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Net Income/(Loss) Per Limited Partner Unit
 12 Months Ended
Dec. 31, 2013
Net Income/(Loss) Per Limited Partner Unit [Abstract]  
Net Income/Loss Per Limited Partner Unit

 

 

NOTE 13 —  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, 2013, 2012 and 2011:

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 2013

 

December 31, 2012

 

December 31, 2011

Net income

 

$
61,628 

 

$
79,751 

 

$
88,295 

Net income (loss) attributable to noncontrolling interest

 

 
(663)

 

 

 -

 

 

 -

Net income (loss) attributable to QR Energy, LP

 

 
60,965 

 

 
79,751 

 

 
88,295 

Net (income) loss attributable to predecessor operations

 

 

 -

 

 
(37,350)

 

 
(76,249)

Distribution on Class C convertible preferred units

 

 
(14,000)

 

 
(14,000)

 

 
(3,424)

Amortization of preferred unit discount

 

 
(15,553)

 

 
(14,930)

 

 
(3,638)

Distribution on Class B units

 

 
(12,838)

 

 

 -

 

 

 -

Net income (loss) available to other unitholders

 

 
18,574 

 

 
13,471 

 

 
4,984 

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

 

 
3,391 

 

 
6,149 

 

 
1,575 

Limited partner's interest in net income (loss)

 

$
15,183 

 

$
7,322 

 

$
3,409 

Common unitholders' interest in net income (loss)

 

$
15,183 

 

$
6,570 

 

$
2,730 

Subordinated unitholders' interest in net income (loss)

 

$

 -

 

$
752 

 

$
679 

Net income (loss) attributable to QR Energy, LP per limited partner unit:

 

 

 

 

 

 

 

 

 

Common unitholders' (basic)

 

$
0.26 

 

$
0.19 

 

$
0.10 

Common unitholders' (diluted)

 

$
0.26 

 

$
0.19 

 

$
0.10 

Subordinated unitholders' (basic and diluted)

 

$

 -

 

$
0.11 

 

$
0.10 

Weighted average number of limited partner units outstanding (in thousands):

 

 

 

 

 

 

 

 

 

Common units (basic)

 

 
58,524 

 

 
35,132 

 

 
28,728 

Common units (diluted) (1) (2)

 

 
58,524 

 

 
35,282 

 

 
28,728 

Subordinated units (basic and diluted)

 

 

 -

 

 
6,970 

 

 
7,146 

 

 

 

 

 

 

 

 

 

 

 

(1)

For the years ended December 31, 2013, 2012 and 2011, we had weighted average preferred units outstanding of 16,666,667,  16,666,667, and 4,109,589, respectively. For the years ended December 31, 2013, 2012 and 2011, we had 5,088,831,  zero, and zero, respectively, of weighted average 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. The preferred and Class B units have been excluded in the diluted earnings per unit calculation for the years ended December 31, 2013, 2012 and 2011 as they were antidilutive for the period.

(2)

In connection with the expiration of the subordination period on December 22, 2012, the general partner had 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 period.