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NET INCOME PER LIMITED PARTNER UNIT (Tables)
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
Schedule of Formula for Distributing Available Cash
We calculate distributions to the General Partner and limited partners based upon the distribution rates and percentages set forth in the following table:
 
 
                    Distribution Targets
 
Portion of Quarterly
Distribution Per Unit
 
Percentage Distributed to
General Partner and
IDUs(1)
 
Percentage Distributed to
Limited partners
Minimum Quarterly Distribution
 
 
Up to $0.5435
 
 
 
2
% 
 
 
98
% 
First Target Distribution
 
 
> $0.5435
 
 
 
25
% 
 
 
75
% 
 
(1)
For distributions in excess of the Minimum Quarterly Distribution, this percentage includes both the General Partner’s distributions of 2% and the distribution to the Incentive Distribution Unit holder, a wholly-owned subsidiary of our General Partner.
Basic and Diluted Net Income Per Limited Partner Unit
We determined basic and diluted net income per limited partner unit as follows:
 
 
For the three months
ended March 31,
  
 
2016
 
2015
  
 
(in millions, except per
unit amounts)
Net income
 
$
172.4
 
 
$
217.8
 
Less: Net income attributable to:
 
 
  
 
 
 
  
 
 Noncontrolling interest
 
 
(68.8
) 
 
 
(51.3
) 
 Series 1 preferred unit distributions
 
 
(22.5
) 
 
 
(22.5
) 
 Accretion of discount on Series 1 preferred units
 
 
(1.1
) 
 
 
(3.9
) 
Net income attributable to general and limited partner interests in Enbridge Energy Partners, L.P.
 
 
80.0
 
 
 
140.1
 
Less: distributions:
 
 
  
 
 
 
  
 
Incentive distributions
 
 
(5.2
) 
 
 
(3.4
) 
Distributed earnings attributed to our General Partner
 
 
(5.2
) 
 
 
(5.0
) 
Distributed earnings attributed to Class D and Class E units
 
 
(49.1
) 
 
 
(48.0
) 
Total distributed earnings to our General Partner, Class D and Class E units and IDUs
 
 
(59.5
) 
 
 
(56.4
) 
Total distributed earnings attributed to our common units and i-units
 
 
(201.7
) 
 
 
(193.5
) 
Total distributed earnings
 
 
(261.2
) 
 
 
(249.9
) 
Overdistributed earnings
 
$
(181.2
) 
 
$
(109.8
) 
Weighted average common units and i-units outstanding
 
 
344.7
 
 
 
332.6
 
Basic and diluted earnings per unit:
 
 
  
 
 
 
  
 
Distributed earnings per common unit and i-unit(1)
 
$
0.59
 
 
$
0.58
 
Overdistributed earnings per common unit and i-unit(2)
 
 
(0.52
) 
 
 
(0.32
) 
Net income per common unit and i-unit (basic and diluted)(3)
 
$
0.07
 
 
$
0.26
 
 
(1)
Represents the total distributed earnings to common units and i-units divided by the weighted average number of common units and i-units outstanding for the period.
(2)
Represents the common units’ and i-units’ share (98%) of distributions in excess of earnings divided by the weighted average number of common units and i-units outstanding for the period and overdistributed earnings allocated to the common units and i-units based on the distribution waterfall that is outlined in our partnership agreement.
(3)
For the three months ended March 31, 2016 and 2015, 43,201,310 anti-dilutive Preferred units, 66,100,000 anti-dilutive Class D units and 18,114,975 anti-dilutive Class E units were excluded from the if-converted method of calculating diluted earnings per unit.