Equity

We had 9,353,240 common limited partner units held by the public outstanding as of March 31, 2014. Additionally, as of March 31, 2014, Delek owned a 60.0% limited partner interest in us, consisting of 2,799,258 common limited partner units and 11,999,258 subordinated limited partner units as well as a 96.6% interest in our general partner, which owns the entire 2.0% general partner interest consisting of 492,893 general partner units. In accordance with our partnership agreement, Delek's subordinated units may convert to common units once specified distribution targets and other requirements have been met.

Equity Activity

The summarized changes in the carrying amount of our equity are as follows:



	Equity of Predecessors			Common - public			Common - Delek			Subordinated			General Partner			Total
Balance at December 31, 2013	$	25,161		$	183,839		$	(176,680	)	$	59,386		$	(4,504	)	$	87,202
Sponsor contributions of equity to the El Dorado Predecessor	1,006			—			—			—			—			1,006
Loss attributable to the El Dorado Predecessor	(943		)	—			—			—			—			(943		)
Allocation of net assets acquired by the unitholders	(25,224		)	—			24,720			—			504			—
Cash distributions ⁽¹⁾	—			(3,881		)	(95,144		)	(4,980		)	(2,123		)	(106,128		)
Net income attributable to partners	—			5,568			1,667			7,144			293			14,672
Unit-based compensation	—			145			44			186			(317		)	58
Balance at March 31, 2014	$	—		$	185,671		$	(245,393	)	$	61,736		$	(6,147	)	$	(4,133	)

⁽¹⁾ Cash distributions include $95.9 million in cash payments for the El Dorado Acquisition. As an entity under common control with Delek, we record the assets that we acquire from Delek on our balance sheet at Delek's historical book value instead of fair value. Additionally, any excess of cash paid over the historical book value of the assets acquired from Delek is recorded within equity. As a result of the El Dorado Acquisition, our equity balance decreased $70.7 million from December 31, 2013 to March 31, 2014.

Allocations of Net Income

Our partnership agreement contains provisions for the allocation of net income and loss to the unitholders and our general partner. 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 our general partner.

Cash Distributions

Our partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the common and subordinated unitholders and general partner will receive. Our distributions are declared subsequent to quarter end. The table below summarizes the quarterly distributions related to our quarterly financial results:



Quarter Ended	Total Quarterly Distribution Per Unit		Total Quarterly Distribution Per Unit, Annualized		Total Cash Distribution (in thousands)		Date of Distribution	Unitholders Record Date
March 31, 2014	$	0.425	$	1.70	$	10,474	May 14, 2014 ⁽¹⁾	May 6, 2014
December 31, 2013	$	0.415	$	1.66	$	10,228	February 13, 2014	February 4, 2014

⁽¹⁾ Expected date of distribution as of filing date.

The allocation of total quarterly cash distributions expected to be made to general and limited partners for the three months ended March 31, 2014 is as follows. Our distributions are declared subsequent to quarter end. Therefore, the table below represents total cash distributions applicable to the period in which the distributions are earned (in thousands, except per unit amounts):



	Three Months Ended March 31,
	2014		2013
General partner's interest	$	209	$	189

Limited partners' distribution:
Common	5,165		4,620
Subordinated	5,100		4,620
Total cash distributions	$	10,474	$	9,429

Cash distributions per unit	$	0.425	$	0.385