XML 58 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Net Income Per Unit (Tables)
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Net Income Per Unit
The calculation of net income per unit is as follows (dollars in thousands, except per unit amounts):

 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Net income attributable to partners
 
$
69,409

 
$
62,804

 
$
66,848

Less: General partner's distribution (including IDRs) (1)
 
18,797

 
12,437

 
5,013

Less: Limited partners' distribution
 
69,057

 
58,158

 
27,439

Less: Subordinated partner's distribution
 
—

 
4,424

 
26,878

(Distributions) earnings excess
 
$
(18,445
)
 
$
(12,215
)
 
$
7,518

 
 
 
 
 
 
 
General partner's earnings:
 
 
 
 
 
 
Distributions (including IDRs) (1)
 
$
18,797

 
$
12,437

 
$
5,013

Allocation of (distributions) earnings excess
 
(368
)
 
(244
)
 
150

Total general partner's earnings
 
$
18,429

 
$
12,193

 
$
5,163

 
 
 
 
 
 
 
Limited partners' earnings on common units:
 
 
 
 
 
 
Distributions
 
$
69,057

 
$
58,158

 
$
27,439

Allocation of (distributions) earnings excess
 
(18,077
)
 
(11,489
)
 
3,721

Total limited partners' earnings on common units
 
$
50,980

 
$
46,669

 
$
31,160

 
 
 
 
 
 
 
Limited partners' earnings on subordinated units:
 
 
 
 
 
 
Distributions
 
$
—

 
$
4,424

 
$
26,878

Allocation of (distributions) earnings excess
 
—

 
(482
)
 
3,647

Total limited partner's earnings on subordinated units
 
$
—

 
$
3,942

 
$
30,525

 
 
 
 
 
 
 
Weighted average limited partner units outstanding (2):
 
 
 
 
 
 
Common units - (basic)
 
24,348,063

 
22,490,264

 
12,237,154

Common units - (diluted)
 
24,376,972

 
22,558,717

 
12,356,914

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

 
1,803,167

 
11,999,258

 
 
 
 
 
 
 
Net income per limited partner unit (2):
 
 
 
 
 
 
Common - (basic)
 
$
2.09

 
$
2.08

 
$
2.55

Common - (diluted) (4)
 
$
2.09

 
$
2.07

 
$
2.52

Subordinated - (basic and diluted)
 
$
—

 
$
2.19

 
$
2.54


                
(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 12 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, all 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) 
 There were no outstanding common unit equivalents excluded from the diluted earnings per unit calculation during the year ended December 31, 2017. Outstanding common unit equivalents totaling 4,240 and 6,200 were excluded from the diluted earnings per unit calculation for the years ended December 31, 2016 and 2015, respectively, as these common unit equivalents did not have a dilutive effect under the treasury stock method.