Equity (Tables)

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Schedule of partners' capital

The table below summarizes changes in the number of units outstanding from December 31, 2013 through June 30, 2014 (in units):

	Partnership
	Common	Subordinated		General Partner	Total
Balance at December 31, 2013	39,148,916	15,254,890		1,110,282	55,514,088
Issuance of units under ATM Program	5,500	—		—	5,500
Unit-based compensation awards (a)	51,746	—		—	51,746
Subordinated unit conversion	15,254,890	(15,254,890	)	—	—
Balance at June 30, 2014	54,461,052	—		1,110,282	55,571,334

_____________

(a) Unit-based compensation awards are presented net of 22,933 units withheld for taxes.

The summarized changes in the carrying amount of our equity are as follows (in thousands):

	Partnership
	Common			Subordinated			General Partner			Total
Balance at December 31, 2013	$	459,261		$	(161,311	)	$	(52,598	)	$	245,352
Equity offering under ATM Program, net of issuance costs	379			—			8			387
Quarterly distributions (b)	(45,583		)	(17,619		)	(12,332		)	(75,534		)
Net income attributable to partners	48,681			13,789			14,794			77,264
Other	7,174			(13		)	600			7,761
Subordinated unit conversion	(165,154		)	165,154			—			—
Balance at June 30, 2014	$	304,758		$	—		$	(49,528	)	$	255,230

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(b) Includes $0.3 million paid for distribution equivalent rights related to unit-based compensation awards vested during the six months ended June 30, 2014.

Schedule of calculation of net income applicable to partners

The following table presents the allocation of the general partner’s interest in net income (in thousands, except percentage of ownership interest):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net income attributable to partners	$	32,766		$	19,173		$	77,264		$	37,851
General partner’s IDRs	(7,452		)	(1,627		)	(13,520		)	(2,813		)
Net income available to partners	$	25,314		$	17,546		$	63,744		$	35,038
General partner’s ownership interest	2.0		%	2.0		%	2.0		%	2.0		%
General partner’s allocated interest in net income	$	506		$	351		$	1,274		$	701
General partner’s IDRs	7,452			1,627			13,520			2,813
Total general partner’s interest in net income	$	7,958		$	1,978		$	14,794		$	3,514

Schedule of quarterly distributions

The table below summarizes the quarterly distributions related to our quarterly financial results:

Quarter Ended	Quarterly Distribution Per Unit		Total Cash Distribution including general partner IDRs (in thousands)		Date of Distribution	Unitholders Record Date
December 31, 2013	$	0.565	$	36,265	February 13, 2014	February 3, 2014
March 31, 2014	$	0.590	$	38,976	May 15, 2014	May 5, 2014
June 30, 2014 (c)	$	0.615	$	42,132	August 14, 2014	August 4, 2014

_____________

(c) This distribution was declared on July 24, 2014 and will be paid on the date of distribution.

Schedule of distributions earned by general and limited partners

The allocation of total quarterly cash distributions to general and limited partners is as follows for the three and six months ended June 30, 2014 and 2013 (in thousands). Our distributions are declared subsequent to quarter end; therefore, the table represents total cash distributions applicable to the period in which the distributions are earned.

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
General partner’s distributions:
General partner’s distributions	$	840	$	522	$	1,619	$	1,002
General partner’s IDRs	7,452		1,627		13,520		2,813
Total general partner’s distributions	8,292		2,149		15,139		3,815
Limited partners’ distributions:
Common	29,199		16,179		52,328		31,014
Subordinated	4,641		7,780		13,641		15,255
Total limited partners’ distributions	33,840		23,959		65,969		46,269
Total Cash Distributions	$	42,132	$	26,108	$	81,108	$	50,084