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Equity | 9 Months Ended
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Sep. 30, 2019
Equity [Abstract] |
Equity | Equity We had 9,123,239 common limited partner units held by the public outstanding as of September 30, 2019. Additionally, as of September 30, 2019, Delek Holdings owned a 61.4% 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 498,312 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 The table below summarizes the changes in the number of units outstanding from December 31, 2018 through September 30, 2019.
|  | Common - Public |  | Common - Delek Holdings |  | General Partner |  | Total
Balance at December 31, 2018 |  | 9,109,807 |  |  | 15,294,046 |  |  | 498,038 |  |  | 24,901,891 |
General partner units issued to maintain 2% interest |  | — |  |  | — |  |  | 274 |  |  | 274 |
Unit-based compensation awards (1) |  | 13,432 |  |  | — |  |  | — |  |  | 13,432 |
Balance at September 30, 2019 |  | 9,123,239 |  |  | 15,294,046 |  |  | 498,312 |  |  | 24,915,597 |
(1) No units were withheld for taxes during the three and nine months ended September 30, 2019. Issuance of Additional Securities Our Partnership Agreement authorizes us to issue an unlimited number of additional partnership securities for the consideration and on the terms and conditions determined by our general partner without the approval of the unitholders. Costs associated with the issuance of securities are allocated to all unitholders' capital accounts based on their ownership interest at the time of issuance. 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 September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Net income attributable to partners |  | $ | 30,530 |  |  | $ | 23,326 |  |  | $ | 75,112 |  |  | $ | 68,903 |
Less: General partner's IDRs |  | (8,453 | ) |  | (6,295 | ) |  | (23,206 | ) |  | (17,449 | )
Net income available to partners |  | $ | 22,077 |  |  | $ | 17,031 |  |  | $ | 51,906 |  |  | $ | 51,454 |
General partner's ownership interest |  | 2.0 | % |  | 2.0 | % |  | 2.0 | % |  | 2.0 | %
General partner's allocated interest in net income |  | $ | 442 |  |  | $ | 341 |  |  | 1,038 |  |  | $ | 1,029 |
General partner's IDRs |  | 8,453 |  |  | 6,295 |  |  | 23,206 |  |  | 17,449 |
Total general partner's interest in net income |  | $ | 8,895 |  |  | $ | 6,636 |  |  | $ | 24,244 |  |  | $ | 18,478 |
Incentive Distribution Rights Our general partner is currently entitled to 2.0% of all quarterly distributions that we make prior to our liquidation. Our general partner has the right, but not the obligation, to contribute up to a proportionate amount of capital to us to maintain its current general partner interest. The general partner's 2.0% interest in these distributions may be reduced if we issue additional units in the future and our general partner does not contribute a proportionate amount of capital to us to maintain its 2.0% general partner interest. Our general partner also currently holds IDRs that entitle it to receive increasing percentages, up to a maximum of 48.0%, of the cash we distribute from operating surplus (as defined in our Partnership Agreement) in excess of 0.43125 per unit per quarter. The maximum distribution is 48.0% and does not include any distributions that our general partner or its affiliates may receive on common or general partner units that it owns. The IDRs held by our general partner currently entitle it to receive the maximum distribution. 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
September 30, 2018 |  | $ | 0.790 |  |  | $ | 3.16 |  |  | $ | 25,960 |  |  | November 9, 2018 |  | November 2, 2018
December 31, 2018 |  | $ | 0.810 |  |  | $ | 3.24 |  |  | $ | 26,949 |  |  | February 12, 2019 |  | February 4, 2019
March 31, 2019 |  | $ | 0.820 |  |  | $ | 3.28 |  |  | $ | 27,438 |  |  | May 14, 2019 |  | May 7, 2019
June 30, 2019 |  | $ | 0.850 |  |  | $ | 3.40 |  |  | $ | 28,914 |  |  | August 13, 2019 |  | August 5, 2019
September 30, 2019 |  | $ | 0.880 |  |  | $ | 3.52 |  |  | $ | 30,379 |  |  | November 12, 2019 (1) |  | November 4, 2019
(1) Expected date of distribution. The allocations of total quarterly cash distributions made to general and limited partners for the three and nine months ended September 30, 2019 and 2018 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 September 30, |  | Nine Months Ended September 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
General partner's distributions: |  |  |  |  |  |  |  |
General partner's distributions |  | $ | 439 |  |  | $ | 393 |  |  | $ | 1,269 |  |  | $ | 1,149 |
General partner's IDRs |  | 8,453 |  |  | 6,295 |  |  | 23,206 |  |  | 17,449 |
Total general partner's distributions |  | 8,892 |  |  | 6,688 |  |  | 24,475 |  |  | 18,598 |
Limited partners' distributions: |  |  |  |  |  |  |  |
Common limited partners' distributions |  | 21,487 |  |  | 19,272 |  |  | 62,256 |  |  | 56,343 |
Total cash distributions |  | $ | 30,379 |  |  | $ | 25,960 |  |  | $ | 86,731 |  |  | $ | 74,941 |
Cash distributions per limited partner unit |  | $ | 0.880 |  |  | $ | 0.790 |  |  | $ | 2.550 |  |  | $ | 2.310 |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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