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Earnings Per Unit | 9 Months Ended
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Sep. 30, 2020
Earnings Per Unit [Abstract] |
Earnings Per Unit | Note 12. 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 September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
BASIC EARNINGS PER COMMON UNIT |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common unitholders |  | $ | 1,052.6 |  |  | $ | 1,019.2 |  |  | $ | 3,437.4 |  |  | $ | 3,494.4 |
Earnings allocated to phantom unit awards (1) |  |  | (7.5 | ) |  |  | (6.1 | ) |  |  | (24.9 | ) |  |  | (21.3 | )
Net income allocated to common unitholders |  | $ | 1,045.1 |  |  | $ | 1,013.1 |  |  | $ | 3,412.5 |  |  | $ | 3,473.1 |
Basic weighted-average number of common units outstanding |  |  | 2,185.5 |  |  |  | 2,189.1 |  |  |  | 2,186.7 |  |  |  | 2,188.4 |
Basic earnings per common unit |  | $ | 0.48 |  |  | $ | 0.46 |  |  | $ | 1.56 |  |  | $ | 1.59 |
DILUTED EARNINGS PER COMMON UNIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common unitholders |  | $ | 1,052.6 |  |  | $ | 1,019.2 |  |  | $ | 3,437.4 |  |  | $ | 3,494.4 |
Diluted weighted-average number of units outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common units |  |  | 2,185.5 |  |  |  | 2,189.1 |  |  |  | 2,186.7 |  |  |  | 2,188.4 |
Phantom units (2) |  |  | 15.9 |  |  |  | 13.2 |  |  |  | 15.7 |  |  |  | 13.1 |
Preferred units (2) |  |  | - | * |  |  | – |  |  |  | - | * |  |  | – |
Total |  |  | 2,201.4 |  |  |  | 2,202.3 |  |  |  | 2,202.4 |  |  |  | 2,201.5 |
Diluted earnings per common unit |  | $ | 0.48 |  |  | $ | 0.46 |  |  | $ | 1.56 |  |  | $ | 1.59 |
* Amount is negligible |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding the phantom units.
(2) | We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom units and the conversion of preferred units outstanding. See Note 8 for information regarding the preferred units issued on September 30, 2020. Since the preferred units were issued on the last day of the third quarter of 2020, their weighted-average dilutive impact on earnings per unit for the three and nine months ended September 30, 2020 was negligible.

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