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Net Income Per Limited Partner Unit | 6 Months Ended
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Jun. 30, 2022
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 by the weighted-average number of outstanding common units. We applied the if-converted method to the preferred membership interests in accordance with Accounting Standards Update No. 2020-06 for purposes of computing diluted earnings per unit; however, the preferred membership interests are antidilutive. 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Distributions paid |  | $ | 19,904 |  |  | $ | 19,884 |  |  | $ | 39,800 |  |  | $ | 39,765 |
Allocation of distributions in excess of net income |  |  | (6,501 | ) |  |  | (15,095 | ) |  |  | (21,350 | ) |  |  | (38,943 | )
Limited partners’ interest in net income - basic and diluted |  | $ | 13,403 |  |  | $ | 4,789 |  |  | $ | 18,450 |  |  | $ | 822 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common units outstanding - basic |  |  | 37,912,710 |  |  |  | 37,874,868 |  |  |  | 37,906,463 |  |  |  | 37,872,079 |
Adjustment for phantom and phantom performance units (a) |  |  | 44,724 |  |  |  | 30,142 |  |  |  | 45,003 |  |  |  | 30,146 |
Weighted-average common units outstanding - diluted |  |  | 37,957,434 |  |  |  | 37,905,010 |  |  |  | 37,951,466 |  |  |  | 37,902,225 |
Net income per common unit - basic and diluted |  | $ | 0.35 |  |  | $ | 0.13 |  |  | $ | 0.49 |  |  | $ | 0.02 |
Distributions paid per common unit |  | $ | 0.5250 |  |  | $ | 0.5250 |  |  | $ | 1.0500 |  |  | $ | 1.0500 |
Distributions declared (with respect to each respective period) per common unit |  | $ | 0.5250 |  |  | $ | 0.5250 |  |  | $ | 1.0500 |  |  | $ | 1.0500 |
(a) 1,076,769 and 553,257 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive for the three and six months ended June 30, 2022, respectively. Distributions Distribution activity for 2022 is as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Cash Distribution (per unit) |  |  | Cash Distribution (in thousands) |
December 31, 2021 |  | February 3, 2022 |  | February 10, 2022 |  |  | 0.5250 |  |  |  | 19,896 |
March 31, 2022 |  | May 3, 2022 |  | May 11, 2022 |  |  | 0.5250 |  |  |  | 19,904 |
June 30, 2022 |  | August 3, 2022 |  | August 10, 2022 |  |  | 0.5250 |  |  |  | 19,913 |
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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