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Partnership Equity and Distributions | 9 Months Ended
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Sep. 30, 2015
Partnership Equity and Distributions |
Partnership Equity and Distributions | (6)Partnership Equity and Distributions Our Minimum Quarterly Distribution Our partnership agreement provides for a minimum quarterly distribution of $0.17 per unit for each quarter, or $0.68 per unit on an annualized basis. Our partnership agreement generally provides that we distribute cash each quarter during the subordination period in the following manner:
| · |  | first, to the holders of common units, until each common unit has received the minimum quarterly distribution of $0.17 plus any arrearages from prior quarters;
| · |  | second, to the holders of subordinated units, until each subordinated unit has received the minimum quarterly distribution of $0.17; and
| · |  | third, to the holders of common units and subordinated units pro rata until each has received a distribution of $0.1955.
If cash distributions to our unitholders exceed $0.1955 per common unit and subordinated unit in any quarter, our unitholders and our general partner, as the holder of our incentive distribution rights (“IDRs”), will receive distributions according to the following percentage allocations:
|  | Marginal Percentage |
|  | Interest in |
|  | Distributions |
|  |  |  | General Partner |
Total Quarterly Distribution |  |  |  | (as holder of |
Target Amount |  | Unitholders |  | IDRs) |
above $0.1955 up to $0.2125 |  | 85 | % | 15 | %
above $0.2125 up to $0.2550 |  | 75 | % | 25 | %
above $0.2550 |  | 50 | % | 50 | %
General Partner Interest Our general partner owns a non‑economic general partner interest in us, which does not entitle it to receive cash distributions. However, our general partner owns the IDRs and may in the future own common units or other equity interests in us and will be entitled to receive distributions on any such interests. Subordinated Units Antero owns all of our subordinated units. The principal difference between our common units and subordinated units is that, for any quarter during the subordination period, holders of the subordinated units are not entitled to receive any distribution from operating surplus until the common units have received the minimum quarterly distribution from operating surplus for such quarter plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. Subordinated units will not accrue arrearages. When the subordination period ends, all of the subordinated units will convert into an equal number of common units. The subordination period will end on the first business day after we have earned and paid at least $0.68 (the minimum quarterly distribution on an annualized basis) on each outstanding common unit and subordinated unit for each of three consecutive, non-overlapping four-quarter periods ending on or after September 30, 2017 and there are no outstanding arrearages on our common units. To the extent we do not pay the minimum quarterly distribution on our common units, our common unitholders will not be entitled to receive such arrearage payments in the future except during the subordination period. To the extent we have cash available for distribution from operating surplus in any future quarter during the subordination period in excess of the amount necessary to pay the minimum quarterly distribution to holders of our common units, we will use this excess cash to pay any distribution arrearages on common units related to prior quarters before any cash distribution is made to holders of subordinated units. Cash Distributions On October 13, 2015, we announced that the board of directors of our general partner declared a cash distribution of $0.205 per unit for the quarter ended September 30, 2015. The distribution will be payable on November 30, 2015 to unitholders of record as of November 11, 2015. The following table details the distributions paid during or pertaining to the first nine months of 2015:
|  |  | Distributions |  |  |  |
|  |  | Limited Partners |  |  |  |  |  |  |  |  |  |
Record Date |  | Distribution Date | Common unitholders |  | Subordinated unitholders |  | General partner (IDRs) |  | Total |  |  | Distributions per limited partner unit
|  |  |  | ($ in thousands, except per unit data) |  |  |  |
February 13, 2015 |  | February 27, 2015 | $ | 7,161 |  | $ | 7,161 |  | $ | - |  | $ | 14,322 |  |  | $ | 0.0943
May 13, 2015 |  | May 27, 2015 | $ | 13,669 |  | $ | 13,669 |  | $ | - |  | $ | 27,338 |  |  | $ | 0.1800
July 13, 2015 |  | July 17, 2015 | $ | 14,429 |  | $ | 14,429 |  | $ | - |  | $ | 28,858 |  |  | $ | 0.1900
November 11, 2015 |  | November 30, 2015 | $ | 20,470 |  | $ | 15,568 |  | $ | 295 |  | $ | 36,333 |  |  | $ | 0.2050

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 + Details
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