Net Income/Loss Per Limited Partner Unit

6 Months Ended

Jun. 30, 2012

Net Income/Loss Per Limited Partner Unit [Abstract]

Net Income/Loss Per Limited Partner Unit

NOTE 12 – NET INCOME/LOSS PER LIMITED PARTNER UNIT

The following sets forth the calculation of net loss per limited partner unit for the three and six months ended June 30, 2012 and June 30, 2011:

		Three Months Ended				Six Months Ended
		June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Net income (loss)	$	99,125	$	28,988	$	91,890	$	(17,561)
Net income (loss) attributable to predecessor operations		-		(13,057)		-		4,144
Distribution on Class C convertible preferred units		(3,500)		-		(7,000)		-
Amortization of preferred unit discount		(3,713)		-		(7,389)		-
Net income (loss) available to other unitholders		91,912		15,931		77,501		(13,417)
Less: general partner's interest in net income (loss)		(703)		16		2,455		(13)
Limited partners' interest in net income (loss)	$	92,615	$	15,915	$	75,046	$	(13,404)
Common unitholders' interest in net income (loss)	$	77,478	$	12,744	$	62,454	$	(10,694)
Subordinated unitholders' interest in net income (loss)	$	15,137	$	3,171	$	12,592	$	(2,710)
Net loss per limited partner unit:
Common unitholders' (basic)	$	2.15	$	0.44	$	1.92	$	(0.38)
Common unitholders' (diluted)		1.67		0.44		1.60		(0.38)
Subordinated unitholders' (basic)	$	2.12	$	0.44	$	1.76	$	(0.38)
Subordinated unitholders' (diluted)		1.65		0.44		1.50		(0.38)
Weighted average number of limited partner units outstanding (1):
Common units (basic)		36,114		28,723		32,486		28,518
Common units (diluted)		52,780		28,723		49,153		28,518
Subordinated units (basic and diluted)		7,146		7,146		7,146		7,146

⁽¹⁾For the three and six months ended June 30, 2012, we had weighted average preferred units outstanding of 16,666,667, which are contingently convertible.These units have a dilutive effect on earnings per unit and have been included in the earnings per share calculation for the three and six months ended June 30, 2012.

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, 2012. We had 37,422,351 common units and 7,145,866 subordinated units outstanding as of June 30, 2012.