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 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.

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 September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Net income	$	58.8	$	90.6	$	193.1	$	200.4
Less:
Net income attributable to Parent	—		16.2		—		39.3
Net income attributable to noncontrolling interests	2.5		20.1		17.7		51.0
Net income attributable to the Partnership	56.3		54.3		175.4		110.1
Less:
General Partner's distribution declared	7.1		1.0		14.7		2.1
Limited Partners' distribution declared on common units	29.0		15.4		79.4		41.5
Limited Partners' distribution declared on subordinated units	17.8		13.9		50.5		38.5
Income in excess of distributions	$	2.4	$	24.0	$	30.8	$	28.0



	Three Months Ended September 30, 2016
	General		Limited Partners'		Limited Partners'
	Partner		Common Units		Subordinated Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	7.1	$	29.0	$	17.8	$	53.9
Income in excess of distributions	0.1		1.4		0.9		2.4
Net income attributable to the Partnership	$	7.2	$	30.4	$	18.7	$	56.3
Weighted average units outstanding (in millions):
Basic and diluted			109.8		67.5
Net income per Limited Partner Unit (in dollars):
Basic and diluted			$	0.28	$	0.28



	Nine Months Ended September 30, 2016
	General		Limited Partners'		Limited Partners'
	Partner		Common Units		Subordinated Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	14.7	$	79.4	$	50.5	$	144.6
Income in excess of distributions	0.6		18.0		12.2		30.8
Net income attributable to the Partnership	$	15.3	$	97.4	$	62.7	$	175.4
Weighted average units outstanding (in millions):
Basic and diluted			99.2		67.5
Net income per Limited Partner Unit (in dollars):
Basic and diluted			$	0.98	$	0.93



	Three Months Ended September 30, 2015
	General		Limited Partners'		Limited Partners'
	Partner		Common Units		Subordinated Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	1.0	$	15.4	$	13.9	$	30.3
Distributions in excess of income	0.5		12.4		11.1		24.0
Net income attributable to the Partnership	$	1.5	$	27.8	$	25.0	$	54.3
Weighted average units outstanding (in millions):
Basic and diluted			75.2		67.5
Net income per Limited Partner Unit (in dollars):
Basic and diluted			$	0.37	$	0.37



	Nine Months Ended September 30, 2015
	General		Limited Partners'		Limited Partners'
	Partner		Common Units		Subordinated Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	2.1	$	41.5	$	38.5	$	82.1
Distributions in excess of income	0.6		14.5		12.9		28.0
Net income attributable to the Partnership	$	2.7	$	56.0	$	51.4	$	110.1
Weighted average units outstanding (in millions):
Basic and diluted			72.6		67.5
Net income per Limited Partner Unit (in dollars):
Basic and diluted			$	0.77	$	0.77