Net Income Per Limited Partner Unit

12 Months Ended

Dec. 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 includes earnings related to businesses acquired through transactions between entities under common control 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 pre-acquisition earnings to our General Partner.

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



	2016		2015		2014
Net income	$	265.4	$	272.9	$	148.9
Less:
Net income attributable to the Parent	—		39.3		124.1
Net income attributable to noncontrolling interests	20.5		66.5		11.4
Net income attributable to the Partnership	244.9		167.1		13.4
Less:
General partner's distribution declared	24.2		4.0		0.3
Limited partners' distribution declared on common units	109.8		60.1		7.0
Limited partner's distribution declared on subordinated units	69.2		53.3		7.1
Income in excess of distributions	$	41.7	$	49.7	$	(1.0	)



	2016
	General Partner		Limited Partners' Common Units		Limited Partner's Subordinated Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	24.2	$	109.8	$	69.2	$	203.2
Income in excess of distributions	0.8		24.6		16.3		41.7
Net income attributable to the Partnership	$	25.0	$	134.4	$	85.5	$	244.9
Weighted average units outstanding (in millions):
Basic and diluted	3.5		101.9		67.5		172.9
Net income per limited partner unit (in dollars):
Basic and diluted			$	1.32	$	1.27



	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 and diluted	2.9		73.4		67.5		143.8
Net income per limited partner unit (in dollars):
Basic and 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
Income in excess of distributions	—		(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 and diluted	2.7		67.5			67.5			137.7
Net income per limited partner unit (in dollars):
Basic and diluted			$	0.10		$	0.10