Earnings (Loss) Per Limited Partner Unit

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings (Loss) Per Limited Partner Unit

Earnings (Loss) Per Limited Partner Unit

Earnings (loss) per limited partner unit is computed by dividing the respective limited partners’ interest in earnings (loss) 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 (loss) per limited partner unit. The classes of participating securities include common units, subordinated units and IDRs.

Diluted earnings (loss) 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 (loss) per limited partner unit calculation, the impact is reflected by applying the treasury stock method. There are no adjustments made to net income (loss) attributable to Oasis Midstream Partners LP in the calculation of diluted earnings (loss) per unit. Diluted weighted average limited partner units outstanding includes the dilutive effect of unvested restricted unit awards (see Note 10 — Equity-Based Compensation). For the three and six months ended June 30, 2020, the diluted loss per share calculation excludes the anti-dilutive effect of unvested restricted unit awards.

The following is a calculation of the basic and diluted weighted average units outstanding for the periods presented:

	Three Months Ended June 30,		Six Months Ended June 30,
	2020	2019	2020	2019
	(In thousands)
Basic weighted average common units outstanding	20,045	20,024	20,043	20,020
Dilutive effect of restricted awards	—	10	—	17
Diluted weighted average common units outstanding	20,045	20,034	20,043	20,037

The following tables present the calculation of earnings (loss) per limited partner unit under the two-class method for each period presented:

	Six Months Ended June 30, 2020
	General Partner		Limited Partners
	IDRs		Common units		Subordinated units		Total
	(In thousands, except per unit data)
Net income (loss) attributable to Oasis Midstream Partners LP
Distribution declared	$	2,054	$	21,666	$	14,850	$	38,570
Undistributed loss attributable to Oasis Midstream Partners LP	—		(58,182)		(39,913)		(98,095)
Net income (loss) attributable to Oasis Midstream Partners LP	$	2,054	$	(36,516)	$	(25,063)	$	(59,525)
Weighted average limited partners units outstanding
Basic			20,043
Diluted			20,043
Net loss attributable to Oasis Midstream Partners LP per limited partner unit
Basic			$	(1.82)
Diluted			(1.82)
Anti-dilutive restricted units			9

	Six Months Ended June 30, 2019
	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	$	729	$	19,243	$	13,201	$	33,173
Undistributed earnings attributable to Oasis Midstream Partners LP	—		8,637		5,931		14,568
Net income attributable to Oasis Midstream Partners LP	$	729	$	27,880	$	19,132	$	47,741
Weighted average limited partners units outstanding
Basic			20,020
Diluted			20,037
Net income attributable to Oasis Midstream Partners LP per limited partner unit
Basic			$	1.39
Diluted			1.39
Anti-dilutive restricted units			7

	Three Months Ended June 30, 2020
	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	$	1,027	$	10,833	$	7,425	$	19,285
Undistributed earnings attributable to Oasis Midstream Partners LP	—		(4,396)		(3,015)		(7,411)
Net income attributable to Oasis Midstream Partners LP	$	1,027	$	6,437	$	4,410	$	11,874
Weighted average limited partners units outstanding
Basic			20,045
Diluted			20,045
Net income attributable to Oasis Midstream Partners LP per limited partner unit
Basic			$	0.32
Diluted			0.32
Anti-dilutive restricted units			16

	Three Months Ended June 30, 2019
	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	$	491	$	9,822	$	6,738	$	17,051
Undistributed earnings attributable to Oasis Midstream Partners LP	—		5,423		3,724		9,147
Net income attributable to Oasis Midstream Partners LP	$	491	$	15,245	$	10,462	$	26,198
Weighted average limited partners units outstanding
Basic			20,024
Diluted			20,034
Net income attributable to Oasis Midstream Partners LP per limited partner unit
Basic			$	0.76
Diluted			0.76
Anti-dilutive restricted units			11