NET INCOME (LOSS) PER LIMITED PARTNER UNIT

12 Months Ended

Dec. 31, 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 year ended December 31, 2011 and the period from December 22, 2010 through December 31, 2010:

				December 22 to
	2011			December 31, 2010
Net income (loss)	$	61,137		$	(12,067	)
Net (income) loss attributable to predecessor operations		(49,091	)		4,968
Distribution on Class C convertible preferred units		(7,062	)		-
Net income (loss) available to other unitholders		4,984			(7,099	)
Less: general partner's interest in net income (loss)		1,575			(7	)
Limited partner's interest in net income (loss)	$	3,409		$	(7,092	)
Common unitholders' interest in net income (loss)	$	2,730		$	(5,577	)
Subordinated unitholders' interest in net income (loss)	$	679		$	(1,515	)
Net income (loss) per limited partner unit:
Common unitholders' (basic and diluted)	$	0.10		$	(0.21	)
Subordinated unitholders' (basic and diluted)	$	0.10		$	(0.21	)
Weighted average number of limited partner units outstanding(1):
Common units (basic and diluted)		28,728			26,298
Subordinated units (basic and diluted)		7,146			7,146

(1) In 2011, we had weighted average preferred units outstanding of 4,109,589, which are contingently convertible.  These units could potentially dilute earnings per unit in the future and have not been included in the 2011 earnings per unit calculation as they were antidilutive for the period.

Net income per limited partner unit is determined by dividing the limited partners' interest in net income, and net income available to the common unitholders, by the weighted average number of limited partner units outstanding during the year ended December 31, 2011 and the period from December 22, 2010 to December 31, 2010.

We had 28,590,016 common units and 7,145,866 subordinated units outstanding as of December 31, 2011 and we had 26,297,737 common units and 7,145,866 subordinated units outstanding as of December 31, 2010.