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Net Income/(Loss) Per Limited Partner Unit
 12 Months Ended
Dec. 31, 2012
Net Income/(Loss) Per Limited Partner Unit [Abstract]  
Net Income/Loss Per Limited Partner Unit

NOTE 11 —  NET INCOME (LOSS) PER LIMITED PARTNER UNIT

 

The following sets forth the calculation of net income (loss) per limited partner unit for the years ended December 31, 2012 and 2011, and the period from December 22, 2010 through December 31, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 2012

 

Year ended December 31, 2011

 

December 22 to December 31, 2010

 

Net income (loss)

 

$
79,751 

 

$
88,295 

 

$
(12,037)

 

Net (income) loss attributable to predecessor operations

 

 
(37,350)

 

 
(76,249)

 

 
4,938 

 

Distribution on Class C convertible preferred units

 

 
(14,000)

 

 
(3,424)

 

 

 -

 

Amortization of preferred unit discount

 

 
(14,930)

 

 
(3,638)

 

 

 -

 

Net income (loss) available to other unitholders

 

 
13,471 

 

 
4,984 

 

 
(7,099)

 

Less: general partner's interest in net income (loss)

 

 
6,149 

 

 
1,575 

 

 
(7)

 

Limited partner's interest in net income (loss)

 

$
7,322 

 

$
3,409 

 

$
(7,092)

 

Common unitholders' interest in net income (loss)

 

$
6,570 

 

$
2,730 

 

$
(5,577)

 

Subordinated unitholders' interest in net income (loss)

 

$
753 

 

$
679 

 

$
(1,515)

 

Net income (loss) per limited partner unit:

 

 

 

 

 

 

 

 

 

 

Common unitholders' (basic)

 

$
0.19 

 

$
0.10 

 

$
(0.21)

 

Common unitholders' (diluted)

 

$
0.19 

 

$
0.10 

 

$
(0.21)

 

Subordinated unitholders' (basic and diluted)

 

$
0.11 

 

$
0.10 

 

$
(0.21)

 

Weighted average number of limited partner units outstanding(1)(2):

 

 

 

 

 

 

 

 

 

 

Common units (basic)

 

 
35,132 

 

 
28,728 

 

 
26,298 

 

Common units (diluted)

 

 
35,282 

 

 
28,728 

 

 
26,298 

 

Subordinated units (basic and diluted)

 

 
6,970 

 

 
7,146 

 

 
7,146 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

In 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 2012 earnings per unit calculation as they were antidilutive for the period. 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.

 

(2)

In connection with the expiration of the subordination period on December 22, 2012, the General Partner has the right to convert all or a portion of the fourth quarter management incentive fee into Class B common units. In 2012, we had weighted average Class B units of 150,896 which were contingently convertible.  The Class B units were included in the 2012 diluted earnings per unit calculation as they were dilutive to the period.

 

Net income (loss) 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 years ended December 31, 2012 and 2011, and the period from December 22, 2010 to December 31, 2010.