Members' Equity

12 Months Ended

Dec. 31, 2021

(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 $100.0 million of outstanding ENLC common units and reauthorized such program in April 2021. The Board reauthorized ENLC’s common unit repurchase program and reset the amount available for repurchases of outstanding common units at up to $100.0 million effective January 1, 2022. Repurchases under the common unit repurchase program 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 Exchange Act. The repurchases will depend on market conditions and may be discontinued at any time.

For the year ended December 31, 2021, ENLC repurchased 6,091,001 outstanding ENLC common units for an aggregate cost, including commissions, of $40.1 million, or an average of $6.59 per common unit. For the year ended December 31, 2020, ENLC repurchased 383,614 outstanding ENLC common units for an aggregate cost, including commissions, of $1.2 million, or an average of $3.02 per common unit.

(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 9, 2022, 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,
	2021		2020		2019
Distributed earnings allocated to:
Common units (1)	$	192.5	$	183.5	$	479.0
Unvested restricted units (1)	4.5		3.1		5.7
Total distributed earnings	$	197.0	$	186.6	$	484.7
Undistributed loss allocated to:
Common units	$	(170.6)	$	(598.4)	$	(1,584.8)
Unvested restricted units	(4.0)		(9.7)		(19.2)
Total undistributed loss	$	(174.6)	$	(608.1)	$	(1,604.0)
Net income (loss) attributable to ENLC allocated to:
Common units	$	21.9	$	(414.9)	$	(1,105.8)
Unvested restricted units	0.5		(6.6)		(13.5)
Total net income (loss) attributable to ENLC	$	22.4	$	(421.5)	$	(1,119.3)
Basic and diluted net income (loss) per unit attributable to ENLC:
Basic	$	0.05	$	(0.86)	$	(2.41)
Diluted	$	0.05	$	(0.86)	$	(2.41)

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

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


	Year Ended December 31,
	2021	2020	2019
Basic weighted average units outstanding:
Weighted average common units outstanding	488.8	489.3	463.9
Diluted weighted average units outstanding:
Weighted average basic common units outstanding	488.8	489.3	463.9
Dilutive effect of non-vested restricted units (1)	5.5	—	—
Total weighted average diluted common units outstanding	494.3	489.3	463.9

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(1)For the years ended December 31, 2020 and 2019, 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 related to the ENLC common units for the years ended December 31, 2021, 2020, and 2019, respectively, is provided below:


Declaration period	Distribution/unit		Date paid/payable
2021
First Quarter of 2021	$	0.09375	May 14, 2021
Second Quarter of 2021	$	0.09375	August 13, 2021
Third Quarter of 2021	$	0.09375	November 12, 2021
Fourth Quarter of 2021	$	0.11250	February 11, 2022

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