Earnings Per Unit

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Unit

NOTE 10 - EARNINGS PER UNIT 

The Partnership applies the two-class method for purposes of calculating earnings per unit (“EPU”). The holders of the Partnership’s restricted common units have all the rights of a unitholder, including non-forfeitable distribution rights. As participating securities, the restricted common units are included in the calculation of basic earnings per unit. For the periods presented, the amount of earnings allocated to these participating units was not material.

Net income (loss) attributable to the Partnership is allocated to the Partnership’s general partner and the common and subordinated unitholders in proportion to their pro rata ownership after giving effect to distributions, if any, declared during the period.

The Partnership assesses the Series B cumulative convertible preferred units on an as-converted basis for the purpose of calculating diluted EPU. The Partnership’s restricted performance unit awards are contingently issuable units that are considered in the calculation of diluted EPU. The Partnership assesses the number of units that would be issuable, if any, under the terms of the arrangement if the end of the reporting period were the end of the contingency period.

The following table sets forth the computation of basic and diluted earnings per common and subordinated unit:

	Three Months Ended March 31,
	2020		2019
	(in thousands, except per unit amounts)
NET INCOME (LOSS)	$	76,112	$	9,017
Distributions on Series B cumulative convertible preferred units	(5,250)		(5,250)
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS	70,862		3,767
ALLOCATION OF NET INCOME (LOSS):
General partner interest	$	—	$	—
Common units	70,862		1,905
Subordinated units	—		1,862
	$	70,862	$	3,767
Weighted average common units outstanding:
Weighted average common units outstanding (basic)	206,631		109,420
Effect of dilutive securities	—		615
Weighted average common units outstanding (diluted)	206,631		110,035
Weighted average subordinated units outstanding:
Weighted average subordinated units outstanding (basic)	—		96,329
Effect of dilutive securities	—		—
Weighted average subordinated units outstanding (diluted)	—		96,329
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:
Per common unit (basic)	$	0.34	$	0.02
Per subordinated unit (basic)	—		0.02
Per common unit (diluted)	0.34		0.02
Per subordinated unit (diluted)	—		0.02

The following units of potentially dilutive securities were excluded from the computation of diluted weighted average units outstanding because their inclusion would be anti-dilutive:

	Three Months Ended March 31,
	2020	2019
	(in thousands)
Potentially dilutive securities (common units):
Series B cumulative convertible preferred units on an as-converted basis	14,969	14,969