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Net Income Per Limited Partner Unit (Tables)
 6 Months Ended
Jun. 30, 2013
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,

 

 

 

2013

 

2012

 

2013

 

2012

 

Basic Net Income per Limited Partner Unit

 

 

 

 

 

 

 

 

 

Net income attributable to Plains

 

$

292

 

$

378

 

$

821

 

$

609

 

General partner’s incentive distribution (1)

 

(91

)

(69

)

(177

)

(134

)

General partner 2% ownership (1)

 

(4

)

(6

)

(13

)

(10

)

Net income available to limited partners

 

197

 

303

 

631

 

465

 

Undistributed earnings allocated and distributions to participating securities (1)

 

(1

)

(2

)

(5

)

(3

)

Net income available to limited partners in accordance with application of the two-class method for MLPs

 

$

196

 

$

301

 

$

626

 

$

462

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of limited partner units outstanding

 

340

 

323

 

338

 

319

 

 

 

 

 

 

 

 

 

 

 

Basic net income per limited partner unit

 

$

0.58

 

$

0.93

 

$

1.85

 

$

1.45

 

 

 

 

 

 

 

 

 

 

 

Diluted Net Income per Limited Partner Unit

 

 

 

 

 

 

 

 

 

Net income attributable to Plains

 

$

292

 

$

378

 

$

821

 

$

609

 

General partner’s incentive distribution (1)

 

(91

)

(69

)

(177

)

(134

)

General partner 2% ownership (1)

 

(4

)

(6

)

(13

)

(10

)

Net income available to limited partners

 

197

 

303

 

631

 

465

 

Undistributed earnings allocated and distributions to participating securities (1)

 

(1

)

(1

)

(3

)

(2

)

Net income available to limited partners in accordance with application of the two-class method for MLPs

 

$

196

 

$

302

 

$

628

 

$

463

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of limited partner units outstanding

 

340

 

323

 

338

 

319

 

Effect of dilutive securities: Weighted average LTIP units

 

2

 

3

 

3

 

2

 

Diluted weighted average number of limited partner units outstanding

 

342

 

326

 

341

 

321

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per limited partner unit

 

$

0.57

 

$

0.93

 

$

1.84

 

$

1.44

 

 

(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.

 
Undistributed earnings allocation to IDRs impact on basic and diluted earnings per limited partner unit

 

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Basic net income per limited partner unit impact

 

$

—

 

$

(0.19

)

$

(0.33

)

$

(0.18

)

 

 

 

 

 

 

 

 

 

 

Diluted net income per limited partner unit impact

 

$

—

 

$

(0.20

)

$

(0.33

)

$

(0.18

)