Earnings Per Unit

6 Months Ended

Jun. 30, 2015

Note 14. Earnings Per Unit

The following table presents our calculation of basic and diluted earnings per unit for the periods indicated:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
BASIC EARNINGS PER UNIT
Net income attributable to limited partners	$	551.0		$	637.7		$	1,187.1		$	1,436.5
Undistributed earnings allocated and cash payments on phantom unit awards (1)		(2.2	)		(1.2	)		(4.4	)		(2.7	)
Net income available to common unitholders	$	548.8		$	636.5		$	1,182.7		$	1,433.8

Basic weighted-average number of common units outstanding		1,960.7			1,831.0			1,943.7			1,829.6

Basic earnings per unit	$	0.28		$	0.35		$	0.61		$	0.79

DILUTED EARNINGS PER UNIT
Net income attributable to limited partners	$	551.0		$	637.7		$	1,187.1		$	1,436.5

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		1,960.7			1,831.0			1,943.7			1,829.6
Designated Units		35.4			45.1			35.4			45.1
Phantom units (1)		5.9			3.4			5.2			2.4
Incremental option units		0.1			0.9			0.2			1.1
Total		2,002.1			1,880.4			1,984.5			1,878.2

Diluted earnings per unit	$	0.28		$	0.34		$	0.60		$	0.76

(1) Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to our common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit. Phantom unit awards were first issued in February 2014.

See Note 1 for information regarding a two-for-one common unit split completed in August 2014.