Net Income Per Unit

3 Months Ended

Mar. 31, 2022

Basic net income per unit applicable to limited partners is computed by dividing limited partners' interest in net income by the weighted-average number of outstanding common units.

Diluted net income per unit applicable to common limited partners includes the effects of potentially dilutive units on our common units. As of March 31, 2022, the only potentially dilutive units outstanding consist of unvested phantom units.

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 March 31, 2022 is May 12, 2022.

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 March 31,
		2022		2021
Net income attributable to partners		$	39,514	$	36,267
Less: Limited partners' distribution		42,604		39,968
Earnings in excess (deficit) of distributions		$	(3,090)	$	(3,701)

Limited partners' earnings on common units:
Distributions		$	42,604	$	39,968
Allocation of earnings in excess (deficit) of distributions		(3,090)		(3,701)
Total limited partners' earnings on common units		$	39,514	$	36,267

Weighted average limited partner units outstanding:
Common units - basic		43,471,536		43,443,336
Common units - diluted		43,481,572		43,449,059

Net income per limited partner unit:
Common units - basic		$	0.91	$	0.83
Common units - diluted (1)		$	0.91	$	0.83

(1) There were no outstanding common units excluded from the diluted earnings per unit calculation for the three months ended March 31, 2022 and 2021.