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Net Income Per Limited Partner Unit (Tables) | 6 Months Ended
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Jun. 30, 2011
Net Income Per Limited Partner Unit |
Computation of basic and diluted earnings per limited partner unit |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2011 |  | 2010 |  | 2011 |  | 2010 |
Numerator for basic and diluted earnings per limited partner unit: |  |  |  |  |  |  |  |  |
Net income attributable to Plains |  | $ | 225 |  | $ | 131 |  | $ | 408 |  | $ | 282 |
Less: General partner’s incentive distribution paid (1) |  | (50 | ) | (39 | ) | (97 | ) | (77 | )
Subtotal |  | 175 |  | 92 |  | 311 |  | 205 |
Less: General partner 2% ownership (1) |  | (4 | ) | (2 | ) | (6 | ) | (4 | )
Net income available to limited partners |  | 171 |  | 90 |  | 305 |  | 201 |
Adjustment in accordance with application of the two-class method for MLPs (1) |  | (1 | ) | (1 | ) | (6 | ) | (3 | )
Net income available to limited partners in accordance with the application of the two-class method for MLPs |  | $ | 170 |  | $ | 89 |  | $ | 299 |  | $ | 198 |
Denominator: |  |  |  |  |  |  |  |  |
Basic weighted average number of limited partner units outstanding |  | 149 |  | 136 |  | 146 |  | 136 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |
Weighted average LTIP units (2) |  | 1 |  | 1 |  | 1 |  | 1 |
Diluted weighted average number of limited partner units outstanding |  | 150 |  | 137 |  | 147 |  | 137 |
Basic net income per limited partner unit |  | $ | 1.14 |  | $ | 0.65 |  | $ | 2.04 |  | $ | 1.45 |
Diluted net income per limited partner unit |  | $ | 1.13 |  | $ | 0.65 |  | $ | 2.03 |  | $ | 1.45 |
(1) We calculate net income available to limited partners based on the distribution paid during the current quarter (including the incentive distribution interest in excess of the 2% general partner interest). However, FASB guidance requires that the distribution pertaining to the current period’s net income, which is to be paid in the subsequent quarter, be utilized in the earnings per unit calculation. After adjusting for this distribution, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the general partner and limited partners in accordance with the contractual terms of the partnership agreement for earnings per unit calculation purposes. We reflect the impact of the difference in (i) the distribution utilized and (ii) the calculation of the excess 2% general partner interest as the “Adjustment in accordance with application of the two-class method for MLPs.” (2) Our LTIP awards (described in Note 11) that contemplate the issuance of common units are considered dilutive unless (i) vesting occurs only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. LTIP awards that are deemed to be dilutive are reduced by a hypothetical unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.

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- Definition A reconciliation of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends. + Details
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