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Net Income/(Loss) Per Limited Partner Unit
 3 Months Ended
Mar. 31, 2013
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 loss per limited partner unit for the three months ended March 31, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 2013

 

March 31, 2012

Net loss

 

$
(8,174)

 

$
(8,226)

Net income (loss) attributable to predecessor operations

 

 

 -

 

 
991 

Distribution on Class C convertible preferred units

 

 
(3,500)

 

 
(3,500)

Amortization of preferred unit discount

 

 
(3,829)

 

 
(3,676)

Distribution on Class B units

 

 
(2,990)

 

 

 -

Net loss available to other unitholders

 

 
(18,493)

 

 
(14,411)

Less: general partners' interest in net income

 

 
734 

 

 
3,137 

Limited partners' interest in net loss

 

$
(19,227)

 

$
(17,548)

Common unitholders' interest in net loss

 

$
(19,227)

 

$
(14,039)

Subordinated unitholders' interest in net loss

 

$

 -

 

$
(3,509)

Net loss per limited partner unit:

 

 

 

 

 

 

Common unitholders' (basic and diluted)

 

$
(0.33)

 

$
(0.49)

Subordinated unitholders' (basic and diluted)

 

$

 -

 

$
(0.49)

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

 

 

 

 

 

 

Common units (basic and diluted)

 

 
58,445 

 

 
28,591 

Subordinated units (basis and diluted)

 

 

 -

 

 
7,146 

 

(1)

For the three months ended March 31, 2013 and 2012, we had weighted average preferred units outstanding of 16,666,667. For the three months ended March 31, 2013 we had 1,860,742 Class B units outstanding. For the three months ended March 31, 2012 we had no Class B units outstanding.  The preferred and Class B units are contingently convertible into common units and could potentially dilute earnings per unit in the future and have not been included in the earnings per unit calculation for the three months ended March 31, 2013 and 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, after deducting QRE GP’s interest in net income (loss), by the weighted average number of limited partner units outstanding during the three months ended March 31, 2013 and 2012.