Net Income Per Limited Partner Unit

6 Months Ended

Jun. 30, 2020

The following table details the distributions declared and/or paid for the periods presented:


Three Months Ended	Date Paid or to be Paid	General Partner		Limited Partners' Common Units		Limited Partners' Subordinated Units		Total		Distributions per Limited Partner Unit (in dollars)
December 31, 2018	February 14, 2019	$	—	$	15.8	$	15.8	$	31.6	$	0.3015
March 31, 2019	May 15, 2019	0.2		16.4		16.4		33.0		0.3126
June 30, 2019	August 14, 2019	0.4		17.0		17.0		34.4		0.3237
December 31, 2019	February 13, 2020	1.2		18.2		18.2		37.6		0.3475
March 31, 2020	May 14, 2020	1.2		18.2		18.2		37.6		0.3475
June 30, 2020	August 13, 2020	1.2		18.2		18.2		37.6		0.3475

Earnings in excess of distributions are allocated to the limited partners based on their respective percentage interests. Payments made to the Partnership’s unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit.

In addition to the common and subordinated units, the Partnership also identified the incentive distribution rights ("IDRs") currently held by the General Partner as a participating security and uses the two-class method when calculating the net income per unit applicable to limited partners that is based on the weighted-average number of common units outstanding during the period.

When calculating basic earnings per unit under the two-class method for a master limited partnership, net income for the current reporting period is reduced by the amount of available cash that will be distributed to the General Partner and limited

partners for that reporting period. The following tables show the allocation of net income to arrive at net income per limited partner unit for the three and six months ended June 30, 2020 and 2019:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Net income attributable to the Partnership	$	40.6	$	37.3	$	82.3	$	74.5
Less:
Incentive distribution rights currently held by the General Partner	1.2		0.4		2.4		0.6
Limited partners' distribution declared on common units	18.2		17.0		36.4		33.4
Limited partners' distribution declared on subordinated units	18.2		17.0		36.4		33.4
Net income attributable to the Partnership in excess of distributions	$	3.0	$	2.9	$	7.1	$	7.1


	Three Months Ended June 30, 2020
	General Partner			Limited Partners' Common Units				Limited Partners' Subordinated Units				Total
Distributions declared		$	1.2			$	18.2			$	18.2			$	37.6
Net income attributable to the Partnership in excess of distributions				—				1.5				1.5				3.0
Net income attributable to the Partnership				$	1.2			$	19.7			$	19.7			$	40.6
Weighted average units outstanding:
Basic and Diluted						52.4				52.4				104.8
Net income per limited partner unit (in dollars):
Basic and Diluted						$	0.38			$	0.38


	Six Months Ended June 30, 2020
	General Partner			Limited Partners' Common Units				Limited Partners' Subordinated Units				Total
Distributions declared		$	2.4			$	36.4			$	36.4			$	75.2
Net income attributable to the Partnership in excess of distributions				—				3.6				3.5				7.1
Net income attributable to the Partnership				$	2.4			$	40.0			$	39.9			$	82.3
Weighted average units outstanding:
Basic and Diluted						52.4				52.4				104.8
Net income per limited partner unit (in dollars):
Basic and Diluted						$	0.77			$	0.77


	Three Months Ended June 30, 2019
	General Partner			Limited Partners' Common Units				Limited Partners' Subordinated Units				Total
Distributions declared		$	0.4			$	17.0			$	17.0			$	34.4
Net income attributable to the Partnership in excess of distributions				—				1.5				1.4				2.9
Net income attributable to the Partnership				$	0.4			$	18.5			$	18.4			$	37.3
Weighted average units outstanding:
Basic and Diluted						52.4				52.4				104.8
Net income per limited partner unit (in dollars):
Basic and Diluted						$	0.35			$	0.35