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Net Income Per Share
 3 Months Ended
Feb. 29, 2016
Earnings Per Share [Abstract]  
Net Income Per Share

Note 11. Net Income Per Share

Basic net income per share is computed by dividing net income for the three months ended Feburary 29, 2016 attributable to Class A shareholders by the weighted average number of Class A shares outstanding for the applicable period. Diluted net income per share is computed using basic weighted average Class A shares outstanding plus, if dilutive, any potentially dilutive securities outstanding during the period using the treasury-stock-type method. Pursuant to the Exchange Agreement among the Partnership, the General Partner, OpCo, a wholly owned subsidiary of SunPower and a wholly owned subsidiary of First Solar, the Sponsors can tender OpCo common units and an equal number of such Sponsor’s Class B shares for redemption, and the Partnership has the right to directly purchase the tendered units for, subject to the approval of its conflicts committee, cash or Class A shares. If Class B shares were converted into Class A shares, the net income attributable to Class A shares would proportionately increase, resulting in no change to net income per share for the three months ended Feburary 29, 2016. In addition, there were no potentially dilutive securities (including any stock options, restricted stock and restricted stock units) for the three months ended Feburary 29, 2016. Accordingly, basic and diluted net income per share for the three months ended Feburary 29, 2016 was as follows:

 

 

 

Three Months Ended

 

 

 

February 29,

 

(in thousands, except per share amounts)

 

2016

 

Basic net income per share:

 

 

 

 

Numerator:

 

 

 

 

Net income attributable to Class A shareholders

 

$

5,308

 

 

 

 

 

 

Denominator:

 

 

 

 

Basic weighted-average shares

 

 

20,007

 

 

 

 

 

 

Basic net income per share

 

$

0.27

 

 

 

 

 

 

Diluted net income per share:

 

 

 

 

Numerator:

 

 

 

 

Net income attributable to Class A shareholders

 

$

5,308

 

Add: Additional net income attributable to

   Class A shares due to increased percentage

   ownership in OpCo, net of tax, from the

   conversion of Class B shares

 

 

4,112

 

 

 

$

9,420

 

 

 

 

 

 

Denominator:

 

 

 

 

Basic weighted-average  shares

 

 

20,007

 

Effect of dilutive securities:

 

 

 

 

Class B shares (1)

 

 

15,500

 

Diluted weighted-average shares

 

 

35,507

 

 

 

 

 

 

Diluted net income per share

 

$

0.27

 

 

(1)

Up to the amount of OpCo common units held by Sponsors