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Earnings Per Unit
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Unit

Note 10—Earnings Per Unit

The Partnership uses the two-class method when calculating the net income per unit applicable to limited partners. The two-class method is based on the weighted-average number of common and subordinated units outstanding during the period. Basic net income per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income, after deducting distributions, if any, by the weighted-average number of outstanding common and subordinated units. Payments made to the Partnership’s unitholders are determined in relation to actual distributions paid and are not based on the net income allocations used in the calculation of net income per unit.

Diluted net income per unit applicable to limited partners includes the effects of potentially dilutive units on the Partnership’s units. For the years ended December 31, 2016 and 2015, the only potentially dilutive units outstanding consisted of the phantom units (see “Note 9 —Equity Plans”).

The following table sets forth the calculation of basic and diluted earnings per limited partner for the periods indicated (in thousands, except per unit data):

 

 

 

Years Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Net income (loss) attributable to partners’ capital

 

$

15,042

 

 

$

6,429

 

 

$

1,275

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Distribution equivalent rights for unissued units

 

$

953

 

 

$

948

 

 

$

627

 

Net income available to limited partners

 

$

14,089

 

 

$

5,481

 

 

$

648

 

Numerator for basic earnings per limited partner unit:

 

 

 

 

 

 

 

 

 

 

 

 

Allocation of net income among limited partner interests:

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocated to common unitholders

 

$

11,567

 

 

$

4,162

 

 

$

343

 

Net income allocated to subordinated unitholders

 

$

2,522

 

 

$

1,319

 

 

$

305

 

Net income allocated to limited partners:

 

$

14,089

 

 

$

5,481

 

 

$

648

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic earnings per limited partner unit:

 

 

 

 

 

 

 

 

 

 

 

 

Common units

 

 

13,982

 

 

 

10,576

 

 

 

6,868

 

Subordinated units

 

 

5,333

 

 

 

6,081

 

 

 

6,081

 

Total basic units outstanding

 

 

19,315

 

 

 

16,657

 

 

 

12,949

 

Earnings per limited partner unit, basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Common units

 

$

0.83

 

 

$

0.39

 

 

$

0.05

 

Subordinated units

 

$

0.47

 

 

$

0.22

 

 

$

0.05