Capitalization

Equity - On April 23, 2018, the board of directors of NEP authorized a distribution of $0.42 per common unit payable on May 15, 2018 to its common unitholders of record on May 7, 2018.

Earnings Per Unit - Diluted earnings per unit are based on the weighted-average number of common units and potential common units outstanding during the period, including the dilutive effect of the convertible notes and preferred units. The dilutive effect of the convertible notes and preferred units is computed using the if-converted method.

The reconciliation of NEP's basic and diluted earnings per unit is as follows:



	Three Months Ended March 31, 2018
	(millions, except per unit amounts)
Numerator:
Net income attributable to NEP – basic	$	73
Adjustments for convertible notes and preferred units	16
Net income attributable to NEP used to compute diluted earnings per unit	$	89
Denominator:
Weighted-average number of common units outstanding – basic	54.3
Convertible notes and preferred units	19.7
Weighted-average number of common units outstanding – assuming dilution	74.0
Earnings per unit attributable to NEP:
Basic	$	1.35
Assuming dilution	$	1.21