XML 30 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Net Income Per Limited Partner Unit
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Net Income Per Limited Partner Unit
Note 9. Net Income Per Limited Partner Unit
Our net income is attributed to limited partners, in accordance with their respective ownership percentages, and when applicable, giving effect to incentive distributions paid to Noble. For periods prior to the conversion of Subordinated Units and simplification of IDRs, we had more than one class of participating securities and we utilized the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities included Common Units, Subordinated Units and IDRs.
Basic and diluted net income per limited partner Common Unit and Subordinated Unit is computed by dividing the respective limited partners’ interest in net income for the period by the weighted-average number of Common Units and Subordinated Units outstanding for the period. Diluted net income per limited partner Common Unit and Subordinated Unit reflects the potential dilution that could occur if agreements to issue Common Units, such as awards under the LTIP, were settled or converted into Common Units. When it is determined that potential Common Units resulting from an award should be included in the diluted net income per limited partner Common and Subordinated Unit calculation, the impact is reflected by applying the treasury stock method.
Our calculation of net income per limited partner Common and Subordinated Unit is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per unit amounts)2020201920202019
Net Income Attributable to Noble Midstream Partners LP$35,784 $40,632 $94,123 $120,600 
Less: Net Income Attributable to Incentive Distribution Rights— 5,820 — 13,967 
Net Income Attributable to Limited Partners$35,784 $34,812 $94,123 $106,633 
Net Income Attributable to Common Units$35,784 $34,812 $94,123 $84,266 
Net Income Attributable to Subordinated Units (1)
— — — 22,367 
Net Income Attributable to Limited Partners$35,784 $34,812 $94,123 $106,633 
Net Income Attributable to Limited Partners Per Limited Partner Unit — Basic
Common Units$0.40 $0.88 $1.04 $2.65 
Subordinated Units (1)
$— $— $— $2.89 
Net Income Attributable to Limited Partners Per Limited Partner Unit — Diluted
Common Units$0.40 $0.88 $1.04 $2.64 
Subordinated Units$— $— $— $2.89 
Weighted Average Limited Partner Units Outstanding — Basic
Common Units90,170 39,604 90,162 31,855 
Subordinated Units (1)
— — — 7,747 
Weighted Average Limited Partner Units Outstanding — Diluted
Common Units90,170 39,624 90,166 31,879 
Subordinated Units (1)
— — — 7,747 
Antidilutive Restricted Units185 44 186 66 
(1)On May 14, 2019, all Subordinated Units were converted into Common Units.