EARNINGS PER UNIT

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER UNIT

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 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 unit:

	Three Months Ended March 31,
	2022		2021
	(in thousands, except per unit amounts)
NET INCOME (LOSS)	$	(7,002)	$	16,186
Distributions on Series B cumulative convertible preferred units	(5,250)		(5,250)
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS	$	(12,252)	$	10,936
ALLOCATION OF NET INCOME (LOSS):
General partner interest	$	—	$	—
Common units	(12,252)		10,936
	$	(12,252)	$	10,936
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:
Per common unit (basic)	$	(0.06)	$	0.05
Per common unit (diluted)	$	(0.06)	$	0.05
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING:
Weighted average common units outstanding (basic)	209,323		207,442
Effect of dilutive securities	—		—
Weighted average common units outstanding (diluted)	209,323		207,442

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,
	2022	2021
	(in thousands)
Potentially dilutive securities (common units):
Series B cumulative convertible preferred units on an as-converted basis	14,969	14,969