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Net Income Per Limited Partner Unit | 9 Months Ended
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Sep. 30, 2021
Earnings Per Share [Abstract] |
Net Income Per Limited Partner Unit | Note 15. NET INCOME PER LIMITED PARTNER UNIT We compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income as specified in the Partnership Agreement. Net income per unit applicable to limited partners is computed by dividing the limited partners’ interest in net income, after deducting the IDRs, by the weighted-average number of outstanding common units. Since February 6, 2020, our common units are the only participating securities. On February 6, 2020, we closed on the Equity Restructuring Agreement that eliminated the IDRs. 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):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributions paid |  | $ | 19,924 |  |  | $ | 19,887 |  |  | $ | 59,752 |  |  | $ | 57,879 |
Allocation of distributions in excess of net income |  |  | (11,072 | ) |  |  | 1,318 |  |  |  | (50,078 | ) |  |  | 40,484 |
Limited partners’ interest in net income - basic and diluted |  | $ | 8,852 |  |  | $ | 21,205 |  |  | $ | 9,674 |  |  | $ | 98,363 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common units outstanding - basic |  |  | 37,887,493 |  |  |  | 37,867,647 |  |  |  | 37,877,273 |  |  |  | 37,202,087 |
Adjustment for phantom and phantom performance units |  |  | 19,306 |  |  |  | 963 |  |  |  | 20,763 |  |  |  | — |
Weighted-average common units outstanding - diluted |  |  | 37,906,799 |  |  |  | 37,868,610 |  |  |  | 37,898,036 |  |  |  | 37,202,087 |
Net income per common unit - basic and diluted |  | $ | 0.23 |  |  | $ | 0.56 |  |  | $ | 0.26 |  |  | $ | 2.64 |
Distributions paid per common unit |  | $ | 0.5250 |  |  | $ | 0.5250 |  |  | $ | 1.5750 |  |  | $ | 1.5750 |
Distributions declared (with respect to each respective period) per common unit |  | $ | 0.5250 |  |  | $ | 0.5250 |  |  | $ | 1.5750 |  |  | $ | 1.5750 |
Distributions Distribution activity for 2021 is as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Cash Distribution (per unit) |  |  | Cash Distribution (in thousands) |
December 31, 2020 |  | February 2, 2021 |  | February 9, 2021 |  | $ | 0.5250 |  |  | $ | 19,912 |
March 31, 2021 |  | May 4, 2021 |  | May 11, 2021 |  |  | 0.5250 |  |  |  | 19,916 |
June 30, 2021 |  | August 3, 2021 |  | August 10, 2021 |  |  | 0.5250 |  |  |  | 19,924 |
September 30, 2021 |  | November 3, 2021 |  | November 10, 2021 |  |  | 0.5250 |  |  |  | 19,941 |
The amount of any distribution is subject to the discretion of the Board, which may modify or revoke our cash distribution policy at any time. Our Partnership Agreement does not require us to pay any distributions. As such, there can be no assurance we will continue to pay distributions in the future.

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