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Net Income Per Unit | 6 Months Ended
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Jun. 30, 2013
Net Income Per Unit (Abstract) |
Net Income Per Unit |
11. | Net Income Per Unit
The general partner's, common unit holders' and subordinated unitholders' interests in net income are calculated as if all net income for periods subsequent to April 4, 2007, were distributed according to the terms of the Partnership's Agreement, regardless of whether those earnings would or could be distributed. The Partnership Agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash, which is a contractually-defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves established by the Partnership's board of directors to provide for the proper resources for the Partnership's business. Unlike available cash, net income is affected by non-cash items. The Partnership follows the guidance relating to the Application of the Two-Class Method and its application to Master Limited Partnerships which considers whether the incentive distributions of a master limited partnership represent a participating security when considered in the calculation of earnings per unit under the Two-Class Method. This guidance also considers whether the partnership agreement contains any contractual limitations concerning distributions to the incentive distribution rights that would impact the amount of earnings to allocate to the incentive distribution rights for each reporting period. Under the Partnership Agreement, the holder of the incentive distribution rights in the Partnership, which is currently the CGP, assuming that there are no cumulative arrearages on common unit distributions, has the right to receive an increasing percentage of cash distributions after the minimum quarterly distribution. Excluding the non-cash gain from bargain purchase, as this was not distributed to the Partnership's unit holders for the six months period ended June 30, 2013 the Partnership's net income for the six months periods ended June 30, 2013 and 2012, did not exceed the First Target Distribution Level, and as a result, the assumed distribution of net income did not result in the use of increasing percentages to calculate CGP's interest in net income. The two class method was used to calculate EPU as follows:
BASIC |  | For the six month period ended June 30,
Numerators |  | 2013 |  |  | 2012
Partnership's net income |  | $ | 64,332 |  |  | $ | 6,595
Less: |  |  |  |  |  |  |
Partnership's net income available to preferred unit holders |  |  | 10,540 |  |  |  | 4,159
General Partner's interest in Partnership's net income |  |  | 1,076 |  |  |  | 49
Partnership's net income allocable to unvested units |  |  | 750 |  |  |  | 41
Partnership's net income available to common unit holders |  | $ | 51,966 |  |  | $ | 2,346
Denominators |  |  |  |  |  |  |
Weighted average number of common units outstanding, basic |  |  | 68,385,001 |  |  |  | 68,186,476
Net income per common unit: |  |  |  |  |  |  |
Basic |  | $ | 0.76 |  |  | $ | 0.03
DILUTED |  | For the six month period ended June 30,
Numerators |  | 2013 |  |  | 2012
Partnership's net income available to common unit holders |  | $ | 64,332 |  |  | $ | 6,595
Less: |  |  |  |  |  |  |
General Partner's interest in Partnership's net income |  |  | 975 |  |  |  | 49
Partnership's net income available to preferred unit holders |  |  | 10,540 |  |  |  | 4,159
Partnership's net income allocable to unvested units |  |  | 695 |  |  |  | 41
Add: |  |  |  |  |  |  |
Partnership's net income available to preferred unit holders |  |  | 10,540 |  |  |  | -
Partnership's net income allocable to unvested units |  |  | 695 |  |  |  | -
|  | $ | 63,357 |  |  | $ | 2,346
Denominators |  |  |  |  |  |  |
Weighted average number of common units outstanding, basic |  |  | 68,385,001 |  |  |  | 68,186,476
Dilutive effect of preferred units |  |  | 20,608,317 |  |  |  | -
Dilutive effect of unvested shares |  |  | 987,076 |  |  |  | -
Weighted average number of common units outstanding, diluted |  |  | 89,980,394 |  |  |  | 68,186,476
Net income per common unit: |  |  |  |  |  |  |
Diluted |  | $ | 0.70 |  |  | $ | 0.03

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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