Earnings per Limited Partner Unit or Common Share

12 Months Ended

Mar. 31, 2013

Earnings per Limited Partner Unit or Common Share

Earnings per Limited Partner Unit or Common Share

Note 3 - Earnings per Limited Partner Unit or Common Share

The earnings per limited partner unit of NGL Energy Partners LP were computed as follows for the periods indicated:

	Year			Year			Six Months
	Ended			Ended			Ended
	March 31,			March 31,			March 31,
	2013			2012			2011
	(U.S. Dollars in thousands, except unit and per unit amounts)
Basic and diluted earnings per common or subordinated unit:
Net income attributable to parent equity	$	47,940		$	7,876		$	12,679
Less - income allocated to general partner (*)	(2,917		)	(8		)	(13		)
Net income attributable to limited partners	$	45,023		$	7,868		$	12,666
Net income allocated to:
Common unitholders	$	39,517		$	4,859		$	12,666
Subordinated unitholders	$	5,506		$	3,009		$	—
Weighted average common units outstanding	41,353,574			15,169,983			10,933,568
Weighted average subordinated units outstanding	5,919,346			5,175,384			—
Earnings per unit - basic and diluted:
Common unitholders	$	0.96		$	0.32		$	1.16
Subordinated unitholders	$	0.93		$	0.58		$	—

(*) The income allocated to the general partner for the year ended March 31, 2013 includes distributions to which it is entitled as the holder of incentive distribution rights (described in Note 11).

The restricted units described in Note 11 were antidilutive for the year ended March 31, 2013.

The loss per share of common stock of NGL Supply was computed as follows for the six months ended September 30, 2010 (in thousands, except share and per share amounts):

Net loss attributable to parent equity	$	(2,515	)
Less - preferred stock dividends	(17		)
Net loss attributable to common shareholders	$	(2,532	)
Weighted average common shares outstanding	19,711
Basic and diluted loss per common share	$	(128.46	)