Earnings Per Unit

6 Months Ended

Jun. 30, 2020

8. EARNINGS PER UNIT

The partnership computes earnings per unit using the two-class method. Earnings per unit applicable to common units is calculated by dividing the respective limited partners’ interest in net income by the weighted average number of common units outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. Diluted earnings per limited partner unit was the same as basic earnings per limited partner unit as there were no potentially dilutive common units outstanding as of June 30, 2020. The following tables show the calculation of earnings per limited partner unit – basic and diluted (in thousands, except for per unit data):


	Three Months Ended ‎June 30, 2020
	Limited Partner ‎ Common Units		General Partner		Total
Net income:
Distributions declared	$	2,779	$	57	$	2,836
Earnings in excess of distributions		7,201		147		7,348
Total net income	$	9,980	$	204	$	10,184

Weighted-average units outstanding - basic and diluted		23,138

Earnings per limited partner unit - basic and diluted	$	0.43


	Six Months Ended ‎June 30, 2020
	Limited Partner ‎ Common Units		General Partner		Total
Net income:
Distributions declared	$	5,558	$	114	$	5,672
Earnings in excess of distributions		14,584		297		14,881
Total net income	$	20,142	$	411	$	20,553

Weighted-average units outstanding - basic and diluted		23,138

Earnings per limited partner unit - basic and diluted	$	0.87


	Three Months Ended June 30, 2019
	Limited Partner Common Units		General Partner		Total
Net income:
Distributions declared	$	11,001	$	279	$	11,280
Earnings less than distributions		(505)		(66)		(571)
Total net income	$	10,496	$	213	$	10,709

Weighted-average units outstanding - basic and diluted		23,120

Earnings per limited partner unit - basic and diluted	$	0.45


	Six Months Ended ‎June 30, 2019
	Limited Partner ‎ Common Units		General Partner		Total
Net income:
Distributions declared	$	21,992	$	557	$	22,549
Earnings less than distributions		(1,453)		(139)		(1,592)
Total net income	$	20,539	$	418	$	20,957

Weighted-average units outstanding - basic and diluted		23,119

Earnings per limited partner unit - basic and diluted	$	0.89