Net Income Per Unit (Tables)

12 Months Ended

Dec. 31, 2021

The calculation of net income per unit is as follows (dollars in thousands, except units and per unit amounts):


	Year Ended December 31,
	2021		2020		2019
Net income attributable to partners	$	164,822	$	159,256	$	96,749
Less: General partner's distribution (including IDRs) (1)	—		18,618		33,492
Less: Limited partners' distribution	164,484		127,070		83,873
Earning in excess (deficit) of distributions	$	338	$	13,568	$	(20,616)

General partner's earnings:
Distributions (including IDRs) (1)	$	—	$	18,618	$	33,492
Allocation of earnings in excess (deficit) of distributions	—		106		(412)
Total general partner's earnings	$	—	$	18,724	$	33,080

Limited partners' earnings on common units:
Distributions	$	164,484	$	127,070	$	83,873
Allocation of earnings in excess (deficit) of distributions	338		13,462		(20,204)
Total limited partners' earnings on common units	$	164,822	$	140,532	$	63,669

Weighted average limited partner units outstanding:
Common units - basic	43,447,739		33,594,284		24,413,294
Common units - diluted	43,460,470		33,597,418		24,418,641

Net income per limited partner unit:
Common - basic	$	3.79	$	4.18	$	2.61
Common - diluted (2)	$	3.79	$	4.18	$	2.61

(1) Prior to August 13, 2020, 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. 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 12 for further discussion related to IDRs.

(2) There were 4,458 and 5,201 outstanding common unit equivalents excluded from the diluted earnings per unit calculation during the years ended December 31, 2021 and 2020, respectively. There were no outstanding common unit equivalents excluded from the diluted earnings per unit calculation during the year ended December 31, 2019.