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Net Income Per Limited Partner Unit (Tables)
 6 Months Ended
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.