Earnings Per Limited Partner Unit

Earnings per limited partner unit is computed by dividing the respective limited partners’ interest in earnings attributable to the Partnership by the weighted average number of common and subordinated units outstanding. Because there is more than one class of participating securities, the Partnership uses the two-class method when calculating earnings per limited partner unit. The classes of participating securities include common units, subordinated units, and IDRs.

Diluted earnings per limited partner unit reflects the potential dilution that could occur if securities or agreements to issue common units, such as awards under the LTIP, were exercised, settled or converted into common units. When it is determined that potential common units should be included in diluted net income per limited partner unit calculation, the impact is reflected by applying the treasury stock method.

The Partnership completed the Dropdown Acquisition on November 19, 2018 and acquired an additional 15% limited liability company interest in Bobcat DevCo and an additional 30% limited liability company interest in Beartooth DevCo. As a result, the Partnership recorded its share of net income in the Contributed Assets prospectively from the closing date on November 19, 2018. See Note 4 — Dropdown of DevCo Ownership Interests for further information on the Dropdown Acquisition.

The following table presents the calculation of earnings per limited partner unit under the two-class method:



	Year ended December 31, 2018
	General Partner		Limited Partners
	IDRs		Common units		Subordinated units		Total
	(In thousands, except per unit data)
Net income attributable to Oasis Midstream Partners LP:
Distribution declared	$	112	$	26,001	$	23,134	$	49,247
Undistributed earnings attributable to Oasis Midstream Partners LP	—		415		393		808
Net income attributable to Oasis Midstream Partners LP	$	112	$	26,416	$	23,527	$	50,055

Weighted average limited partner units outstanding
Basic			14,504
Diluted			14,519

Net income attributable to Oasis Midstream Partners LP per limited partner unit
Basic			$	1.82
Diluted			1.82

Anti-dilutive restricted units			6



	Year ended December 31, 2017
	General Partner		Limited Partners
	IDRs		Common units		Subordinated units		Total
	(In thousands, except per unit data)
Net income attributable to Oasis Midstream Partners LP:
Distribution declared	$	—	$	5,498	$	5,493	$	10,991
Undistributed earnings attributable to Oasis Midstream Partners LP	—		321		326		647
Net income attributable to Oasis Midstream Partners LP	$	—	$	5,819	$	5,819	$	11,638

Weighted average limited partner units outstanding
Basic			13,566
Diluted			13,568

Net income attributable to Oasis Midstream Partners LP per limited partner unit
Basic			$	0.43
Diluted			0.43

Anti-dilutive restricted units			10