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Net Income Per Unit (Tables)
9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Summary of Cash Distributions
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, 2017 is November 14, 2017. 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,
 
 
2017
 
2016
 
2017
 
2016
Net income attributable to partners
 
$
16,923

 
$
13,151

 
$
50,495

 
$
47,492

Less: General partner's distribution (including IDRs) (1)
 
4,852

 
3,382

 
13,697

 
8,443

Less: Limited partners' distribution
 
17,418

 
15,920

 
51,380

 
41,615

Less: Subordinated partner's distribution
 

 

 

 
4,424

Distributions (in excess of) less than earnings
 
$
(5,347
)
 
$
(6,151
)
 
$
(14,582
)
 
$
(6,990
)
 
 
 
 
 
 
 
 
 
General partner's earnings:
 
 
 
 
 
 
 
 
Distributions (including IDRs) (1)
 
$
4,852

 
$
3,382

 
$
13,697

 
$
8,443

Allocation of distributions (in excess of) less than earnings
 
(107
)
 
(123
)
 
(291
)
 
(140
)
Total general partner's earnings
 
$
4,745

 
$
3,259

 
$
13,406

 
$
8,303

 
 
 
 
 
 
 
 
 
Limited partners' earnings on common units:
 
 
 
 
 
 
 
 
Distributions
 
$
17,418

 
$
15,920

 
$
51,380

 
$
41,615

Allocation of distributions (in excess of) less than earnings
 
(5,240
)
 
(6,028
)
 
(14,291
)
 
(6,368
)
Total limited partners' earnings on common units
 
$
12,178

 
$
9,892

 
$
37,089

 
$
35,247

 
 
 
 
 
 
 
 
 
Limited partners' earnings on subordinated units:
 
 
 
 
 
 
 
 
Distributions
 
$

 
$

 
$

 
$
4,424

Allocation of distributions in excess of earnings
 

 

 

 
(482
)
Total limited partners' earnings on subordinated units
 
$

 
$

 
$

 
$
3,942

 
 
 
 
 
 
 
 
 
Weighted average limited partner units outstanding (2):
 
 
 
 
 
 
 
 
Common units - (basic)
 
24,361,457

 
24,303,740

 
24,341,921

 
21,878,935

Common units - (diluted)
 
24,389,582

 
24,380,334

 
24,382,426

 
21,962,733

Subordinated units - Delek (basic and diluted) (3)
 

 

 

 
2,408,610

 
 
 
 
 
 
 
 
 
Net income per limited partner unit (2):
 
 
 
 
 
 
 
 
Common units - (basic)
 
$
0.50

 
$
0.41

 
$
1.52

 
$
1.61

Common units - (diluted) (4)
 
$
0.50

 
$
0.41

 
$
1.52

 
$
1.60

Subordinated units - Delek (basic and diluted)
 
$

 
$

 
$

 
$
1.64


            

(1) General partner distributions (including IDRs) consist of the 2% general partner interest and 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) 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.
(3) 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.
(4) Outstanding common unit equivalents totaling 10,090 were excluded from the diluted earnings per unit calculation for the nine months ended September 30, 2017. There were no outstanding common unit equivalents excluded from the diluted earnings per unit calculation for the three months ended September 30, 2017. Outstanding common unit equivalents of 6,540 were excluded from the diluted earnings per unit calculation for both the three and nine months ended September 30, 2016, as these common unit equivalents did not have a dilutive effect under the treasury stock method.