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Net Income per Unit | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Income per Unit | Net Income per Unit We use the two-class method when calculating the net income per unit applicable to limited partners, because we have more than one participating class of securities. Our participating securities consist of common units and preferred units. The two-class method is based on the weighted-average number of common units outstanding during the period. Basic net income per unit applicable to common limited partners is computed by dividing limited partners’ interest in net income allocated to participating securities by the weighted-average number of outstanding common units. Undistributed earnings are allocated to our preferred unitholders and limited partners based on their respective ownership interests. During a period of net loss or negative undistributed earnings, the two-class method is not applicable. Diluted net income per unit applicable to common limited partners includes the effects of potentially dilutive units on our common units. As of December 31, 2024, 2023 and 2022, the only potentially dilutive units outstanding consist of unvested phantom units. The calculation of net income per unit is as follows (in thousands, except unit and per unit amounts):
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Net income |  |  |  |  | $ | 142,685 |  |  | $ | 126,236 |  |  | $ | 159,052 |
Less: |  |  |  |  |  |  |  |  |
Limited partners' distribution declared on common units |  |  |  |  | 204,407 |  |  | 179,774 |  |  | 170,877 |
Distributions declared on preferred units |  |  |  |  | 768 |  |  | — |  |  | — |
Undistributed net loss |  |  |  |  | $ | (62,490) |  |  | $ | (53,538) |  |  | $ | (11,825) |
Limited partners' earnings on common units: |  |  |  |  |  |  |  |  |
Distributions |  |  |  |  | $ | 204,407 |  |  | $ | 179,774 |  |  | $ | 170,877 |
Allocation of undistributed net loss |  |  |  |  | (62,490) |  |  | (53,538) |  |  | (11,825) |
Total limited partners' earnings on common units |  |  |  |  | $ | 141,917 |  |  | $ | 126,236 |  |  | $ | 159,052 |
Weighted average limited partner units outstanding, basic |  |  |  |  | 47,452,138 |  |  | 43,583,938 |  |  | 43,487,910 |
Dilutive effect of unvested phantom units |  |  |  |  | 27,110 |  |  | 27,376 |  |  | 23,740 |
Weighted average limited partner units outstanding, diluted |  |  |  |  | 47,479,248 |  |  | 43,611,314 |  |  | 43,511,650 |
Net income per limited partner unit: |  |  |  |  |  |  |  |  |
Basic |  |  |  |  | $ | 2.99 |  |  | $ | 2.90 |  |  | $ | 3.66 |
Diluted (1) |  |  |  |  | $ | 2.99 |  |  | $ | 2.89 |  |  | $ | 3.66 |
(1) There were 18,945, 41,790 and 7,511 anti-dilutive common unit equivalents excluded from the diluted earnings per unit calculation during the years ended December 31, 2024, 2023 and 2022, respectively.

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