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Net Income per Limited Partnership Unit (Tables)
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
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):

 

 

 

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 Made to Limited Partner, by Distribution

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