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Net Earnings (Loss) Per Common Unitholders' Interest
 9 Months Ended
Apr. 30, 2014
Earnings Per Share [Abstract]  
Net Earning Per Common Unitholders' Interest
Net earnings per common unitholders’ interest
 
Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the consolidated statements of earnings for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net earnings (loss) per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows:
 


Ratio of total distributions payable to:
Quarterly distribution per common unit

Common unitholder

General partner
$0.56 to $0.63

86.9
%

13.1
%
$0.64 to $0.82

76.8
%

23.2
%
$0.83 and above

51.5
%

48.5
%


There was neither a dilutive effect resulting from this guidance on basic and diluted net earnings per common unitholders' interest for the three months ended April 30, 2014 and 2013, nor for the nine months ended April 30, 2014 or 2013.
 
In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses.
 
 
For the three months ended April 30,
 
For the nine months ended April 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
(in thousands, except per unitholders' interest amounts)
Common unitholders’ interest in net earnings
 
$
44,931

 
$
44,234

 
$
80,196

 
$
84,378

 
 
 
 
 
 
 
 
 
Weighted average common units outstanding - basic
 
79,177.8

 
79,054.4

 
79,127.1

 
79,027.5

Dilutive securities
 
9.4

 
31.7

 
24.5

 
38.0

Weighted average common units outstanding - diluted
 
79,187.2

 
79,086.1

 
79,151.6

 
79,065.5

 
 
 
 
 
 
 
 
 
Basic and diluted net earnings per common unitholders’ interest
 
$
0.57

 
$
0.56

 
$
1.01

 
$
1.07