Net Income per Limited Partnership Unit (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021			2020		2019
Numerator:
Distributions paid	$	79,693		$	77,791	$	72,427
Allocation of distributions in excess of net income		(58,039	)		29,532		(54,884	)
Limited partners’ interest in net income - basic and diluted	$	21,654		$	107,323	$	17,543
Denominator:
Weighted average limited partnership units outstanding - basic		37,880,910			37,369,487		34,454,369
Adjustment for phantom units^(a)		3,214			—		30,432
Weighted average limited partnership units outstanding - diluted		37,884,124			37,369,487		34,484,801
Net income per limited partnership unit - basic and diluted	$	0.57		$	2.87	$	0.51

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

(a)	Excludes 13,364 potentially dilutive securities from the calculation of diluted earnings per common unit because to do so would be antidilutive for 2020.

Quarterly Distributions Made to Limited Partner, by Distribution

Quarterly distribution activity to common unitholders for 2021 was 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

December 31, 2021

February 3, 2022

February 10, 2022

0.5250

19,942