14. Earnings per Unit ("EPU")

The Partnership calculates earnings per unit by allocating reported profit for each period to each class of units based on the distribution policy for available cash stated in the Partnership Agreement.

Basic earnings per unit is determined by dividing profit for the period, after deducting preference unit distributions, by the weighted average number of units outstanding during the period. Diluted earnings per unit is calculated by dividing the profit of the period attributable to common unitholders by the weighted average number of potential ordinary common units assumed to have been converted into common units, unless such potential ordinary common units have an antidilutive effect.

Earnings per unit is presented for the period in which the units were outstanding, with earnings calculated as follows:

	For the three months ended						For the six months ended
	June 30, 2017			June 30, 2018			June 30, 2017			June 30, 2018
Profit for the period		29,200			23,841			61,986			58,576
Less:
Profit attributable to GasLog's operations*		(9,842	)		(940	)		(21,606	)		(3,673	)

Partnership's profit		19,358			22,901			40,380			54,903
Adjustment for:
Paid and accrued preference unit distributions		(1,549	)		(5,457	)		(1,549	)		(10,495	)

Partnership's profit attributable to:		17,809			17,444			38,831			44,408


Common unitholders		17,349			17,095			32,073			41,152
Subordinated unitholders**		N/A			N/A			5,085			N/A
General partner		357			349			777			888
Incentive distribution rights***		103			—			896			2,368
Weighted average number of units outstanding (basic)
Common units		38,324,669			42,363,252			32,814,957			41,686,447
Subordinated units**		N/A			N/A			9,822,358			N/A
General partner units		781,005			864,381			768,799			850,656
Earnings per unit (basic)
Common unitholders		0.45			0.40			0.98			0.99
Subordinated unitholders		N/A			N/A			0.52			N/A
General partner		0.46			0.40			1.01			1.04
Weighted average number of units outstanding (diluted)
Common units		38,376,044			42,422,462			32,863,163			41,792,558
Subordinated units**		N/A			N/A			9,822,358			N/A
General partner units		781,005			864,381			768,799			850,656
Earnings per unit (diluted)
Common unitholders		0.45			0.40			0.98			0.98
Subordinated unitholders		N/A			N/A			0.52			N/A
General partner		0.46			0.40			1.01			1.04

* Includes the aggregate profit of GAS-eleven Ltd., GAS-thirteen Ltd., GAS-eight Ltd. and GAS-fourteen Ltd. for the period prior to their transfers to the Partnership on May 3, 2017, July 3, 2017, October 20, 2017 and April 26, 2018, respectively. While such amounts are reflected in the Partnership's financial statements because the transfers to the Partnership were accounted for as reorganizations of entities under common control (Note 1), the aforementioned entities were not owned by the Partnership prior to their transfers to the Partnership on the respective dates and accordingly the Partnership was not entitled to the cash or results generated in the periods prior to such transfers.

** On May 16, 2017, all 9,822,358 subordinated units converted into common units on a one-for-one basis. As of June 30, 2017, they participated pro rata with all other outstanding common units in distributions of available cash for the three months ended June 30, 2017. Consequently, earnings have been allocated to subordinated units and the weighted average number of subordinated units has been calculated only for the applicable period during which they were entitled to distributions based on the Partnership Agreement, i.e. for the three months ended March 31, 2017.

*** Represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved. GasLog holds the incentive distribution rights following completion of the Partnership's IPO. The IDRs may be transferred separately from any other interests, subject to restrictions in the Partnership Agreement. Based on the nature of such right, earnings attributable to IDRs cannot be allocated on a per unit basis.