Net Income Per Unit (Notes)

12 Months Ended

Dec. 31, 2012

Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted [Abstract]

Net Income Per Unit

NET INCOME PER UNIT

Due to the timing of common unit issuances, including units issued in the equity offerings on October 5, 2012 and January 14, 2013, we paid quarterly distributions on common units that were not outstanding during the related quarter. Therefore, these common units were not included in the weighted average units outstanding during the related quarter. This resulted in the limited partner net income per common unit exceeding the limited partner net income per subordinated unit for the year ended December 31, 2012. See Note L for additional information regarding the equity offerings.

The calculation of net income per unit is as follows (in thousands, except unit and per unit amounts):

	Year Ended December 31,
	2012			2011
Net income attributable to partners	$	56,791		$	34,568
Less: General partner's distributions (including IDRs) (a)	2,839			597
Less: Limited partners' distributions on common units	35,666			14,603
Less: Limited partner's distributions on subordinated units	26,162			14,603
Distributions less than (greater than) earnings	$	(7,876	)	$	4,765
General partner's earnings:
Distributions (including IDRs) (a)	$	2,839		$	597
Allocation of distributions less than (greater than) earnings	(155		)	95
Total general partner's earnings	$	2,684		$	692
Limited partners' earnings on common units:
Distributions	$	35,666		$	14,603
Allocation of distributions less than (greater than) earnings	(4,025		)	2,335
Total limited partners' earnings on common units	$	31,641		$	16,938
Limited partner's earnings on subordinated units:
Distributions	$	26,162		$	14,603
Allocation of distributions less than (greater than) earnings	(3,696		)	2,335
Total limited partner's earnings on subordinated units	$	22,466		$	16,938
Weighted average limited partner units outstanding:
Common units - basic	16,614,668			15,254,890
Common unit equivalents	94,282			27,476
Common units - diluted	16,708,950			15,282,366
Subordinated units - basic and diluted	15,254,890			15,254,890
Net income per limited partner unit:
Common - basic	$	1.90		$	1.11
Common - diluted	$	1.89		$	1.11
Subordinated - basic and diluted	$	1.47		$	1.11

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(a) General partner's distributions (including IDRs) consist of the 2% general partner interest and IDRs, which entitle the general partner to receive increasing percentages, up to 50%, of quarterly distributions in excess of $0.388125 per unit per quarter. See Note L for further discussion related to IDRs.