XML 67 R26.htm IDEA: XBRL DOCUMENT v3.19.3
Net Income Per Unit (Tables)
 9 Months Ended
Sep. 30, 2019
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, 2019 is November 12, 2019. The calculation of net income per unit is as follows (dollars in thousands, except units and per unit amounts):
 
 
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 distribution (including IDRs) (1)
 
8,892

 
6,688

 
24,475

 
18,598

Less: Limited partners' distribution
 
21,487

 
19,272

 
62,256

 
56,343

Earnings in excess of (less than) distributions
 
$
151

 
$
(2,634
)
 
$
(11,619
)
 
$
(6,038
)
 
 
 
 
 
 
 
 
 
General partner's earnings:
 
 
 
 
 
 
 
 
Distributions (including IDRs) (1)
 
$
8,892

 
$
6,688

 
$
24,475

 
$
18,598

Earnings in excess of (less than) distributions
 
3

 
(52
)
 
(231
)
 
(120
)
Total general partner's earnings
 
$
8,895

 
$
6,636

 
$
24,244

 
$
18,478

 
 
 
 
 
 
 
 
 
Limited partners' earnings on common units:
 
 
 
 
 
 
 
 
Distributions
 
$
21,487

 
$
19,272

 
$
62,256

 
$
56,343

Earnings in excess of (less than) distributions
 
148

 
(2,582
)
 
(11,388
)
 
(5,918
)
Total limited partners' earnings on common units
 
$
21,635

 
$
16,690

 
$
50,868

 
$
50,425

 
 
 
 
 
 
 
 
 
Weighted average limited partner units outstanding:
 
 
 
 
 
 
 
 
Common units - basic
 
24,417,285

 
24,395,183

 
24,411,308

 
24,387,995

Common units - diluted
 
24,420,582

 
24,401,908

 
24,417,466

 
24,395,880

 
 
 
 
 
 
 
 
 
Net income per limited partner unit:
 
 
 
 
 
 
 
 
Common units - basic
 
$
0.89

 
$
0.68

 
$
2.08

 
$
2.07

Common units - diluted (2) 
 
$
0.89

 
$
0.68

 
$
2.08

 
$
2.07


(1) General partner distributions (including IDRs) consist of the 2.0% 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) There were no outstanding common units excluded from the diluted earnings per unit calculation for the three and nine months ended September 30, 2019 and 2018.