NET (LOSS) INCOME PER LIMITED PARTNER UNIT AND DISTRIBUTIONS (Tables)

3 Months Ended

Mar. 31, 2014

Net loss per limited partner unit and distributions

Schedule of Distributions Earned and Declared

The following table represents our distribution declared for the period ended March 31, 2014 and distributions paid for the prior periods (in thousands, except per unit data):



					Distributions
	Attributable to the	Per Unit			Limited Partners
Payment Date	Quarter Ended	Distribution			Common		Subordinated		General Partner		Total
2014
May 15, 2014	March 31, 2014	$	0.40		$	8,586	$	4,885	$	290	$	13,761
2013
February 14, 2014	December 31, 2013	0.40			8,581		4,885		289		13,755
November 14, 2013	September 30, 2013	0.40			4,888		4,885		214		9,987
August 14, 2013	June 30, 2013	0.40			4,890		4,886		210		9,986
May 15, 2013	March 31, 2013	0.40			4,888		4,886		199		9,973
2012
February 14, 2013	December 31, 2012	0.24		⁽¹⁾	2,931		2,931		120		5,982

(1) Per unit distribution of $0.24 corresponds to the minimum quarterly distribution of $0.40 per unit, or $1.60 on an annualized basis, pro-rated for the portion of the quarter following the closing of our initial public offering on November 7, 2012.

Schedule of Reconciliation of Net Income loss

The following is a reconciliation of the net loss attributable to our limited partners and our limited partner units and the basic and diluted earnings per unit calculations for the three months ended March 31, 2014 and 2013 (in thousands, except unit and per unit data):



	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013
Net loss	$	(1,289	)	$	(6,382	)
Series A Preferred Unit in-kind distribution and fair value adjustment (1)	(501		)	—
Net loss attributable to partners	$	(1,790	)	$	(6,382	)

General partner's interest (2)	$	(26	)	$	(128	)
Limited partners' interest (2)
Common	$	(1,045	)	$	(3,127	)
Subordinated	$	(719	)	$	(3,127	)

(1) The Series A Preferred Unit in-kind distribution increased the net loss attributable to partners as of March 31, 2014 in the calculation of earnings per unit (See Note 9) for the three months ended March 31, 2014. The valuation adjustment to maximum redemption value of the Series A Preferred Units as of March 31, 2014 decreased the net loss available to common units in the calculation of earnings per unit (See Note 9) for the three months ended March 31, 2014. There is no in-kind distribution or valuation adjustment to maximum redemption value for the Series A Preferred Units as of March 31, 2013 in the calculation of earnings per unit (See Note 9) for the three months ended March 31, 2013.

(2) General Partner's and Limited Partners’ interest are calculated based on the allocation of net losses for the period net of the allocation of Series A Preferred Unit in-kind distributions, Series A Preferred Unit fair value adjustments and General Partner unit in-kind distributions.



Common Units	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013
Interest in net loss	$	(1,045	)	$	(3,127	)
Effect of dilutive units - numerator (1)	—			—
Dilutive interest in net loss	$	(1,045	)	$	(3,127	)

Weighted-average units - basic	18,285,220			12,213,713
Effect of dilutive units - denominator (1)	—			—
Weighted-average units - dilutive	18,285,220			12,213,713

Basic and diluted net loss per common unit	$	(0.06	)	$	(0.26	)



Subordinated Units	Three Months Ended March 31, 2014			Three Months Ended March 31, 2013
Interest in net loss	$	(719	)	$	(3,127	)
Effect of dilutive units - numerator (1)	—			—
Dilutive interest in net loss	$	(719	)	$	(3,127	)

Weighted-average units - basic	12,213,713			12,213,713
Effect of dilutive units - denominator (1)	—			—
Weighted-average units - dilutive	12,213,713			12,213,713

Basic and diluted net loss per subordinated unit	$	(0.06	)	$	(0.26	)

(1) Because we had a net loss for the three months ended March 31, 2014 and 2013, the effect of the dilutive units would be anti-dilutive to the per unit calculation. Therefore, the weighted average units outstanding are the same for basic and dilutive net loss per unit. The weighted average units that would be included in the computation of diluted per unit amounts in accordance with the treasury stock method were 4,779 unvested awards granted under our long-term incentive plan (See Note 11) and 1,800,886 Series A Preferred Units (See Note 9) for the three months ended March 31, 2014. The amount of unvested common units that were not included in the computation of diluted per unit amounts were 140,100 unvested awards granted under our long-term incentive plan for the three months ended March 31, 2013. Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or agreements to issue common units, such as awards under the long-term incentive plan, were exercised, settled or converted into common units. When it is determined that potential common units resulting from an award should be included in the diluted net income per limited partner unit calculation, the impact is reflected by applying the treasury stock method.

Series A convertible preferred units

Net loss per limited partner unit and distributions

Schedule of Distributions Earned and Declared

The following table represents the paid in-kind (“PIK”) distribution earned for the period ended March 31, 2014 and the PIK distribution for the previous periods (in thousands, except per unit and in-kind distribution units):



Payment Date	Attributable to the Quarter Ended	Per Unit Distribution			In-Kind Series A Preferred Unit Distributions to Series A Preferred Holders	In-Kind Series A Preferred Distributions Value(3)		In-Kind Unit Distribution to General Partner	In-Kind General Partner Distribution Value(3)
2014
May 15, 2014	March 31, 2014	$	0.40		31,513	$	534	643	$	11
2013
February 14, 2014	December 31, 2013	0.40			30,971	558		632	11
November 14, 2013	September 30, 2013	0.40			30,439	511		621	10
August 14, 2013	June 30, 2013	0.35		⁽¹⁾	22,276	512		454	10
August 14, 2013	June 30, 2013	0.20		⁽²⁾	2,199	51		45	1

(1) Per unit distribution of $0.35 corresponds to the minimum quarterly distribution of $0.40 per unit, or $1.60 on an annualized basis, pro-rated for the portion of the quarter following the issuance of 1,466,325 Series A Preferred Units and 29,925 general partner units on April 12, 2013.

(2) Per unit distribution of $0.20 corresponds to the minimum quarterly distribution of $0.40 per unit, or $1.60 on an annualized basis, pro-rated for the portion of the quarter following the issuance of 248,675 Series A Preferred Units and 5,075 general partner units on May 15, 2013.

(3) The fair value was calculated as required, based on the common unit price at the quarter end date for the period attributable to the distribution, multiplied by the number of units distributed.