six months ended June 30, 2018 and the six months ended June 30, 2017, all potential dilutive units were excluded from the diluted EPU calculation for these periods because 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. The Partnership incurred total net income for the three months ended June 30, 2017 but did not have any potential dilutive units outstanding during the period. There were 683,888 potential dilutive common units related to the Common Unit Warrants as discussed in Note 11 for the six months ended June 30, 2018.