Members' Equity

3 Months Ended

Mar. 31, 2022

(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 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 three months ended March 31, 2022, ENLC repurchased 2,093,842 outstanding ENLC common units for an aggregate cost, including commissions, of $17.0 million, or an average of $8.12 per common unit. For the three months ended March 31, 2021, we did not repurchase any outstanding ENLC common units.

b.GIP Repurchase Agreement

On May 2, 2022, we repurchased 675,095 ENLC common units held by GIP for an aggregate cost of $6.0 million, or an average of $8.92 per common unit. These units represent GIP’s pro rata share of the aggregate number of common units repurchased by us under our common unit repurchase program during the period from February 15, 2022 (the date on which the Repurchase Agreement was signed) through March 31, 2022. The $8.92 price per common unit is the average per unit price paid by us for the common units repurchased from public unitholders during the same period.

c.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 March 31,
	2022		2021
Distributed earnings allocated to:
Common units (1)	$	54.4	$	45.9
Unvested restricted units (1)	1.1		1.1
Total distributed earnings	$	55.5	$	47.0
Undistributed loss allocated to:
Common units	$	(19.9)	$	(58.3)
Unvested restricted units	(0.4)		(1.4)
Total undistributed loss	$	(20.3)	$	(59.7)
Net income (loss) attributable to ENLC allocated to:
Common units	$	34.5	$	(12.4)
Unvested restricted units	0.7		(0.3)
Total net income (loss) attributable to ENLC	$	35.2	$	(12.7)
Net income (loss) attributable to ENLC per unit:
Basic	$	0.07	$	(0.03)
Diluted	$	0.07	$	(0.03)

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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):


	Three Months Ended March 31,
	2022	2021
Basic weighted average units outstanding:
Weighted average common units outstanding	484.0	490.0

Diluted weighted average units outstanding:
Weighted average basic common units outstanding	484.0	490.0
Dilutive effect of non-vested restricted units (1)	6.6	—

Total weighted average diluted common units outstanding	490.6	490.0

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(1)All common unit equivalents were antidilutive for the three months ended March 31, 2021, since a net loss existed for that period.

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.

d.Distributions

A summary of our distribution activity related to the ENLC common units for the three months ended March 31, 2022 and 2021, respectively, is provided below:


Declaration period	Distribution/unit		Date paid/payable
2022
Fourth Quarter of 2021	$	0.11250	February 11, 2022
First Quarter of 2022	$	0.11250	May 13, 2022



2021
Fourth Quarter of 2020	$	0.09375	February 12, 2021
First Quarter of 2021	$	0.09375	May 14, 2021