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Net Income/(Loss) Per Limited Partner Unit
 6 Months Ended
Jun. 30, 2014
Net Income/(Loss) Per Limited Partner Unit [Abstract]  
Net Income/Loss Per Limited Partner Unit

NOTE 14 – NET INCOME (LOSS) PER LIMITED PARTNER UNIT 

 

The following sets forth the calculation of net income per limited partner unit for the three and six months ended June 30, 2014 and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

                                                                 

 

June 30, 2014

 

June 30, 2013

 

June 30, 2014

 

June 30, 2013

Net income (loss)

 

$
(50,900)

 

$
63,614 

 

$
(65,296)

 

$
55,440 

Net income attributable to noncontrolling interest

 

 
(454)

 

 

 -

 

 
(668)

 

 

 -

Net income attributable to QR Energy, LP

 

 
(51,354)

 

 
63,614 

 

 
(65,964)

 

 
55,440 

Distribution on Class C convertible preferred units

 

 
(3,500)

 

 
(3,500)

 

 
(7,000)

 

 
(7,000)

Amortization of preferred unit discount

 

 
(4,030)

 

 
(3,868)

 

 
(8,018)

 

 
(7,697)

Distribution on Class B units

 

 
(2,968)

 

 
(2,990)

 

 
(5,930)

 

 
(5,980)

Net income  (loss) available to other unitholders

 

 
(61,852)

 

 
53,256 

 

 
(86,912)

 

 
34,763 

Less: general partners' interest in net income

 

 

 -

 

 
36 

 

 
142,579 

 

 
770 

Limited partners' interest in net income (loss)

 

$
(61,852)

 

$
53,220 

 

$
(229,491)

 

$
33,993 

Common unitholders' interest in net income (loss)

 

$
(61,852)

 

$
53,220 

 

$
(229,491)

 

$
33,993 

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

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders' (basic)

 

$
(1.05)

 

$
0.89 

 

$
(3.91)

 

$
0.58 

Common unitholders' (diluted)

 

$
(1.05)

 

$
0.77 

 

$
(3.91)

 

$
0.58 

Weighted average number of limited partner units outstanding (in thousands) (1)

 

 

 

 

 

 

 

 

 

 

 

 

Common units (basic)

 

 
58,764 

 

 
59,556 

 

 
58,697 

 

 
58,455 

Common units (diluted)

 

 
58,764 

 

 
82,356 

 

 
58,697 

 

 
58,455 

 

(1)

For the three and six months ended June 30, 2014 and 2013, we had weighted average preferred units outstanding of 16,666,667. 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 not been included in the diluted earnings per unit calculation for the three and six months ended June 30, 2014 and 2013, as they were anti-dilutive for the periods. For the three and six months ended June 30, 2014, we had 11.6 million Deferred Class B units which were also not included in the diluted earnings per unit calculation as they were anti-dilutive for the period. 

 

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) through the date of the GP Buyout Transaction, by the weighted average number of limited partner units outstanding during the three and six months ended June 30, 2014 and 2013.