XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.2
EARNINGS (LOSS) PER COMMON UNIT
6 Months Ended
Jun. 30, 2022
EARNINGS (LOSS) PER COMMON UNIT  
EARNINGS (LOSS) PER COMMON UNIT

NOTE 11—EARNINGS (LOSS) PER COMMON UNIT

Basic earnings (loss) per common unit is calculated by dividing net income (loss) attributable to common units 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 restricted units granted under the Partnership’s A&R LTIP (as defined in Note 12) for its employees, directors and consultants and potential conversion of Class B units.

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

Three Months Ended June 30, 

Six Months Ended June 30, 

2022

2021

2022

2021

Net income attributable to common units of Kimbell Royalty Partners, LP

$

37,861,863

$

1,491,328

$

45,192,820

$

786,953

Accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation

(1,519,432)

(17,845,231)

Net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation

36,342,431

1,491,328

27,347,589

786,953

Diluted net income attributable to common units of Kimbell Royalty Partners, LP after accretion of redeemable noncontrolling interest in Kimbell Tiger Acquisition Corporation

36,342,431

1,491,328

27,347,589

786,953

Weighted average number of common units outstanding:

Basic

55,424,930

39,312,388

50,710,073

38,507,401

Effect of dilutive securities:

Class B units

8,221,290

12,787,092

Restricted units

1,897,449

1,812,101

1,826,114

1,688,652

Diluted

65,543,669

41,124,489

65,323,279

40,196,053

Net income per unit attributable to common units of Kimbell Royalty Partners, LP

Basic

$

0.66

$

0.04

$

0.54

$

0.02

Diluted

$

0.55

$

0.04

$

0.42

$

0.02

The calculation of diluted net income per share for the three and six months ended June 30, 2022 includes the conversion of all Class B units to common units calculated using the “if-converted” method and  units of unvested restricted units calculated using the treasury stock method. The calculation of diluted net income per share for the three and six months ended June 30, 2021 includes the units of unvested restricted units calculated using the treasury stock method.