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.