Net Income Per Unit (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 is November 12, 2020. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of net income per unit. 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,
	2020		2019		2020		2019
Net income attributable to partners	$	46,328	$	30,530	$	118,539	$	75,112
Less: General partner's distribution (including IDRs) (1)	—		8,892		18,618		24,475
Less: Limited partners' distribution	39,307		21,487		87,536		62,256
Earnings in excess (deficit) of distributions	$	7,021	$	151	$	12,385	$	(11,619)

General partner's earnings:
Distributions (including IDRs) (1)	$	—	$	8,892	$	18,618	$	24,475
Allocation of earnings in excess (deficit) of distributions	—		3		106		(231)
Total general partner's earnings	$	—	$	8,895	$	18,724	$	24,244

Limited partners' earnings on common units:
Distributions	$	39,307	$	21,487	$	87,536	$	62,256
Allocation of earnings in excess (deficit) of distributions	7,021		148		12,279		(11,388)
Total limited partners' earnings on common units	$	46,328	$	21,635	$	99,815	$	50,868

Weighted average limited partner units outstanding:
Common units - basic	36,889,761		24,417,285		30,290,051		24,411,308
Common units - diluted	36,894,043		24,420,582		30,292,261		24,417,466

Net income per limited partner unit:
Common units - basic	$	1.26	$	0.89	$	3.30	$	2.08
Common units - diluted (2)	$	1.26	$	0.89	$	3.30	$	2.08

(1) Prior to August 13, 2020, general partner distributions (including IDRs) consisted of the 2.0% general partner interest and IDRs, which represented 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. In connection with the IDR Restructuring Transaction on August 13, 2020, the IDRs were eliminated and the general partner interest became a non-economic general partner interest. 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, 2020 and 2019.