Members' Equity

6 Months Ended

Jun. 30, 2021

(8) 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 $100.0 million of outstanding ENLC common units and reauthorized such program in April 2021. 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 “Exchange Act”). The repurchases will depend on market conditions and may be discontinued at any time.

For the three and six months ended June 30, 2021, ENLC repurchased 317,751 outstanding ENLC common units for an aggregate cost, including commissions, of $2.0 million, or an average of $6.22 per common unit.

b.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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Distributed earnings allocated to:
Common units (1)	$	46.0	$	45.9	$	91.9	$	91.7
Unvested restricted units (1)	1.1		0.8		2.2		1.6
Total distributed earnings	$	47.1	$	46.7	$	94.1	$	93.3
Undistributed loss allocated to:
Common units	$	(67.1)	$	(42.2)	$	(125.4)	$	(369.6)
Unvested restricted units	(1.6)		(0.4)		(3.0)		(6.4)
Total undistributed loss	$	(68.7)	$	(42.6)	$	(128.4)	$	(376.0)
Net income (loss) attributable to ENLC allocated to:
Common units	$	(21.1)	$	3.7	$	(33.5)	$	(277.9)
Unvested restricted units	(0.5)		0.4		(0.8)		(4.8)
Total net income (loss) attributable to ENLC	$	(21.6)	$	4.1	$	(34.3)	$	(282.7)
Basic and diluted total net income (loss) attributable to ENLC per unit:
Basic	$	(0.04)	$	0.01	$	(0.07)	$	(0.58)
Diluted	$	(0.04)	$	0.01	$	(0.07)	$	(0.58)

____________________________

(1)Represents distribution activity consistent with the distribution activity described in “Distributions” below.

The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Basic weighted average units outstanding:
Weighted average common units outstanding	490.0	489.3	490.0	489.0

Diluted weighted average units outstanding:
Weighted average basic common units outstanding	490.0	489.3	490.0	489.0
Dilutive effect of non-vested restricted units (1)	—	1.1	—	—

Total weighted average diluted common units outstanding	490.0	490.4	490.0	489.0

____________________________

(1)All common unit equivalents were antidilutive for the three and six months ended June 30, 2021 and the six months ended June 30, 2020 since 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.

c.Distributions

A summary of our distribution activity related to the ENLC common units for the six months ended June 30, 2021 and 2020, respectively, is provided below:


Declaration period	Distribution/unit		Date paid/payable
2021
Fourth Quarter of 2020	$	0.09375	February 12, 2021
First Quarter of 2021	$	0.09375	May 14, 2021
Second Quarter of 2021	$	0.09375	August 13, 2021


2020
Fourth Quarter of 2019	$	0.1875	February 13, 2020
First Quarter of 2020	$	0.09375	May 13, 2020
Second Quarter of 2020	$	0.09375	August 13, 2020