EARNINGS PER COMMON UNIT

3 Months Ended

Mar. 31, 2023

The net income (loss) per common unit on the condensed consolidated statements of operations is based on the net income (loss) attributable to the Partnership’s common units for the three months ended March 31, 2023 and 2022. The Partnership’s net income (loss) is allocated wholly to the common units, as the General Partner does not have an economic interest.

Basic and diluted earnings per common unit is calculated using the two-class method. The two class method is an earnings allocation proportional to the respective ownership among holders of common units and participating securities. 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 March 31,
	2023		2022
	(In thousands, except per unit amounts)
Net income (loss) attributable to the period	$	33,967	$	16,605
Less: distributed and undistributed earnings allocated to participating securities(1)	72		64
Net income (loss) attributable to common unitholders	$	33,895	$	16,541
Weighted average common units outstanding:
Basic weighted average common units outstanding	72,732		77,106
Effect of dilutive securities:
Potential common units issuable(2)	83		108
Diluted weighted average common units outstanding	72,815		77,214
Net income (loss) per common unit, basic	$	0.47	$	0.22
Net income (loss) per common unit, diluted	$	0.47	$	0.22

(1) Unvested restricted stock units that contain non-forfeitable distribution equivalent rights granted are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method.

(2) For the three months ended March 31, 2023 and 2022, there were no potential common units excluded from the computation of diluted earnings per common unit because their inclusion would have been anti-dilutive.