Equity

3 Months Ended

Mar. 31, 2019

15. Equity

Merger Transaction

In April 2018, we completed the Merger and acquired all of the common units of the Partnership not owned by us prior to the Merger. As a result of the Merger, the Partnership’s common units are no longer publicly traded. The Partnership’s 6% senior notes due April 2021 and October 2022 were not impacted by the Merger.

As we controlled the Partnership prior to the Merger and continue to control the Partnership after the Merger, we accounted for the change in our ownership interest in the Partnership as an equity transaction in the second quarter of 2018 and no gain or loss was recognized in our condensed consolidated statements of operations as a result of the Merger. The tax effects of the Merger were reported as adjustments to other assets, noncurrent assets associated with discontinued operations, deferred income taxes, additional paid-in capital and other comprehensive income.

We incurred $0.2 million and $4.1 million of transaction costs directly attributable to the Merger during the three months ended March 31, 2019 and 2018, respectively, including financial advisory, legal service and other professional fees, which were recorded to Merger-related costs in our condensed consolidated statements of operations.

Prior to the Merger, at March 31, 2018, public unitholders held a 57% ownership interest in the Partnership and we owned the remaining 43% equity interest. The earnings of the Partnership that were attributed to its common units held by the public prior to the Merger are reflected in net income attributable to the noncontrolling interest in our condensed consolidated statements of operations. There were no changes in our ownership interest in the Partnership during the three months ended March 31, 2018.

Cash Dividends

The following table summarizes our dividends declared and paid:



	Dividends per Common Share		Total Dividends (in thousands)
2018
Q1	$	0.120	$	8,532
Q2	0.120		15,486
Q3	0.132		17,114
Q4	0.132		17,156

2019
Q1	$	0.132	$	17,231

On April 24, 2019, our board of directors declared a quarterly dividend of $0.132 per share of common stock to be paid on May 15, 2019 to stockholders of record at the close of business on May 8, 2019.