12. Equity

We had 15,858,156 outstanding common units held by the public as of March 31, 2015, including the net settlement and issuance of 34,748 of common units upon the vesting of phantom units from our Western Refining Logistics, LP 2013 Long-Term Incentive Plan (the "LTIP") on March 26, 2015. Western owned 8,158,592 of our common units and 22,811,000 of our subordinated units constituting an aggregate limited partner interest of 66.1% as of March 31, 2015. In accordance with our partnership agreement, Western's subordinated units will convert to common units once we have met specified distribution targets and successfully completed other tests set forth in our partnership agreement.

Changes to equity during the three months ended March 31, 2015, were as follows:



	General			Common -			Common -			Subordinated -
	Partner			Public			Western			Western			Total
	(In thousands)
Balance at December 31, 2014	$	—		$	327,592		$	(94,583	)	$	(260,103	)	$	(27,094	)
Unit-based compensation	—			(92		)	—			—			(92		)
Distributions to partners declared	(16		)	(5,261		)	(2,713		)	(7,585		)	(15,575		)
Net income attributable to limited partners	—			5,183			2,671			7,469			15,323
Balance at March 31, 2015	$	(16	)	$	327,422		$	(94,625	)	$	(260,219	)	$	(27,438	)

Issuance of Additional Interests

Our partnership agreement authorizes us to issue additional partnership interests for the consideration and on the terms and conditions determined by our general partner without the approval of the unitholders. We may fund future acquisitions through the issuance of additional common units, subordinated units or other partnership interests. Holders of any additional common units we issue will be entitled to share proportionally in accordance with their respective percentage interests with the then-existing common unitholders in our distributions of available cash. See Note 13, Equity-Based Compensation, for further information.

Allocations of Net Income

Our partnership agreement contains provisions for the allocation of net income and loss to the unitholders and the general partner. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive distribution right payments allocated 100% to the general partner.

Percentage Allocations of Available Cash from Operating Surplus

The following table illustrates the percentage allocations of available cash from operating surplus between the unitholders and our general partner (as the holder of our incentive distribution rights) based on the specified target distribution levels. The amounts set forth under the column heading "Marginal Percentage Interest in Distributions" are the percentage interests of our general partner and the unitholders in any available cash from operating surplus we distribute up to and including the corresponding amount in the column "Total Quarterly Distribution per Unit Target Amount". The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below assume our general partner has not transferred its incentive distribution rights and there are no arrearages on common units.



	Total Quarterly Distribution per Unit Target Amount	Marginal Percentage Interest in Distributions
	Total Quarterly Distribution per Unit Target Amount	Unitholders		General Partner
Minimum Quarterly Distribution	$0.2875	100.0	%	—
First Target Distribution	above $0.2875 up to $0.3306	100.0	%	—
Second Target Distribution	above $0.3306 up to $0.3594	85.0	%	15.0	%
Third Target Distribution	above $0.3594 up to $0.4313	75.0	%	25.0	%
Thereafter	above $0.4313	50.0	%	50.0	%

Our partnership agreement sets forth the calculation we will use to determine the amount and priority of cash distributions that the common and subordinated unitholders and general partner will receive. We declare distributions subsequent to quarter end. On January 30, 2015, WNRL's general partner's board of directors declared a quarterly cash distribution of $0.3325 per unit for the period October 1, 2014 through December 31, 2014. WNRL paid the distribution on February 23, 2015 to all unitholders of record on February 13, 2015. The per unit distribution amount exceeded the target distribution amount of $0.3306 set forth in our partnership agreement; therefore, we made a nominal distribution to our general partner as the holder of our incentive distribution rights.

The table below summarizes our 2015 quarterly distribution declarations, payments and scheduled payments through May 1, 2015:



	2015
	Declaration Date	Record Date	Payment Date	Distribution per Common and Subordinated Unit
First quarter	May 1	May 15	May 26	$	0.3475
Total				$	0.3475

The total quarterly cash distributions made to general and limited partners 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)
General partners' distributions:
General partner's distributions	$	—	$	—
General partner's incentive distribution rights	16		—
Total general partner's distributions	$	16	$	—

Limited partners' earnings on common units:
Common	$	7,974	$	5,491
Subordinated	7,585		5,491
Total limited partners' distributions	15,559		10,982
Total cash distributions	$	15,575	$	10,982

Cash distributions per limited partner unit	$	0.3325	$	0.2407