XML 112 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Income Per Unit (Tables)
 6 Months Ended
Jun. 30, 2013
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax [Abstract]  
Schedule of earnings per share, basic and diluted
The calculation of net income per unit is as follows (in thousands, except unit and per unit amounts):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
Net income attributable to partners
$
19,173

 
$
13,085

 
$
37,851

 
$
24,641

General partner's distributions (including IDRs) (a)
(2,149
)
 
(363
)
 
(3,815
)
 
(599
)
Limited partners' distributions on common units
(16,179
)
 
(6,343
)
 
(31,014
)
 
(12,178
)
Limited partner's distributions on subordinated units
(7,780
)
 
(6,254
)
 
(15,255
)
 
(12,013
)
Distributions less than (greater than) earnings
$
(6,935
)
 
$
125

 
$
(12,233
)
 
$
(149
)
 
 
 
 
 
 
 
 
General partner's earnings:


 
 
 
 
 
 
Distributions (including IDRs) (a)
$
2,149

 
$
363

 
$
3,815

 
$
599

Allocation of distributions less than (greater than) earnings
(139
)
 
3

 
(245
)
 
(3
)
Total general partner's earnings
$
2,010

 
$
366

 
$
3,570

 
$
596

 
 
 
 
 
 
 
 
Limited partners' earnings on common units:
 
 
 
 
 
 
 
Distributions
$
16,179

 
$
6,343

 
$
31,014

 
$
12,178

Allocation of distributions less than (greater than) earnings
(4,543
)
 
61

 
(7,930
)
 
(73
)
Total limited partners' earnings on common units
$
11,636

 
$
6,404

 
$
23,084

 
$
12,105

 
 
 
 
 
 
 
 
Limited partner's earnings on subordinated units:
 
 
 
 
 
 
 
Distributions
$
7,780

 
$
6,254

 
$
15,255

 
$
12,013

Allocation of distributions less than (greater than) earnings
(2,253
)
 
61

 
(4,058
)
 
(73
)
Total limited partner's earnings on subordinated units
$
5,527

 
$
6,315

 
$
11,197

 
$
11,940

 
 
 
 
 
 
 
 
Weighted average limited partner units outstanding:
 
 
 
 
 
 
 
Common units - basic
30,752,989

 
15,464,686

 
29,812,337

 
15,359,788

Common unit equivalents
110,149

 
24,322

 
91,443

 
33,228

Common units - diluted
30,863,138

 
15,489,008

 
29,903,780

 
15,393,016

 
 
 
 
 
 
 
 
Subordinated units - basic and diluted
15,254,890

 
15,254,890

 
15,254,890

 
15,254,890

 
 
 
 
 
 
 
 
Net income per limited partner unit (b):
 
 
 
 
 
 
 
Common - basic and diluted
$
0.38

 
$
0.41

 
$
0.77

 
$
0.79

Subordinated - basic and diluted
$
0.36

 
$
0.41

 
$
0.73

 
$
0.78

____________ 
(a)
General partner's distributions (including IDRs) consist of an approximate 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 the Annual Report on Form 10-K for the year ended December 31, 2012 for further discussion related to IDRs.
(b)
We base our calculation of net income per unit, including the allocation of distributions greater than earnings, on the weighted-average number of common and subordinated limited partner units outstanding during the period. Therefore, as a result of the January Offering and common units issued to Tesoro in the Carson Terminal Assets Acquisition, net income per common and subordinated limited partner units will not agree.