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EARNINGS PER UNIT (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Schedule of earnings per limited partner unit

The following table details the components of EPU.

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except per-unit amounts)

 

Numerator for basic and diluted EPU:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of net income (loss) among limited partner interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to limited partners

 

$

25,629

 

 

$

(789

)

 

$

89,386

 

 

$

(11,130

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Series A Preferred Units

 

 

6,481

 

 

 

7,125

 

 

 

20,731

 

 

 

21,375

 

Net income attributable to Subsidiary Series A Preferred Units

 

 

7,298

 

 

 

—

 

 

 

9,640

 

 

 

—

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deemed capital contribution from Series A Preferred Unit Exchange Offer

 

 

54,945

 

 

 

—

 

 

 

54,945

 

 

 

—

 

Net income (loss) attributable to common limited partners

 

$

66,795

 

 

$

(7,914

)

 

$

113,960

 

 

$

(32,505

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic and diluted EPU:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common units outstanding – basic(1)

 

 

51,974

 

 

 

45,319

 

 

 

47,331

 

 

 

45,319

 

Effect of nonvested phantom units

 

 

1,676

 

 

 

—

 

 

 

1,451

 

 

 

—

 

Weighted-average common units outstanding – diluted

 

 

53,650

 

 

 

45,319

 

 

 

48,782

 

 

 

45,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) per limited partner unit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common unit – basic

 

$

1.29

 

 

$

(0.17

)

 

$

2.41

 

 

$

(0.72

)

Common unit – diluted

 

$

1.25

 

 

$

(0.17

)

 

$

2.34

 

 

$

(0.72

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonvested anti-dilutive phantom units excluded from the

    calculation of diluted EPU

 

 

4,031

 

 

 

176

 

 

 

3,353

 

 

 

70

 

(1) As a result of the GP Buy-In Transaction, our historical results are those of Summit Investments. The number of common units of 45.3 million as of September 30, 2019 represents those of Summit Investments and has been used for the earnings per unit calculations presented herein.

As discussed in Note 8 - Debt, the SMPH Term Loan is secured by 34.6 million SMLP common units owned by SMP Holdings. These common units are not included in the calculation of EPU because they are not deemed contingently issuable under GAAP. Upon closing the TL Restructuring, the 34.6 million SMLP common units pledged under the SMPH Term Loan will be considered outstanding and included in the calculation of EPU.