Members' Equity

12 Months Ended

Dec. 31, 2020

(9) Members’ Equity

(a) Common Unit Repurchase Program

In November 2020, the board of directors of the Managing Member authorized a common unit repurchase program for the repurchase of up to $100 million of outstanding ENLC common units. The repurchases will be made, in accordance with applicable securities laws, from time to time in open market or private transactions and may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The repurchases will depend on market conditions and may be discontinued at any time.

For the year ended December 31, 2020, ENLC repurchased 383,614 outstanding ENLC common units for an aggregate price of $1.2 million.

(b) Issuance of ENLC Common Units related to the Merger

In connection with the consummation of the Merger, we issued 304,822,035 ENLC common units in exchange for all of the outstanding ENLK common units not previously owned by us.

On February 22, 2019, ENLC entered into the ENLC EDA with the ENLC Sales Agents to sell up to $400.0 million in aggregate gross sales of ENLC common units from time to time through an “at the market” equity offering program. Under the ENLC EDA, ENLC may also sell common units to any ENLC Sales Agent as principal for the ENLC Sales Agent’s own account at a price agreed upon at the time of sale. ENLC has no obligation to sell any ENLC common units under the ENLC EDA and may at any time suspend solicitation and offers under the ENLC EDA. As of February 11, 2021, ENLC has not sold any common units under the ENLC EDA.

(d) 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. 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,
	2020		2019		2018
Distributed earnings allocated to:
Common units (1)	$	183.5	$	479.0	$	194.9
Unvested restricted units (1)	3.1		5.7		2.8
Total distributed earnings	$	186.6	$	484.7	$	197.7
Undistributed income (loss) allocated to:
Common units	$	(598.4)	$	(1,584.8)	$	(207.9)
Unvested restricted units	(9.7)		(19.2)		(3.0)
Total undistributed loss	$	(608.1)	$	(1,604.0)	$	(210.9)
Net loss allocated to:
Common units	$	(414.9)	$	(1,105.8)	$	(13.0)
Unvested restricted units	(6.6)		(13.5)		(0.2)
Total net loss	$	(421.5)	$	(1,119.3)	$	(13.2)
Basic and diluted net loss per unit:
Basic	$	(0.86)	$	(2.41)	$	(0.07)
Diluted	$	(0.86)	$	(2.41)	$	(0.07)

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(1)Represents distribution activity consistent with the distribution activity table below.

There were 489.3 million, 463.9 million, and 181.1 million weighted average common units outstanding for the years ended December 31, 2020, 2019, and 2018, respectively. All common unit equivalents were antidilutive because a net loss existed for those periods.

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.

(e) Distributions

A summary of our distribution activity relating to ENLC common units for the years ended December 31, 2020, 2019, and 2018, respectively, is provided below:


Declaration period	Distribution/unit		Date paid/payable
2020
First Quarter of 2020	$	0.09375	May 13, 2020
Second Quarter of 2020	$	0.09375	August 13, 2020
Third Quarter of 2020	$	0.09375	November 13, 2020
Fourth Quarter of 2020	$	0.09375	February 12, 2021

2019
First Quarter of 2019	$	0.279	May 14, 2019
Second Quarter of 2019	$	0.283	August 13, 2019
Third Quarter of 2019	$	0.283	November 13, 2019
Fourth Quarter of 2019	$	0.1875	February 13, 2020

2018
First Quarter of 2018	$	0.263	May 15, 2018
Second Quarter of 2018	$	0.267	August 14, 2018
Third Quarter of 2018	$	0.271	November 14, 2018
Fourth Quarter of 2018	$	0.275	February 14, 2019