Net Income Per Limited Partner Unit

3 Months Ended

Mar. 31, 2017

Net income per unit applicable to common limited partner units, and to subordinated limited partner units in periods prior to the expiration of the subordination period, 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.

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,
	2017		2016
Net income	$	73.0	$	68.0
Less:
Net income attributable to noncontrolling interests	2.2		12.7
Net income attributable to the Partnership	70.8		55.3
Less:
General Partner's distribution declared	12.0		2.9
Limited Partners' distribution declared on common units	51.6		23.0
Limited Partners' distribution declared on subordinated units	—		15.8
Income in excess of distributions	$	7.2	$	13.6



	Three Months Ended March 31, 2017
	General		Limited Partners'
	Partner		Common Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	12.0	$	51.6	$	63.6
Income in excess of distributions	0.1		7.1		7.2
Net income attributable to the Partnership	$	12.1	$	58.7	$	70.8
Weighted average units outstanding (in millions) ⁽¹⁾:
Basic and diluted			177.3
Net income per Limited Partner Unit (in dollars):
Basic and diluted			$	0.33

⁽¹⁾ The subordinated units converted into common units on February 15, 2017, and were considered outstanding common units for the entire period with respect to the weighted average number of units outstanding.



	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
Distributions in excess of income	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