EARNINGS (LOSS) PER UNIT

9 Months Ended

Sep. 30, 2017

EARNINGS (LOSS) PER UNIT

EARNINGS (LOSS) PER UNIT

NOTE 6—EARNINGS (LOSS) PER UNIT

Basic earnings per unit (“EPU”) is calculated by dividing net income (loss) by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit gives effect, when applicable, to unvested common units granted under the Partnership’s LTIP for its employees, directors and consultants and unvested options granted under the Predecessor’s long-term incentive plan as described in Note 7—Unit-Based Compensation. For the Predecessor 2017 Period and the nine months ended September 30, 2016, the effect of the 110,000 options issued under the Predecessor’s long-term incentive plan were anti-dilutive. Therefore, the options issued under the Predecessor’s long-term incentive plan were not included in the diluted EPU calculation on the consolidated statements of operations for those periods.

The following table summarizes the calculation of weighted average common shares outstanding used in the computation of diluted earnings (loss) per share:

	Partnership		Predecessor		Partnership		Predecessor
	Three Months Ended September 30,		Three Months Ended September 30,		Period from February 8, 2017 to September 30,		Period from January 1, 2017 to February 7,		Nine Months Ended September 30,
	2017		2016		2017		2017		2016
Net income (loss)	$	119,029	$	(769,166)	$	653,898	$	(496,856)	$	(6,018,014)
Net income (loss) attributable to common units
Basic	$	0.01	$	(1.27)	$	0.04	$	(0.82)	$	(9.96)
Diluted	$	0.01	$	(1.27)	$	0.04	$	(0.82)	$	(9.96)
Weighted average number of common units outstanding
Basic		16,337,985		604,137		16,334,774		604,137		604,137
Diluted		16,503,664		604,137		16,434,385		604,137		604,137