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Earnings per Unit (Notes)
 3 Months Ended
Mar. 31, 2015
Earnings Per Unit [Abstract]  
Earnings Per Share [Text Block]
5. Earnings Per Unit
Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit.
Diluted net income per unit includes the effects of potentially dilutive units of our common units that consist of unvested phantom units. These units are non-participating securities due to the forfeitable nature of their associated distribution equivalent rights, prior to vesting, and we do not consider the units in the two-class method when calculating the net income per unit. Basic and diluted net income per unit applicable to subordinated limited partners are the same because there are no potentially dilutive subordinated units outstanding.
In addition to the common and subordinated units, we have identified the general partner interest and incentive distribution rights as participating securities and use the two-class method when calculating the net income per unit applicable to limited partners that is based on the weighted-average number of common units outstanding during the period. We make incentive distribution payments to our general partner when our per unit distribution amount exceeds the target distribution. During the three months ended March 31, 2015, we made incentive distribution right payments of $0.02 million to our general partner. We made no incentive distribution right payments to our general partner prior to this payment. Refer to Note 12, Equity, for further information regarding incentive distribution rights.
The calculation of net income per unit for the three months ended March 31, 2015 and 2014, respectively, is as follows:
 
Three Months Ended
 
March 31,
 
2015
 
2014
 
(In thousands, except per unit data)
Net income
$
15,323

 
$
16,324

Net income attributable to general partner (1)
—

 
5,391

Net income attributable to limited partners
15,323

 
10,933

General partner distributions
(16
)
 
—

Limited partners' distributions on common units
(7,974
)
 
(5,491
)
Limited partners' distributions on subordinated units
(7,585
)
 
(5,491
)
 Distributions less than (greater than) earnings
$
(252
)
 
$
(49
)
 
 
 
 
General partners' earnings:
 
 
 
 Distributions
$
16

 
$
—

 Allocation of distributions less than (greater than) earnings
—

 
5,391

 Total general partners' earnings
$
16

 
$
5,391

 
 
 
 
Limited partners' earnings on common units:
 
 
 
 Distributions
$
7,974

 
$
5,491

 Allocation of distributions less than (greater than) earnings
(129
)
 
(25
)
 Total limited partners' earnings on common units
$
7,845

 
$
5,466

 
 
 
 
Limited partners' earnings on subordinated units:
 
 
 
 Distributions
$
7,585

 
$
5,491

 Allocation of distributions less than (greater than) earnings
(123
)
 
(24
)
 Total limited partners' earnings on subordinated units
$
7,462

 
$
5,467

 
 
 
 
Weighted average limited partner units outstanding:
 
 
 
 Common units - basic
23,985

 
22,811

 Common units - diluted
23,996

 
22,815

 Subordinated units - basic and diluted
22,811

 
22,811

 
 
 
 
Net income per limited partner unit:
 
 
 
 Common - basic
$
0.33

 
$
0.24

 Common - diluted
0.33

 
0.24

 Subordinated - basic and diluted
0.33

 
0.24

(1)
For historical periods prior to the Wholesale Acquisition, we have applied the two-class method to calculate earnings per unit. The net income of WRW prior to the Wholesale Acquisition was allocated entirely to the general partner.