(9) Earnings per Unit and Dilution Computations

As required under ASC 260, Earnings Per Share, unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities for earnings per unit calculations. Net income earned by the Predecessor prior to March 7, 2014 is not included for purposes of calculating earnings per unit as the Predecessor did not have any unitholders. Net income (loss) attributable to the VEX Interests acquired from Devon for periods prior to acquisition is not allocated for purposes of calculating net income (loss) per common unit. The following table reflects the computation of basic and diluted earnings per unit for the periods presented (in millions except per unit amounts):


	Year Ended December 31,
	2016		2015		2014 (1)
Enlink Midstream, LLC interest in net income (loss)	$	(460.0)	$	(357.0)	$	90.5
Distributed earnings allocated to:
Common units (2)	$	183.3	$	165.0	$	126.8
Unvested restricted units (2)		2.2		1.1		0.8
Total distributed earnings	$	185.5	$	166.1	$	127.6
Undistributed loss allocated to:
Common units	$	(638.0)	$	(519.5)	$	(36.9)
Unvested restricted units		(7.5)		(3.6)		(0.2)
Total undistributed loss	$	(645.5)	$	(523.1)	$	(37.1)
Net income (loss) allocated to:
Common units	$	(454.6)	$	(354.5)	$	89.9
Unvested restricted units		(5.4)		(2.5)		0.6
Total net income (loss)	$	(460.0)	$	(357.0)	$	90.5
Basic and diluted net income (loss) per unit:
Basic	$	(2.56)	$	(2.17)	$	0.55
Diluted	$	(2.56)	$	(2.17)	$	0.55

(1)

The 2014 amounts consist only of the period from March 7, 2014 through December 31, 2014.

(2)

Represents distribution activity consistent with the distribution activity table below.

A summary of the Company’s distribution activity relating to the common units for the years ended December 31, 2016, 2015 and 2014 is provided below:


Declaration period	Distribution/unit		Date paid/payable
2016
First Quarter of 2016	$	0.255	May 12, 2016
Second Quarter of 2016	$	0.255	August 12, 2016
Third Quarter of 2016	$	0.255	November 14, 2016
Fourth Quarter of 2016	$	0.255	February 14, 2017

2015
First Quarter of 2015	$	0.245	May 15, 2015
Second Quarter of 2015	$	0.250	August 14, 2015
Third Quarter of 2015	$	0.255	November 13, 2015
Fourth Quarter of 2015	$	0.255	February 12, 2016

2014
First Quarter of 2014	$	0.180	May 15, 2014
Second Quarter of 2014	$	0.220	August 13, 2014
Third Quarter of 2014	$	0.230	November 14, 2014
Fourth Quarter of 2014	$	0.235	February 13, 2015

The following are the unit amounts used to compute the basic and diluted earnings per unit for the years ended December 31, 2016, 2015 and 2014 (in millions):


	Year Ended December 31,
	2016	2015	2014 (1)
Basic and diluted units outstanding:
Weighted average common units outstanding	179.7	164.2	164.0
Diluted weighted average units outstanding:
Weighted average basic common units outstanding	179.7	164.2	164.0
Dilutive effect of restricted units issued	—	—	0.3
Total weighted average diluted common units outstanding	179.7	164.2	164.3

(1)

The year ended December 31, 2014 amounts consist only of the period from March 7, 2014 through December 31, 2014.

All outstanding units were included in the computation of diluted earnings per unit and weighted based on the number of days such units were outstanding during the period presented. All common unit equivalents were antidilutive for the year ended December 31, 2016 and 2015 because common units were allocated a net loss.