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Earnings per Unit (Notes)
 9 Months Ended
Sep. 30, 2016
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 or loss allocations used in the calculation of earnings per unit.
Diluted earnings 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. We do not consider these units under the two-class method when calculating earnings per unit. Basic and diluted earnings 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, incentive distribution rights and distributions associated with the TexNew Mex Units as participating securities and use the two-class method when calculating earnings 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 and nine months ended September 30, 2016 and 2015, we made incentive distribution right payments to our General Partner of $1.2 million, $2.9 million, $0.3 million and $0.5 million, respectively. Refer to Note 11, Equity, for further information regarding incentive distribution rights.
To the extent there is sufficient available cash from operating surplus under the Second Amended and Restated Partnership Agreement (the "Second A&R Partnership Agreement"), the holder of the TexNew Mex Units will be entitled to receive a distribution equal to 80% of the excess of TexNew Mex Shared Segment Distributable Cash Flow over the TexNew Mex Base Amount (as such terms are defined in the Second A&R Partnership Agreement). To the extent the holder of a TexNew Mex Unit is entitled to such a distribution, that distribution will be preferential to all other unit holder distributions. During the three and nine months ended September 30, 2016 and 2015, the TexNew Mex unitholders were not entitled to any distributions. Refer to Note 11, Equity, for further information.
The calculation of net income per unit for the three and nine months ended September 30, 2016 and 2015, respectively, is as follows:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2016
 
2015
 
2016
 
2015
 
(In thousands, except per unit data)
Net income
$
6,858

 
$
12,233

 
$
22,595

 
$
24,735

Net loss attributable to General Partner (1)
(7,165
)
 
(4,260
)
 
(23,309
)
 
(22,996
)
Net income attributable to limited partners
14,023

 
16,493

 
45,904

 
47,731

General Partner distributions
(1,175
)
 
(326
)
 
(2,857
)
 
(481
)
Limited partners' distributions on common units
(11,913
)
 
(8,766
)
 
(31,366
)
 
(25,086
)
Limited partners' distributions on subordinated units
(9,409
)
 
(8,326
)
 
(27,544
)
 
(23,838
)
Distributions greater than earnings
$
(8,474
)
 
$
(925
)
 
$
(15,863
)
 
$
(1,674
)
 
 
 
 
 
 
 
 
General Partners' earnings:
 
 
 
 
 
 
 
Distributions
$
1,175

 
$
326

 
$
2,857

 
$
481

Net loss attributable to General Partner (1)
(7,165
)
 
(4,260
)
 
(23,309
)
 
(22,996
)
Total General Partners' loss
$
(5,990
)
 
$
(3,934
)
 
$
(20,452
)
 
$
(22,515
)
 
 
 
 
 
 
 
 
Limited partners' earnings on common units:
 
 
 
 
 
 
 
Distributions
$
11,913

 
$
8,766

 
$
31,366

 
$
25,086

Allocation of distributions greater than earnings
(4,874
)
 
(474
)
 
(8,636
)
 
(858
)
Total limited partners' earnings on common units
$
7,039

 
$
8,292

 
$
22,730

 
$
24,228

 
 
 
 
 
 
 
 
Limited partners' earnings on subordinated units:
 
 
 
 
 
 
 
Distributions
$
9,409

 
$
8,326

 
$
27,544

 
$
23,838

Allocation of distributions greater than earnings
(3,600
)
 
(451
)
 
(7,227
)
 
(816
)
Total limited partners' earnings on subordinated units
$
5,809

 
$
7,875

 
$
20,317

 
$
23,022

 
 
 
 
 
 
 
 
Weighted-average limited partner units outstanding:
 
 
 
 
 
 
 
 Common units - basic
30,884

 
24,017

 
27,260

 
24,006

 Common units - diluted
30,901

 
24,024

 
27,274

 
24,024

 Subordinated units - basic and diluted
22,811

 
22,811

 
22,811

 
22,811

 
 
 
 
 
 
 
 
Net income per limited partner unit:
 
 
 
 
 
 
 
 Common - basic
$
0.23

 
$
0.35

 
$
0.83

 
$
1.01

 Common - diluted
0.23

 
0.35

 
0.83

 
1.01

 Subordinated - basic and diluted
0.25

 
0.35

 
0.89

 
1.01

(1)
We apply the two-class method to calculate earnings per unit and allocate the results of operations of the St. Paul Park Logistics Assets prior to the St. Paul Park Logistics Transaction and the TexNew Mex Pipeline System prior to the TexNew Mex Pipeline Acquisition entirely to our general partner. The limited partners had no rights to the results of operations before these acquisitions.