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Total Capital and Net Income Per Unit (Tables)
 12 Months Ended
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 %