NET INCOME PER LIMITED PARTNER UNIT

9 Months Ended

Sep. 30, 2011

NET INCOME PER LIMITED PARTNER UNIT [Abstract]

NET INCOME PER LIMITED PARTNER UNIT

NOTE 11 – NET INCOME PER LIMITED PARTNER UNIT

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

	(In thousands except per share amounts)
	Three months ended September 30, 2011		Nine months ended September 30, 2011
Net income	$	51,930	$	38,513
Less: General partner's 0.1% interest in net income		52		39
Limited partners' interest in net income	$	51,878	$	38,474
Common unitholders' interest in net income	$	41,540	$	30,829
Subordinated unitholders' interest in net income	$	10,338	$	7,645
Net income per limited partner unit:
Common units (basic and diluted)	$	1.45	$	1.07
Subordinated units (basic and diluted)	$	1.45	$	1.07
Weighted average limited partner units outstanding:
Common units (basic and diluted) (1)		28,713		28,698
Subordinated units (basic and diluted)		7,146		7,146

(1) Includes 148,345 and 155,407 weighted-average units of outstanding unvested unit-based awards for the three and nine months ended September 30, 2011 (See Note 12)

Net income per limited partner unit is determined by dividing the net income available to the limited partner unitholders, after deducting QRE GP's 0.1% interest in net income, by the weighted average number of limited partner units outstanding during the three and nine months ended September 30, 2011. We had 28,565,344 common units and 7,145,866 subordinated units outstanding as of September 30, 2011.