Net Income Per Limited Partner Unit

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Net Income Per Limited Partner Unit

Note 14. NET INCOME PER LIMITED PARTNER UNIT

In addition to the common units, we have identified the IDRs as participating securities and compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income as specified in the Partnership Agreement. Net income per unit applicable to limited partners is computed by dividing the limited partners’ interest in net income (loss), after deducting the IDRs, by the weighted-average number of outstanding common units.

The following tables provide a reconciliation of net income (loss) and weighted-average units used in computing basic and diluted net income (loss) per limited partner unit for the following periods (in thousands, except unit and per unit amounts):

	Three Months Ended March 31,
	2019			2018
Numerator:
Distributions paid	$	18,099		$	21,415
Allocation of distributions in excess of net income (loss)		(18,020	)		(23,400	)
Limited partners’ interest in net income (loss) - basic and diluted	$	79		$	(1,985	)
Denominator:
Weighted-average limited partnership units outstanding - basic		34,444,113			34,157,088
Adjustment for phantom and phantom performance units(a)		12,352			—
Weighted-average limited partnership units outstanding - diluted		34,456,465			34,157,088
Net income (loss) per limited partnership unit - basic and diluted	$	0.00		$	(0.06	)
Distributions paid per common unit	$	0.5250		$	0.6275
Distributions declared (with respect to each respective period)    per common unit	$	0.5250		$	0.5250

(a) Excludes 7,971 potentially dilutive securities from the calculation of diluted earnings per common unit because to do so would be antidilutive for the three months ended March 31, 2018.

Distributions

Distribution activity for 2019 is as follows:

Quarter Ended	Record Date	Payment Date	Cash Distribution (per unit)		Cash Distribution (in thousands)
December 31, 2018	February 11, 2019	February 19, 2019	$	0.5250	$	18,099
March 31, 2019	May 6, 2019	May 13, 2019	$	0.5250	$	18,099

The amount of any distribution is subject to the discretion of the Board, which may modify or revoke our cash distribution policy at any time. Our Partnership Agreement does not require us to pay any distributions. As such, there can be no assurance we will continue to pay distributions in the future.