Net Income Per Limited Partner Unit

3 Months Ended

Mar. 31, 2016

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 for 2015 includes earnings of our Parent 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 Parent to our general partner.

On April 20, 2016, the Board of Directors of our general partner declared a quarterly cash distribution of $0.2350 per unit, or $41.7 million in total, for the three months ended March 31, 2016. The distribution will be paid on May 12, 2016 to unitholders of record as of May 2, 2016.

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



	Three Months Ended March 31, 2016		Three Months Ended March 31, 2015
Net income	$	68.0	$	49.1
Less:
Net income attributable to Parent	—		7.7
Net income attributable to noncontrolling interests	12.7		17.8
Net income attributable to the Partnership	55.3		23.6
Less:
General Partner's distribution declared	2.9		0.5
Limited Partners' distribution declared on common units	23.0		11.8
Limited Partners' distribution declared on subordinated units	15.8		11.8
Income in excess of distributions (distributions in excess of income)	$	13.6	$	(0.5	)



	Three Months Ended March 31, 2016
	General		Limited Partners'		Limited Partners'
	Partner		Common Units		Subordinated Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	2.9	$	23.0	$	15.8	$	41.7
Income in excess of distributions	0.2		7.5		5.9		13.6
Net income attributable to the Partnership	$	3.1	$	30.5	$	21.7	$	55.3
Weighted average units outstanding (in millions):
Basic and diluted			84.9		67.5
Net income per Limited Partner Unit (in dollars):
Basic and diluted			$	0.36	$	0.32



	Three Months Ended March 31, 2015
	General		Limited Partners'			Limited Partners'
	Partner		Common Units			Subordinated Units			Total
	(in millions of dollars, except per unit data)
Distributions declared	$	0.5	$	11.8		$	11.8		$	24.1
Distributions in excess of income	—		(0.2		)	(0.3		)	(0.5		)
Net income attributable to the Partnership	$	0.5	$	11.6		$	11.5		$	23.6
Weighted average units outstanding (in millions):
Basic and diluted			67.5			67.5
Net income per Limited Partner Unit (in dollars):
Basic and diluted			$	0.17		$	0.17