XML 50 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Net Income Per Unit (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2016 is November 14, 2016. The calculation of net income per unit is as follows (dollars in thousands, except units and per unit amounts):
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2016
 
2015
 
2016
 
2015
Net income attributable to partners
 
$
13,151

 
$
18,602

 
$
47,492

 
$
51,553

Less: General partner's distribution (including IDRs) (1)
 
3,382

 
1,314

 
8,443

 
3,212

Less: Limited partners' distribution
 
15,920

 
6,983

 
41,615

 
20,196

Less: Subordinated partner's distribution
 
—

 
6,839

 
4,424

 
19,798

(Distributions) earnings excess
 
$
(6,151
)
 
$
3,466

 
$
(6,990
)
 
$
8,347

 
 
 
 
 
 
 
 
 
General partner's earnings:
 
 
 
 
 
 
 
 
Distributions (including IDRs) (1)
 
$
3,382

 
$
1,314

 
$
8,443

 
$
3,212

Allocation of (distributions) earnings excess
 
(123
)
 
69

 
(140
)
 
167

Total general partner's earnings
 
$
3,259

 
$
1,383

 
$
8,303

 
$
3,379

 
 
 
 
 
 
 
 
 
Limited partners' earnings on common units:
 
 
 
 
 
 
 
 
Distributions
 
$
15,920

 
$
6,983

 
$
41,615

 
$
20,196

Allocation of (distributions) earnings excess
 
(6,028
)
 
1,716

 
(6,368
)
 
4,131

Total limited partners' earnings on common units
 
$
9,892

 
$
8,699

 
$
35,247

 
$
24,327

 
 
 
 
 
 
 
 
 
Limited partners' earnings on subordinated units:
 
 
 
 
 
 
 
 
Distributions
 
$
—

 
$
6,839

 
$
4,424

 
$
19,798

Allocation of (distributions) earnings excess
 
—

 
1,681

 
(482
)
 
4,049

Total limited partners' earnings on subordinated units
 
$
—

 
$
8,520

 
$
3,942

 
$
23,847

 
 
 
 
 
 
 
 
 
Weighted average limited partner units outstanding (3):
 
 
 
 
 
 
 
 
Common units - (basic)
 
24,303,740

 
12,250,847

 
21,878,935

 
12,230,560

Common units - (diluted)
 
24,380,334

 
12,369,777

 
21,962,733

 
12,362,340

Subordinated units - Delek (basic and diluted) (2)
 
—

 
11,999,258

 
2,408,610

 
11,999,258

 
 
 
 
 
 
 
 
 
Net income per limited partner unit (3):
 
 
 
 
 
 
 
 
Common units - (basic)
 
$
0.41

 
$
0.71

 
$
1.61

 
$
1.99

Common units - (diluted)
 
$
0.41

 
$
0.70

 
$
1.60

 
$
1.97

Subordinated units - Delek (basic and diluted)
 
$
—

 
$
0.71

 
$
1.64

 
$
1.99


            

(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 reflects the conversion of the subordinated units to common units on February 25, 2016.