Net Income per Unit

6 Months Ended

Jun. 30, 2020

Net Income Per Unit [Abstract]

Net Income per Unit

Net Income per Common Unit

A reconciliation of the numerators and denominators of the basic and diluted net income (loss) per common unit computations is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020			2019
	(in millions, except units and per unit amounts)
Net income and comprehensive income	$	157	$	55	$	29		$	164
Less:
Incentive distribution rights	17		17		35			35
Distributions on nonvested phantom unit awards	2		2		4			4
Limited partners’ interest in net income (loss)	$	138	$	36	$	(10	)	$	125
Weighted average common units outstanding:
Common - basic	83,030,286		82,742,323		83,022,027			82,726,842
Common - equivalents (1)	568,444		767,664		—			728,179
Common - diluted	83,598,730		83,509,987		83,022,027			83,455,021
Net income (loss) per common unit:
Common - basic	$	1.65	$	0.44	$	(0.12	)	$	1.51
Common - diluted	$	1.64	$	0.43	$	(0.12	)	$	1.50

________________________________

(1) For the six months ended June 30, 2020, common unit equivalents are excluded from the calculation of diluted weighted average common units outstanding, because the impact would have been antidilutive