Net Income Per Limited Partner Unit (Tables)

9 Months Ended

Sep. 30, 2016

Net Income Per Limited Partner Unit

Schedule of net income per common and subordinated unit

The Partnership’s calculation of net income per common and subordinated unit for the periods indicated is as follows (in thousands, except per unit data):

	Three months ended September 30,				Nine months ended September 30,
	2015		2016		2015		2016
Net income	$	42,648	$	70,524	$	110,097	$	163,352
Less:
Pre-Water Acquisition net income attributed to parent		(7,841)		—		(40,193)		—
General partner interest in net income attributable to incentive distribution rights		(295)		(4,807)		(295)		(9,387)
Limited partner interest in net income	$	34,512	$	65,717	$	69,609	$	153,965
Net income allocable to common units - basic and diluted	$	17,561	$	37,409	$	35,110	$	87,615
Net income allocable to subordinated units - basic and diluted		16,951		28,308		34,499		66,350
Limited partner interest in net income - basic and diluted	$	34,512	$	65,717	$	69,609	$	153,965
Net income per limited partner unit - basic
Common units	$	0.23	$	0.37	$	0.46	$	0.87
Subordinated units	$	0.22	$	0.37	$	0.45	$	0.87
Net income per limited partner unit - diluted
Common units	$	0.23	$	0.37	$	0.46	$	0.87
Subordinated units	$	0.22	$	0.37	$	0.45	$	0.87
Weighted average limited partner units  outstanding - basic
Common units		78,018		100,454		76,641		100,302
Subordinated units		75,941		75,941		75,941		75,941
Weighted average limited partner units  outstanding - diluted
Common units		78,034		100,825		76,657		100,365
Subordinated units		75,941		75,941		75,941		75,941