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Net Earnings per Common Unit
 12 Months Ended
Dec. 31, 2017
Earnings Per Unit [Abstract]  
Net Earnings per Common Unit
Net Earnings per Common Unit
Net income and net losses are allocated to the common units, Class B common units and the general partner interest in accordance with the provisions of the TNCLP Partnership Agreement. In general, the TNCLP Partnership Agreement provides that if the Partnership has a net profit for a year, net income (including any undistributed net earnings) will be allocated among the General Partner and limited partners in the same proportion that Available Cash for such year was declared among the General Partner and the limited partners. If the Partnership has a net loss for a year, the loss will be allocated among the General Partner and limited partners in the same proportion as any net income was allocated to such partners in prior years (beginning with the first year in which net income was allocated to the partners). Net earnings per common unit are calculated using the two-class method and are based on the weighted-average number of common units outstanding during the period. The following table provides a calculation for net earnings per common unit for the years ended December 31, 2017, 2016 and 2015:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(in millions, except per unit amounts)
Basic earnings per common unit:
 

 
 

 
 

Net earnings
$
153.9

 
$
209.3

 
$
306.9

Less distributions declared to:
 
 
 
 
 
Common units
110.3

 
130.9

 
187.4

Class B common units
1.5

 
1.9

 
3.1

General partner interest
42.8

 
63.1

 
118.4

(Distributions in excess of earnings) undistributed earnings
$
(0.7
)
 
$
13.4

 
$
(2.0
)
 
 
 
 
 
 
Allocation percentage for undistributed earnings or distributions in excess of earnings (1):
 
 
 
 
 
Common units
71.33
%
 
66.82
%
 
60.67
%
Class B common units
0.97
%
 
0.97
%
 
0.97
%
General partner interest
27.70
%
 
32.21
%
 
38.36
%
 
 
 
 
 
 
Allocation of (distributions in excess of earnings) undistributed earnings to:
 
 
 
 
 
Common units
$
(0.5
)
 
$
9.0

 
$
(1.2
)
Class B common units
—

 
0.1

 
(0.1
)
General partner interest
(0.2
)
 
4.3

 
(0.7
)
Total (distributions in excess of earnings) undistributed earnings
$
(0.7
)
 
$
13.4

 
$
(2.0
)
 
 
 
 
 
 
Net earnings allocable to General Partner (2)
$
42.6

 
$
67.4

 
$
117.7

Net earnings allocable to Class B common units
$
1.5

 
$
2.0

 
$
3.0

 
 
 
 
 
 
Net earnings allocable to common units
$
109.8

 
$
139.9

 
$
186.2

Weighted-average common units outstanding
18.5

 
18.5

 
18.5

Net earnings per common unit
$
5.93

 
$
7.56

 
$
10.06



(1) 
In accordance with the TNCLP Partnership Agreement, undistributed earnings or distributions in excess of earnings are allocated in the same percentage that Available Cash for such period was declared among the General Partner (including with respect to the embedded incentive distribution rights) and limited partners.
(2) 
Net earnings allocable to the General Partner include net earnings allocated to the General Partner and TLPH from the Operating Partnership of $1.5 million, $2.1 million and $3.1 million for the years ended December 31, 2017, 2016 and 2015, respectively.
There were no dilutive TNCLP units outstanding for the years ended December 31, 2017, 2016 and 2015 and therefore basic and diluted net earnings per common unit are the same.