XML 46 R28.htm IDEA: XBRL DOCUMENT v3.4.0.3
Net Income Per Unit (Tables)
 3 Months Ended
Mar. 31, 2016
Net Income Per Unit [Abstract]  
Net Income Per Unit [Table Text Block]
Our distributions earned with respect to a given period are declared subsequent to quarter end. Therefore, the table below represents total cash distributions applicable to the period in which the distributions are earned. The expected date of distribution for the distributions earned during the period ended March 31, 2016 is May 13, 2016. The calculation of net income per unit is as follows (dollars in thousands, except units and per unit amounts):
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Net income attributable to partners
 
$
15,448

 
$
14,640

Less: General partner's distribution (including IDRs) (1)
 
2,286

 
868

Less: Limited partners' distribution
 
10,385

 
6,475

Less: Subordinated partner's distribution
 
4,424

 
6,359

(Distributions) earnings excess
 
$
(1,647
)
 
$
938

 
 
 
 
 
General partner's earnings:
 
 
 
 
Distributions (including IDRs) (1)
 
$
2,286

 
$
868

Allocation of (distributions) earnings excess
 
(33
)
 
19

Total general partner's earnings
 
$
2,253

 
$
887

 
 
 
 
 
Limited partners' earnings on common units:
 
 
 
 
Distributions
 
$
10,385

 
$
6,475

Allocation of (distributions) earnings excess
 
(1,132
)
 
464

Total limited partners' earnings on common units
 
$
9,253

 
$
6,939

 
 
 
 
 
Limited partners' earnings on subordinated units:
 
 
 
 
Distributions
 
$
4,424

 
$
6,359

Allocation of (distributions) earnings excess
 
(482
)
 
455

Total limited partner's earnings on subordinated units
 
$
3,942

 
$
6,814

 
 
 
 
 
Weighted average limited partner units outstanding:
 
 
 
 
Common units - (basic)
 
17,024,490

 
12,216,447

Common units - (diluted)
 
17,115,198

 
12,356,331

Subordinated units - Delek (basic and diluted) (2)
 
7,252,299

 
11,999,258

 
 
 
 
 
Net income per limited partner unit (3):
 
 
 
 
Common units - (basic)
 
$
0.54

 
$
0.57

Common units - (diluted)
 
$
0.54

 
$
0.56

Subordinated units - Delek (basic and diluted)
 
$
0.54

 
$
0.57


            

(1) General partner distributions (including IDRs) consist of the payment with respect to the 2% general partner interest and payment on the IDRs, which represent the right of the general partner to receive increasing percentages of quarterly distributions of available cash from operating surplus in excess of $0.43125 per unit per quarter. See Note 8 for further discussion related to IDRs.
(2) On February 25, 2016, each of the Partnership's 11,999,258 outstanding subordinated units converted into common units and began participating pro rata with the other common units in distributions of available cash. Distributions and the Partnership's net income were allocated to the subordinated units through February 24, 2016.
(3) We base our calculation of net income per unit on the weighted-average number of common and subordinated limited partner units outstanding during the period. The weighted-average number of common and subordinated units reflect the conversion of the subordinated units to common units on February 25, 2016.