Net Income Per Unit (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Summary of Cash Distributions

Our distributions earned with respect to a given period are declared subsequent to quarter end. Therefore, the table below represents total cash distributions applicable to the period in which the distributions are earned. The expected date of distribution for the distributions earned during the period ended March 31, 2020 is May 12, 2020. The calculation of net income per unit is as follows (dollars in thousands, except units and per unit amounts):

	Three Months Ended March 31,
	2020			2019
Net income attributable to partners	$	27,796		$	19,696
Less: General partner's distribution (including IDRs) (1)	9,139			7,424
Less: Limited partners' distribution	21,739			20,014
Distributions in excess of earnings	$	(3,082	)	$	(7,742	)
General partner's earnings:
Distributions (including IDRs) (1)	$	9,139		$	7,424
Distributions in excess of earnings	(62		)	(154		)
Total general partner's earnings	$	9,077		$	7,270
Limited partners' earnings on common units:
Distributions	$	21,739		$	20,014
Distributions in excess of earnings	(3,020		)	(7,588		)
Total limited partners' earnings on common units	$	18,719		$	12,426
Weighted average limited partner units outstanding:
Common units - basic	24,480,570			24,407,168
Common units - diluted	24,485,336			24,416,058
Net income per limited partner unit:
Common units - basic	$	0.76		$	0.51
Common units - diluted (2)	$	0.76		$	0.51

⁽¹⁾ General partner distributions (including IDRs) consist of the 2.0% general partner interest and IDRs, which represent the right of the general partner to receive increasing percentages of quarterly distributions of available cash from operating surplus in excess of 0.43125 per unit per quarter. See Note 8 for further discussion related to IDRs.

⁽²⁾ There were no outstanding common units excluded from the diluted earnings per unit calculation for the three months ended March 31, 2020 and 2019.