Net Income per Limited Partnership Unit (Tables)

12 Months Ended

Dec. 31, 2020

Reconciliation of Net Income and Weighted-Average Units Used in Computing Basic and Diluted Net Income Per Limited Partner Unit

The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per limited partner unit for the following periods (in thousands, except unit and per unit amounts):

	Years Ended December 31,
	2020		2019			2018
Numerator:
Distributions paid	$	77,791	$	72,427		$	75,599
Allocation of distributions in excess of net income		29,532		(54,884	)		(71,927	)
Limited partners’ interest in net income - basic and diluted	$	107,323	$	17,543		$	3,672
Denominator:
Weighted average limited partnership units outstanding - basic		37,369,487		34,454,369			34,345,298
Adjustment for phantom units^(a)		—		30,432			—
Weighted average limited partnership units outstanding - diluted		37,369,487		34,484,801			34,345,298
Net income per limited partnership unit - basic and diluted	$	2.87	$	0.51		$	0.11

Distributions paid per common unit	$	2.1000	$	2.1000		$	2.2025
Distributions declared (with respect to each respective period) per common unit	$	2.1000	$	2.1000		$	2.1000

(a)

Excludes 13,364 and 19,075 potentially dilutive securities from the calculation of diluted earnings per common unit because to do so would be antidilutive for 2020 and 2018, respectively.