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Net Income Per Limited Partner Unit (Tables) | 6 Months Ended
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Jun. 30, 2012
Net Income Per Limited Partner Unit |
Computation of basic and diluted earnings per limited partner unit |
The following table sets forth the computation of basic and diluted earnings per limited partner unit for the three and six months ended June 30, 2012 and 2011 (amounts in millions, except per unit data):
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Basic Net Income per Limited Partner Unit |  |  |  |  |  |  |  |  |
Net income attributable to Plains |  | $ | 378 |  | $ | 225 |  | $ | 609 |  | $ | 408 |
Less: General partner’s incentive distribution (1) |  | (69 | ) | (52 | ) | (134 | ) | (103 | )
Less: General partner 2% ownership (1) |  | (6 | ) | (3 | ) | (10 | ) | (6 | )
Net income available to limited partners |  | 303 |  | 170 |  | 465 |  | 299 |
Less: Undistributed earnings allocated and distributions to participating securities (1) |  | (2 | ) | — |  | (3 | ) | — |
Net income available to limited partners in accordance with application of the two-class method for MLPs |  | $ | 301 |  | $ | 170 |  | $ | 462 |  | $ | 299 |
Basic weighted average number of limited partner units outstanding |  | 162 |  | 149 |  | 159 |  | 146 |
Basic net income per limited partner unit |  | $ | 1.86 |  | $ | 1.14 |  | $ | 2.90 |  | $ | 2.04 |
Diluted Net Income per Limited Partner Unit |  |  |  |  |  |  |  |  |
Net income attributable to Plains |  | $ | 378 |  | $ | 225 |  | $ | 609 |  | $ | 408 |
Less: General partner’s incentive distribution (1) |  | (69 | ) | (52 | ) | (134 | ) | (103 | )
Less: General partner 2% ownership (1) |  | (6 | ) | (3 | ) | (10 | ) | (6 | )
Net income available to limited partners |  | 303 |  | 170 |  | 465 |  | 299 |
Less: Undistributed earnings allocated and distributions to participating securities (1) |  | (1 | ) | — |  | (2 | ) | — |
Net income available to limited partners in accordance with application of the two-class method for MLPs |  | $ | 302 |  | $ | 170 |  | $ | 463 |  | $ | 299 |
Basic weighted average number of limited partner units outstanding |  | 162 |  | 149 |  | 159 |  | 146 |
Effect of dilutive securities: Weighted average LTIP units |  | 1 |  | 1 |  | 2 |  | 1 |
Diluted weighted average number of limited partner units outstanding |  | 163 |  | 150 |  | 161 |  | 147 |
Diluted net income per limited partner unit |  | $ | 1.85 |  | $ | 1.13 |  | $ | 2.88 |  | $ | 2.03 |
(1) We calculate net income available to limited partners based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the general partner, limited partners and participating securities in accordance with the contractual terms of the partnership agreement and as further prescribed under the two-class method.

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