EARNINGS PER COMMON UNIT

6 Months Ended

Jun. 30, 2020

The net (loss) income per common unit on the consolidated statements of operations is based on the net (loss) income of the Partnership for the three and six months ended June 30, 2020 and 2019, since this is the amount of net (loss) income that is attributable to the Partnership’s common units.

The Partnership’s net (loss) income is allocated wholly to the common units, as the General Partner does not have an economic interest. Payments made to the Partnership’s unitholders are determined in relation to the cash distribution policy described in Note 7—Unitholders' Equity and Partnership Distributions.

Basic net (loss) income per common unit is calculated by dividing net (loss) income by the weighted-average number of common units outstanding during the period. Diluted net (loss) income per common unit gives effect, when applicable, to unvested common units granted under the LTIP.

A reconciliation of the components of basic and diluted earnings per common unit is presented in the table below:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands, except per unit amounts)
Net (loss) income attributable to the period	$	(21,752)	$	2,265	$	(163,921)	$	36,044
Less: net loss allocated to participating securities⁽¹⁾	(4)		(21)		(24)		(63)
Net (loss) income attributable to common unitholders	$	(21,756)	$	2,244	$	(163,945)	$	35,981


Weighted average common units outstanding:
Basic weighted average common units outstanding	67,831		62,628		67,827		59,058
Effect of dilutive securities:
Potential common units issuable⁽²⁾	—		36		—		36
Diluted weighted average common units outstanding	67,831		62,664		67,827		59,094
Net (loss) income per common unit, basic	$	(0.32)	$	0.04	$	(2.42)	$	0.61
Net (loss) income per common unit, diluted	$	(0.32)	$	0.04	$	(2.42)	$	0.61

(1) Distribution equivalent rights granted to employees are considered participating securities.

(2) For the three and six months ended June 30, 2020, no potential common units were included in the computation of diluted earnings per common unit because their inclusion would have been anti-dilutive under the treasury stock method for the periods presented but could potentially dilute basic earnings per common unit in future periods.