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Equity | 9 Months Ended
--- | ---
Sep. 30, 2012
Equity [Abstract] |
Equity | Equity As of September 30, 2012, SUSS owned 14,436 common units and 10,939,436 subordinated units, which together constitute a 50.1% ownership interest in us. We issued 10,925,000 common units to the public in connection with our IPO. The summarized changes in the carrying amount of our equity are as follows (in thousands):
|  |  | Partnership |  |
| Susser Petroleum Company LLC Predecessor |  | Common - Public |  | Common - Affiliates |  | Subordinated - Affiliates |  | Total
Balance at December 31, 2011 | $ | 115,813 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 115,813 |
Predecessor income through September 24, 2012 | 8,420 |  |  | — |  |  | — |  |  | — |  |  | 8,420 |
Balance at September 25, 2012 (date of the IPO) | $ | 124,233 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 124,233 |
Net liabilities not assumed by SUSP | (56,163 | ) |  | — |  |  | — |  |  | — |  |  | (56,163 | )
Allocation of net Parent investment to unitholders | (68,070 | ) |  | — |  |  | 90 |  |  | 67,980 |  |  | — |
Proceeds from initial public offering, net of underwriters' discount | — |  |  | 210,647 |  |  | — |  |  | — |  |  | 210,647 |
Offering costs | — |  |  | (4,617 | ) |  | — |  |  | — |  |  | (4,617 | )
Cash distributions | — |  |  | — |  |  | (273 | ) |  | (205,757 | ) |  | (206,030 | )
Non-cash stock based compensation | — |  |  | 3 |  |  | — |  |  | 3 |  |  | 6 |
Partnership earnings September 25 through September 30, 2012 | — |  |  | 287 |  |  | — |  |  | 287 |  |  | 574 |
Balance at September 30, 2012 | $ | — |  |  | $ | 206,320 |  |  | $ | (183 | ) |  | $ | (137,487 | ) |  | $ | 68,650 |
Allocations of Net Income. Our partnership agreement contains provisions for the allocation of net income and loss to the unitholders. For purposes of maintaining partner capital accounts, the partnership agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect, if any, to priority income allocations in an amount equal to incentive cash distributions allocated 100% to SUSS. The calculation of net income allocated to the partners is as follows (in thousands, except per unit amounts):
Net Income Attributable to Susser Petroleum Partners LP Limited Partner Unit - Common Units
| Three Months Ended September 30, 2012 |  | Nine Months Ended September 30, 2012
Distributions (a) | $ | 312 |  |  | $ | 312 |
Undistributed earnings | (25 | ) |  | (25 | )
Limited partners' interest in net income subsequent to initial public offering | $ | 287 |  |  | $ | 287 |
Net Income Attributable to Susser Petroleum Partners LP Limited Partner Unit - Subordinated Units
| Three Months Ended September 30, 2012 |  | Nine Months Ended September 30, 2012
Distributions (a) | $ | 312 |  |  | $ | 312 |
Undistributed earnings | (25 | ) |  | (25 | )
Limited partners' interest in net income subsequent to initial public offering | $ | 287 |  |  | $ | 287 |
(a) Distributions declared per unit | $0.0285 |  | $0.0285
Incentive Distribution Rights. The following table illustrates the percentage allocations of available cash from operating surplus between the unitholders and SUSS (in its capacity as the holder of our IDRs) based on the specified target distribution levels. The amounts set forth under “marginal percentage interest in distributions” are the percentage interests of SUSS and the unitholders in any available cash from operating surplus we distribute up to and including the corresponding amount in the column “total quarterly distribution per unit target amount”. The percentage interests shown for our unitholders and SUSS for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for SUSS assume that there are no arrearages on common units and that SUSS continues to own all of the IDRs.
|  |  | Marginal percentage interest in distributions
| Total quarterly distribution per unit target amount |  | Unitholders |  | SUSS
Minimum Quarterly Distribution | $ | 0.4375 |  |  | 100 | % |  | — |
First Target Distribution | Above $0.4375 up to $0.503125 |  |  | 100 | % |  | — |
Second Target Distribution | Above $0.503125 up to $0.546875 |  |  | 85 | % |  | 15 | %
Third Target Distribution | Above $0.546875 up to $0.656250 |  |  | 75 | % |  | 25 | %
Thereafter | Above $0.656250 |  |  | 50 | % |  | 50 | %
Cash distributions. Our partnership agreement, as amended, sets forth the calculation to be used to determine the amount and priority of cash distributions that the common and subordinated unitholders will receive. In accordance with our partnership agreement, on November 5, 2012, we declared a quarterly cash distribution totaling $624 thousand, or $0.0285 per unit. The quarterly cash distribution for the three months ended September 30, 2012 was calculated as the minimum quarterly cash distribution of $0.4375 prorated for the period beginning September 25, 2012, the date SUSP commenced operations. This distribution will be paid on November 29, 2012 to unitholders of record on November 19, 2012. There were no distributions declared or paid prior to this distribution.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Practice Bulletin (PB) -Number 14 -Paragraph 10, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 87-21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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