Equity

We had 9,088,587 common limited partner units held by the public outstanding as of March 31, 2018. Additionally, as of March 31, 2018, Delek owned a 61.5% limited partner interest in us, consisting of 15,294,046 common limited partner units and a 94.6% interest in our general partner, which owns the entire 2.0% general partner interest consisting of 497,604 general partner units. Affiliates, who are also members of our general partner's management and board of directors, own the remaining 5.4% interest in our general partner.

Equity Activity

There were no changes in the number of units outstanding from December 31, 2017 through March 31, 2018.

The summarized changes in the carrying amount of our equity from December 31, 2017 through March 31, 2018 are as follows (in thousands):



	Common - Public			Common - Delek			General Partner			Total
Balance at December 31, 2017	$	174,378		$	(197,206	)	$	(6,397	)	$	(29,225	)
Distributions to unitholders and general partner related to Big Spring Asset Acquisition	—			(96,822		)	(1,976		)	(98,798		)
Cash distributions	(6,590		)	(11,088		)	(5,100		)	(22,778		)
Net income attributable to partners	5,355			9,010			5,630			19,995
Unit-based compensation	54			91			2			147
Other	—			—			13			13
Balance at March 31, 2018	$	173,197		$	(296,015	)	$	(7,828	)	$	(130,646	)

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 to priority income allocations in an amount equal to incentive cash distributions allocated 100% to our general partner.

The following table presents the allocation of the general partner's interest in net income (in thousands, except percentage of ownership interest):



	Three Months Ended March 31,
	2018			2017
Net income attributable to partners	$	19,995		$	14,595
Less: General partner's IDRs	(5,337		)	(3,895		)
Net income available to partners	$	14,658		$	10,700
General partner's ownership interest	2.0		%	2.0		%
General partner's allocated interest in net income	$	293		$	214
General partner's IDRs	5,337			3,895
Total general partner's interest in net income	$	5,630		$	4,109

Incentive Distribution Rights

The following table illustrates the percentage allocations of available cash from operating surplus between the unitholders and our general partner based on the specified target distribution levels. The amounts set forth under “Marginal Percentage Interest in Distributions” are the percentage interests of our general partner and our unitholders in any available cash from operating surplus that we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution per Unit Target Amount.” The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner include its 2.0% general partner interest and assume that (i) our general partner has contributed any additional capital necessary to maintain its 2.0% general partner interest and (ii) our general partner has not transferred its IDRs.



		Target Quarterly Distribution per Unit		Marginal Percentage Interest in Distributions
		Target Amount		Unitholders		General Partner
Minimum Quarterly Distribution		$	0.37500	98.0	%	2.0	%
First Target Distribution	above	$	0.37500	98.0	%	2.0	%
	up to	$	0.43125
Second Target Distribution	above	$	0.43125	85.0	%	15.0	%
	up to	$	0.46875
Third Target Distribution	above	$	0.46875	75.0	%	25.0	%
	up to	$	0.56250
Thereafter	thereafter	$	0.56250	50.0	%	50.0	%

Cash Distributions

Our Partnership Agreement sets forth the calculation to be used to determine the amount and priority of available cash distributions that our limited partner unitholders and general partner will receive. Our distributions earned with respect to a given period 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 Limited Partner Unit		Total Quarterly Distribution Per Limited Partner Unit, Annualized		Total Cash Distribution, including general partner interest and IDRs (in thousands)		Date of Distribution	Unitholders Record Date
March 31, 2017	$	0.690	$	2.76	$	21,024	May 12, 2017	May 5, 2017
June 30, 2017	$	0.705	$	2.82	$	21,783	August 11, 2017	August 4, 2017
September 30, 2017	$	0.715	$	2.86	$	22,270	November 14, 2017	November 7, 2017
December 31, 2017	$	0.725	$	2.90	$	22,777	February 12, 2018	February 2, 2018
March 31, 2018	$	0.750	$	3.00	$	23,997	May 15, 2018 ⁽¹⁾	May 7, 2018

⁽¹⁾ Expected date of distribution.

The allocation of total quarterly cash distributions expected to be made on May 15, 2018 to general and limited partners for the three months ended March 31, 2018 and the allocation of total quarterly cash distributions for the three months ended March 31, 2017 are set forth in the table below. Distributions earned with respect to a given period are declared subsequent to quarter end. Therefore, the table below presents total cash distributions applicable to the period in which the distributions are earned (in thousands, except per unit amounts):



	Three Months Ended March 31,
	2018		2017
General partner's distributions:
General partner's distributions	$	373	$	342
General partner's IDRs	5,337		3,895
Total general partner's distributions	5,710		4,237

Limited partners' distributions:
Common limited partners' distributions	18,287		16,787

Total cash distributions	$	23,997	$	21,024

Cash distributions per limited partner unit	$	0.750	$	0.690