EARNINGS PER COMMON UNIT

9 Months Ended

Sep. 30, 2020

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

The Partnership’s net income (loss) 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 income (loss) per common unit is calculated by dividing net income (loss) by the weighted-average number of common units outstanding during the period. Diluted net income (loss) 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands, except per unit amounts)
Net income (loss) attributable to the period	$	(764)	$	7,946	$	(164,685)	$	43,990
Less: net gain (loss) allocated to participating securities(1)	(2)		(27)		(26)		(90)
Net income (loss) attributable to common unitholders	$	(766)	$	7,919	$	(164,711)	$	43,900


Weighted average common units outstanding:
Basic weighted average common units outstanding	67,847		62,645		67,832		60,267
Effect of dilutive securities:
Potential common units issuable(2)	—		33		—		29
Diluted weighted average common units outstanding	67,847		62,678		67,832		60,296
Net income (loss) per common unit, basic	$	(0.01)	$	0.13	$	(2.43)	$	0.73
Net income (loss) per common unit, diluted	$	(0.01)	$	0.13	$	(2.43)	$	0.73

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

(2) For the three and nine months ended September 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.