Net Income/(Loss) Per Limited Partner Unit

9 Months Ended

Sep. 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 income (loss) per limited partner unit for the three and nine months ended September 30, 2012 and September 30, 2011:

		Three Months Ended				Nine Months Ended
		September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Net income (loss)	$	(45,007)	$	105,165	$	46,883	$	87,604
Net income (loss) attributable to predecessor operations		-		(53,235)		-		(49,091)
Distribution on Class C convertible preferred units		(3,500)		-		(10,500)		-
Amortization of preferred unit discount		(3,751)		-		(11,140)		-
Net income (loss) available to other unitholders		(52,258)		51,930		25,243		38,513
Less: general partner's interest in net income (loss)		3,705		52		6,150		39
Limited partners' interest in net income (loss)	$	(55,963)	$	51,878	$	19,093	$	38,474
Common unitholders' interest in net income (loss)	$	(46,930)	$	41,540	$	16,717	$	30,829
Subordinated unitholders' interest in net income (loss)	$	(9,033)	$	10,338	$	2,376	$	7,644
Net loss per limited partner unit:
Common unitholders' (basic)	$	(1.25)	$	1.45	$	0.49	$	1.07
Common unitholders' (diluted)		(1.25)		1.45		0.49		1.07
Subordinated unitholders' (basic)	$	(1.26)	$	1.45	$	0.33	$	1.07
Subordinated unitholders' (diluted)		(1.26)		1.45		0.33		1.07
Weighted average number of limited partner units outstanding (1):
Common units (basic)		37,425		28,713		34,347		28,698
Common units (diluted)		37,425		28,713		34,347		28,698
Subordinated units (basic and diluted)		7,146		7,146		7,146		7,146

⁽¹⁾ For the three and nine months ended September 30, 2012, we had weighted average preferred units outstanding of 16,666,667, which are contingently convertible.  These units could potentially dilute earnings per unit in the future and have not been included in the earnings per unit calculation for the three and nine months ended September 30, 2012, as they were anti-dilutive for the periods.

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 nine months ended September 30, 2012. We had 37,434,720 common units and 7,145,866 subordinated units outstanding as of September 30, 2012.