Net Income Per Limited Partner Unit

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.

Our net income includes earnings related to businesses acquired through transactions between entities under common control for periods prior to their acquisition by us. We have allocated these pre-acquisition earnings to our Parent.

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,
	2017			2016		2017			2016
Net income	$	74.5		$	61.8	$	218.2		$	204.5
Less:
Net income attributable to Parent	—			3.0		3.0			11.4
Net income attributable to noncontrolling interests	1.9			2.5		6.3			17.7
Net income attributable to the Partnership	72.6			56.3		208.9			175.4
Less:
General Partner's distribution declared	17.7			7.1		44.0			14.7
Limited Partners' distribution declared on common units	59.7			29.0		165.2			79.4
Limited Partners' distribution declared on subordinated units	—			17.8		—			50.5
Income (less than) / in excess of distributions	$	(4.8	)	$	2.4	$	(0.3	)	$	30.8



	Three Months Ended September 30, 2017
	General Partner			Limited Partners' Common Units			Total
	(in millions of dollars, except per unit data)
Distributions declared	$	17.7		$	59.7		$	77.4
Distributions in excess of income	(0.1		)	(4.7		)	(4.8		)
Net income attributable to the Partnership	$	17.6		$	55.0		$	72.6
Weighted average units outstanding (in millions) ⁽¹⁾:
Basic and diluted				179.2
Net income per Limited Partner Unit (in dollars):
Basic and diluted				$	0.31



	Nine Months Ended September 30, 2017
	General Partner		Limited Partners' Common Units			Total
	(in millions of dollars, except per unit data)
Distributions declared	$	44.0	$	165.2		$	209.2
Distributions in excess of income	—		(0.3		)	(0.3		)
Net income attributable to the Partnership	$	44.0	$	164.9		$	208.9
Weighted average units outstanding (in millions) ⁽¹⁾:
Basic and diluted			178.0
Net income per Limited Partner Unit (in dollars):
Basic and diluted			$	0.93

⁽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 September 30, 2016
	General Partner		Limited Partners' Common Units		Limited Partners' 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 Partner		Limited Partners' Common Units		Limited Partners' 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