NET INCOME (LOSS) PER LIMITED PARTNER UNIT

6 Months Ended

Jun. 30, 2011

NET INCOME (LOSS) PER LIMITED PARTNER UNIT [Abstract]

NET INCOME (LOSS) PER LIMITED PARTNER UNIT

NOTE 10 – NET INCOME (LOSS) PER LIMITED PARTNER UNIT

The following sets forth the calculation of net income (loss) per limited partner unit for the following periods:

(In thousands except per share amounts)

	Three months  ended June 30, 2011		Six months  ended June 30, 2011
Net income (loss)	$	15,931	$	(13,417	)
Less: General partner's 0.1% interest in net income (loss)		16		(13	)
Limited partners' interest in net income (loss)	$	15,915	$	(13,404	)
Common unitholders' interest in net income (loss)	$	12,744	$	(10,694	)
Subordinated unitholders' interest in net income (loss)	$	3,171	$	(2,710	)
Net income (loss) per limited partner unit:
Common units (basic and diluted)	$	0.44	$	(0.38	)
Subordinated units (basic and diluted)	$	0.44	$	(0.38	)
Weighted average limited partner units outstanding:
Common units (basic and diluted) (1)		28,723		28,518
Subordinated units (basic and diluted)		7,146		7,146

(1) Includes 166,000 and zero weighted-average units of outstanding unvested unit-based awards for the three and six months ended June 30, 2011 (See Note 11)

Net income (loss) per limited partner unit is determined by dividing the net income (loss) available to the limited partner unitholders, after deducting QRE GP's 0.1% interest in net income (loss), by the weighted average number of limited partner units outstanding during the three and six months ended June 30, 2011. We had 28,557,987 common units and 7,145,866 subordinated units outstanding as of June 30, 2011.