Equity

Common Units

At March 31, 2015 and December 31, 2014, the Partnership’s equity consisted of 29,655,804 and 29,166,112 common units, respectively, representing approximately a 98.8% limited partnership interest in us.

Cash Distributions

We intend to continue to make regular cash distributions to unitholders on a quarterly basis, although there is no assurance as to the future cash distributions since they are dependent upon future earnings, cash flows, capital requirements, financial condition and other factors. Our revolving credit facility prohibits us from making cash distributions if any potential default or event of default, as defined in our revolving credit facility, occurs or would result from the cash distribution.

Our partnership agreement requires us to distribute all of our available cash on a quarterly basis. Our available cash is our cash on hand at the end of a quarter after the payment of our expenses and the establishment of reserves for future capital expenditures and operational needs, including cash from working capital borrowings. Our cash distribution policy reflects a basic judgment that our unitholders will be better served by us distributing our available cash, after expenses and reserves, rather than retaining it.

The following sets forth the distributions we paid during the three months ended March 31, 2015 (in thousands, except per unit distribution):



Date Paid	Period Covered	Distribution per Unit	Total Distribution
February 13, 2015	October 1, 2014 - December 31, 2014	$0.125	$3,752

On April 20, 2015, the Board of Directors of our general partner approved a quarterly cash distribution for the first quarter of 2015 of $0.125 per unit, or $0.50 per unit on an annualized basis, which will be paid on May 14, 2015 to unitholders of record at the close of business on May 7, 2015. The aggregate amount of the distribution will be approximately $3.7 million.

Allocation of Net Income

Net income is allocated between our general partner and the limited partner unitholders in proportion to their pro rata ownership during the period.