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Total Capital and Net Income Per Unit (Tables) | 12 Months Ended
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Dec. 31, 2012
Issuances of Common Units | The following table summarizes the issuances of common units over the three years ending December 31, 2012:
Date |  | Number of Common Units Issued |  |  | Offering Price |  |  | Gross Proceeds (1) $ |  |  | Net Proceeds $ |  |  | Teekay Corporation’s Ownership After the Offering (2) |  |  | Use of Proceeds
July 2010 |  |  | 1,713,502 |  |  | $ | 29.18 |  |  |  | 51,000 |  |  |  | 50,921 |  |  |  | 47.70 | % |  | Prepayment of revolving credit facilities and general corporate purposes
November 2010 |  |  | 1,052,749 |  |  | $ | 35.44 |  |  |  | 38,070 |  |  |  | 38,070 |  |  |  | 46.83 | % |  | Acquisition of Excelsior and Excalibur Joint Ventures
April 2011 |  |  | 4,251,800 |  |  | $ | 38.88 |  |  |  | 168,684 |  |  |  | 161,655 |  |  |  | 43.62 | % |  | Prepayment of revolving credit facilities
November 2011 |  |  | 5,500,000 |  |  | $ | 33.40 |  |  |  | 187,449 |  |  |  | 179,523 |  |  |  | 40.09 | % |  | Prepayment of revolving credit facilities
September 2012 |  |  | 4,825,863 |  |  | $ | 38.43 |  |  |  | 189,243 |  |  |  | 182,316 |  |  |  | 37.45 | % |  | Prepayment of revolving credit facilities
(1) | Including General Partner’s 2% proportionate capital contribution
(2) | Including Teekay Corporation’s indirect 2% general partner interest
Incentive Distributions | The General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels shown below:
Quarterly Distribution Target Amount (per unit) |  | Unitholders |  |  | General Partner |
Minimum quarterly distribution of $0.4125 |  |  | 98 | % |  |  | 2 | %
Up to $0.4625 |  |  | 98 | % |  |  | 2 | %
Above $0.4625 up to $0.5375 |  |  | 85 | % |  |  | 15 | %
Above $0.5375 up to $0.65 |  |  | 75 | % |  |  | 25 | %
Above $0.65 |  |  | 50 | % |  |  | 50 | %

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