Net Income per Unit

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income per Unit

Net Income per Unit

Basic net income per unit is computed by dividing net income by the weighted-average number of outstanding common units. Diluted net income per unit includes the effects of potentially dilutive units on our common units. As of March 31, 2026 and 2025, the only potentially dilutive units outstanding consist of unvested phantom units.

The calculation of net income per unit is as follows (in thousands, except unit and per unit amounts):

	Three Months Ended March 31,
	2026		2025
Net income	$	32,352	$	39,034
Weighted average common units outstanding, basic	53,514,387		53,604,659
Dilutive effect of unvested phantom units	88,123		29,177
Weighted average common units outstanding, diluted	53,602,510		53,633,836
Net income per unit:
Basic	$	0.60	$	0.73
Diluted (1)	$	0.60	$	0.73

(1) There were 22,566 and 28,692 anti-dilutive common unit equivalents excluded from the diluted earnings per unit calculation during the three months ended March 31, 2026 and 2025, respectively.