| Schedule of net income per common and subordinated unit |
The Partnership’s calculation of net income per common and subordinated unit for the periods indicated is as follows (in thousands, except per unit data):
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Year Ended December 31,
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2014
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2015
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2016
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Net income
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$
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127,875
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$
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159,105
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$
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236,703
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Less:
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Pre-IPO net income attributed to parent
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(98,219)
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—
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—
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Pre-Water Acquisition net income attributed to parent
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(22,234)
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(40,193)
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—
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General partner interest in net income attributable to incentive distribution rights
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—
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(1,264)
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(16,944)
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Limited partner interest in net income
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$
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7,422
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$
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117,648
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$
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219,759
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Net income allocable to common units - basic and diluted
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$
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3,711
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$
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62,421
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$
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125,241
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Net income allocable to subordinated units - basic and diluted
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3,711
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55,227
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94,518
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Limited partner interest in net income - basic and diluted
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$
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7,422
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$
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117,648
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$
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219,759
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Net income per limited partner unit - basic and diluted
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Common units
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$
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0.05
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$
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0.76
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$
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1.24
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Subordinated units
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$
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0.05
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$
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0.73
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$
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1.24
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Weighted average limited partner units outstanding - basic
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Common units
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75,941
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82,538
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100,706
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Subordinated units
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75,941
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75,941
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75,941
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Weighted average limited partner units outstanding - diluted
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Common units
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75,941
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82,586
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100,860
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Subordinated units
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75,941
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75,941
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75,941
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