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Earnings Per Unit | 9 Months Ended
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Sep. 30, 2021
Earnings Per Unit [Abstract] |
Earnings Per Unit | Note 11. Earnings Per Unit The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
BASIC EARNINGS PER COMMON UNIT |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common unitholders |  | $ | 1,153.0 |  |  | $ | 1,052.6 |  |  | $ | 3,605.7 |  |  | $ | 3,437.4 |
Earnings allocated to phantom unit awards (1) |  |  | (9.1 | ) |  |  | (7.5 | ) |  |  | (29.0 | ) |  |  | (24.9 | )
Net income allocated to common unitholders |  | $ | 1,143.9 |  |  | $ | 1,045.1 |  |  | $ | 3,576.7 |  |  | $ | 3,412.5 |
Basic weighted-average number of common units outstanding |  |  | 2,184.0 |  |  |  | 2,185.5 |  |  |  | 2,184.2 |  |  |  | 2,186.7 |
Basic earnings per common unit |  | $ | 0.52 |  |  | $ | 0.48 |  |  | $ | 1.64 |  |  | $ | 1.56 |
DILUTED EARNINGS PER COMMON UNIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common unitholders |  | $ | 1,153.0 |  |  | $ | 1,052.6 |  |  | $ | 3,605.7 |  |  | $ | 3,437.4 |
Net income attributable to preferred units |  |  | 0.8 |  |  |  | – | * |  |  | 2.7 |  |  |  | – | *
Net income attributable to limited partners |  | $ | 1,153.8 |  |  | $ | 1,052.6 |  |  | $ | 3,608.4 |  |  | $ | 3,437.4 |
Diluted weighted-average number of units outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution-bearing common units |  |  | 2,184.0 |  |  |  | 2,185.5 |  |  |  | 2,184.2 |  |  |  | 2,186.7 |
Phantom units (2) |  |  | 17.5 |  |  |  | 15.9 |  |  |  | 17.6 |  |  |  | 15.7 |
Preferred units (2) |  |  | 2.5 |  |  |  | – | * |  |  | 2.5 |  |  |  | – | *
Total |  |  | 2,204.0 |  |  |  | 2,201.4 |  |  |  | 2,204.3 |  |  |  | 2,202.4 |
Diluted earnings per common unit |  | $ | 0.52 |  |  | $ | 0.48 |  |  | $ | 1.64 |  |  | $ | 1.56 |
* Amount is negligible
(1) | Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding the phantom units.
(2) | We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

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