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Net Income/(Loss) Per Limited Partner Unit
 9 Months Ended
Sep. 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 nine months ended September 30, 2014 and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

                                                                 

 

September 30, 2014

 

September 30, 2013

 

September 30, 2014

 

September 30, 2013

Net income (loss)

 

$
102,466 

 

$
(21,497)

 

$
37,170 

 

$
33,943 

Net income attributable to noncontrolling interest

 

 
(369)

 

 
(222)

 

 
(1,037)

 

 
(222)

Net income attributable to QR Energy, LP

 

 
102,097 

 

 
(21,719)

 

 
36,133 

 

 
33,721 

Distribution on Class C convertible preferred units

 

 
(3,500)

 

 
(3,500)

 

 
(10,500)

 

 
(10,500)

Amortization of preferred unit discount

 

 
(4,071)

 

 
(3,908)

 

 
(12,089)

 

 
(11,605)

Distribution on Class B units

 

 
(2,969)

 

 
(2,990)

 

 
(8,899)

 

 
(8,970)

Net income  (loss) available to other unitholders

 

 
91,557 

 

 
(32,117)

 

 
4,645 

 

 
2,646 

Less: general partners' interest in net income

 

 

 -

 

 
1,244 

 

 
142,579 

 

 
2,014 

Limited partners' interest in net income (loss)

 

$
91,557 

 

$
(33,361)

 

$
(137,934)

 

$
632 

Common unitholders' interest in net income (loss)

 

$
91,557 

 

$
(33,361)

 

$
(137,934)

 

$
632 

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

 

 

 

 

 

 

 

 

 

 

 

 

Common unitholders' (basic)

 

$
1.52 

 

$
(0.57)

 

$
(2.35)

 

$
0.01 

Common unitholders' (diluted)

 

$
1.09 

 

$
(0.57)

 

$
(2.35)

 

$
0.01 

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

 

 

 

 

 

 

 

 

 

 

 

 

Common units (basic)

 

 
60,174 

 

 
58,572 

 

 
58,746 

 

 
58,494 

Common units (diluted)

 

 
93,966 

 

 
58,572 

 

 
58,746 

 

 
58,494 

 

(1)

For the three and nine months ended September 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. Upon issuance, 11.6 million of deferred Class B units would also be convertible into common units and could potentially dilute earnings per unit in the future. For the three months ended September 30, 2014, the preferred, the deferred Class B, and the Class B units have been included in the diluted earnings per unit calculation as they were dilutive for the period, however were not included in the nine months ended September 30, 2014 diluted earnings per unit calculation as they were anti-dilutive for the period. The preferred and Class B units have not been included in the diluted earnings per unit calculation for the three and nine months ended September 30, 2013 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 nine months ended September 30, 2014 and 2013.