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 IDR's. 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 General Partner.

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



	2017		2016		2015
Net income	$	391.8	$	377.5	$	374.0
Less:
Net income attributable to the Parent	77.3		102.3		133.8
Net income attributable to noncontrolling interests	19.2		30.3		73.1
Net income attributable to the Partnership	295.3		244.9		167.1
Less:
General partner's distribution declared	64.6		24.2		4.0
Limited partners' distribution declared on common units	227.7		109.8		60.1
Limited partner's distribution declared on subordinated units	—		69.2		53.3
Income in excess of distributions	$	3.0	$	41.7	$	49.7



	2017
	General Partner		Limited Partners' Common Units		Total
	(in millions of dollars, except per unit data)
Distributions declared	$	64.6	$	227.7	$	292.3
Income in excess of distributions	—		3.0		3.0
Net income attributable to the Partnership	$	64.6	$	230.7	$	295.3
Weighted average units outstanding (in millions):
Basic and diluted	3.7		180.4		184.1
Net income per limited partner unit (in dollars):
Basic and diluted			$	1.28



	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