Net Income Per Limited Partner Unit

12 Months Ended

Dec. 31, 2015

12. Net Income Per Limited Partner Unit

Net income per unit applicable to common limited partner units and to subordinated limited partner units is computed by dividing the respective limited partners’ interest in net income attributable to the partnership for the period by the weighted average number of common units and subordinated units, respectively, outstanding for the period. Because we have more than one class of participating securities, we use the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units, subordinated units, general partner units, and incentive distribution rights. Basic and diluted net income per unit are the same because we do not have any potentially dilutive units outstanding for the period presented.

Our net income includes earnings of our Predecessors related to acquired businesses for periods prior to their acquisition by us. Under the two class method these earnings must be allocated entirely to our General Partner. We have allocated these earnings of our Predecessors to our General Partner.

The following tables show the allocation of net income to arrive at net income per limited partner unit:

	2015		2014
Net income	$	272.9	$	148.9
Less:
Net income attributable to the Predecessors		39.3		124.1
Net income attributable to noncontrolling interests		66.5		11.4
Net income attributable to the Partnership		167.1		13.4
Less:
General partner's distribution declared		4.0		0.3
Limited partners' distribution declared on common units		60.1		7.0
Limited partner's distribution declared on subordinated units		53.3		7.1
Income in excess of distributions (distributions in excess of income)	$	49.7	$	(1.0	)

	2015
	General Partner		Limited Partners' Common Units		Limited Partner's Subordinated Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	4.0	$	60.1	$	53.3	$	117.4
Income in excess of distributions		1.0		25.4		23.3		49.7
Net income attributable to the Partnership	$	5.0	$	85.5	$	76.6	$	167.1
Weighted average units outstanding (in millions):
Basic		2.9		73.4		67.5		143.8
Diluted		2.9		73.4		67.5		143.8
Net income per limited partner unit (in dollars):
Basic			$	1.16	$	1.14
Diluted			$	1.16	$	1.14

	2014
	General Partner		Limited Partners' Common Units			Limited Partner's Subordinated Units			Total
	(in millions of dollars, except per unit data)
Distributions declared	$	0.3	$	7.0		$	7.1		$	14.4
Distributions in excess of net income subsequent to the IPO		—		(0.5	)		(0.5	)		(1.0	)
Net income attributable to the Partnership	$	0.3	$	6.5		$	6.6		$	13.4
Weighted average units outstanding (in millions):
Basic		2.7		67.5			67.5			137.7
Diluted		2.7		67.5			67.5			137.7
Net income per limited partner unit (in dollars):
Basic			$	0.10		$	0.10
Diluted			$	0.10		$	0.10