Earnings Per Unit

3 Months Ended

Mar. 31, 2022

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7. 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 March 31, 2022.

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 ‎March 31, 2022
	Limited Partner ‎ Common Units		General Partner		Total
Net income:
Distributions declared	$	10,336	$	211	$	10,547
Earnings less than distributions		(193)		(4)		(197)
Total net income	$	10,143	$	207	$	10,350

Weighted-average units outstanding - basic and diluted		23,208

Earnings per limited partner unit - basic and diluted	$	0.44


		Three Months Ended ‎March 31, 2021
	Limited Partner ‎ Common Units		General Partner		Total
Net income:
Distributions declared	$	2,785	$	57	$	2,842
Earnings in excess of distributions		7,727		158		7,885
Total net income	$	10,512	$	215	$	10,727

Weighted-average units outstanding - basic and diluted		23,161

Earnings per limited partner unit - basic and diluted	$	0.45