Net Income Per Limited Partner Unit Net income per unit applicable to common limited partner units and to subordinated limited partner units is computed by dividing the respective limited partners’ interest in net income attributable to MPLX LP by the weighted average number of common units and subordinated units outstanding. Because we have more than one class of participating securities, we use the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units, subordinated units, general partner units, certain equity-based compensation awards and incentive distribution rights. As discussed further in Note 6, the subordinated units, all of which were owned by MPC, were converted into common units during the third quarter. For purposes of calculating net income per unit, the subordinated units were treated as if they converted to common units on July 1, 2015. | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (In millions) | 2015 | | 2014 | | 2015 | | 2014 | Net income attributable to MPLX LP | $ | 41.5 |
| | $ | 29.1 |
| | $ | 138.3 |
| | $ | 92.1 |
| Less: General partner’s distributions declared (including IDRs) (1) | 8.8 |
| | 1.5 |
| | 19.0 |
| | 3.4 |
| Limited partners’ distributions declared on common units (1) | 37.7 |
| | 13.2 |
| | 74.6 |
| | 38.0 |
| Limited partner’s distributions declared on subordinated units (1) | — |
| | 13.2 |
| | 31.4 |
| | 38.0 |
| Undistributed net income (loss) attributable to MPLX LP | $ | (5.0 | ) |
| $ | 1.2 |
| | $ | 13.3 |
| | $ | 12.7 |
|
| | (1) | See Note 6 for distribution information. |
| | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2015 | (In millions, except per unit data) | General Partner | | Limited Partners’ Common Units | | Limited
Partner’s
Subordinated
Units | | Total | Basic and diluted net income attributable to MPLX LP per unit: | | | | | | | | Net income attributable to MPLX LP: | | | | | | | | Distributions declared (including IDRs) | $ | 8.8 |
| | $ | 37.7 |
| | $ | — |
| | $ | 46.5 |
| Undistributed net loss attributable to MPLX LP | (0.1 | ) | | (4.9 | ) | | — |
| | (5.0 | ) | Net income attributable to MPLX LP (1) | $ | 8.7 |
| | $ | 32.8 |
| | $ | — |
| | $ | 41.5 |
| Weighted average units outstanding: | | | | | | | | Basic | 1.6 |
| | 80.4 |
| | — |
| | 82.0 |
| Diluted | 1.6 |
| | 80.4 |
| | — |
| | 82.0 |
| Net income attributable to MPLX LP per limited partner unit: | | | | | | | | Basic | | | $ | 0.41 |
| | $ | — |
| | | Diluted | | | $ | 0.41 |
| | $ | — |
| | |
| | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2014 | (In millions, except per unit data) | General Partner | | Limited Partners’ Common Units | | Limited Partner’s Subordinated Units | | Total | Basic and diluted net income attributable to MPLX LP per unit: | | | | | | | | Net income attributable to MPLX LP: | | | | | | | | Distributions declared (including IDRs) | $ | 1.5 |
| | $ | 13.2 |
| | $ | 13.2 |
| | $ | 27.9 |
| Undistributed net income attributable to MPLX LP | 0.3 |
| | 0.5 |
| | 0.4 |
| | 1.2 |
| Net income attributable to MPLX LP (1) | $ | 1.8 |
| | $ | 13.7 |
| | $ | 13.6 |
| | $ | 29.1 |
| Weighted average units outstanding: | | | | | | | | Basic | 1.4 |
| | 37.1 |
| | 37.0 |
| | 75.5 |
| Diluted | 1.4 |
| | 37.1 |
| | 37.0 |
| | 75.5 |
| Net income attributable to MPLX LP per limited partner unit: | | | | | | | | Basic | | | $ | 0.37 |
| | $ | 0.37 |
| | | Diluted | | | $ | 0.37 |
| | $ | 0.37 |
| | |
| | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2015 | (In millions, except per unit data) | General Partner | | Limited Partners’ Common Units | | Limited
Partner’s
Subordinated
Units | | Total | Basic and diluted net income attributable to MPLX LP per unit: | | | | | | | | Net income attributable to MPLX LP: | | | | | | | | Distributions declared (including IDRs) | $ | 19.0 |
| | $ | 74.6 |
| | $ | 31.4 |
| | $ | 125.0 |
| Undistributed net income attributable to MPLX LP | 6.6 |
| | 4.6 |
| | 2.1 |
| | 13.3 |
| Net income attributable to MPLX LP (1) | $ | 25.6 |
| | $ | 79.2 |
| | $ | 33.5 |
| | $ | 138.3 |
| Weighted average units outstanding: | | | | | | | | Basic | 1.6 |
| | 55.9 |
| | 24.5 |
| | 82.0 |
| Diluted | 1.6 |
| | 55.9 |
| | 24.5 |
| | 82.0 |
| Net income attributable to MPLX LP per limited partner unit: | | | | | | | | Basic | | | $ | 1.42 |
| | $ | 1.36 |
| | | Diluted | | | $ | 1.42 |
| | $ | 1.36 |
| | |
| | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2014 | (In millions, except per unit data) | General Partner | | Limited Partners’ Common Units | | Limited
Partner’s
Subordinated
Units | | Total | Basic and diluted net income attributable to MPLX LP per unit: | | | | | | | | Net income attributable to MPLX LP: | | | | | | | | Distributions declared (including IDRs) | $ | 3.4 |
| | $ | 38.0 |
| | $ | 38.0 |
| | $ | 79.4 |
| Undistributed net income attributable to MPLX LP | 3.2 |
| | 4.8 |
| | 4.7 |
| | 12.7 |
| Net income attributable to MPLX LP (1) | $ | 6.6 |
| | $ | 42.8 |
| | $ | 42.7 |
| | $ | 92.1 |
| Weighted average units outstanding: | | | | | | | | Basic | 1.4 |
| | 37.0 |
| | 37.0 |
| | 75.4 |
| Diluted | 1.4 |
| | 37.1 |
| | 37.0 |
| | 75.5 |
| Net income attributable to MPLX LP per limited partner unit: | | | | | | | | Basic | | | $ | 1.16 |
| | $ | 1.16 |
| | | Diluted | | | $ | 1.16 |
| | $ | 1.16 |
| | |
| | (1) | Allocation of net income attributable to MPLX LP assumes all earnings for the period had been distributed based on the current period distribution priorities. |
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