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Net Income per Limited Partnership Unit (Tables)
9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Distributions paid

 

$

19,913

 

 

$

19,894

 

 

$

59,713

 

 

$

59,659

 

Allocation of distributions in excess of net income

 

 

7,105

 

 

 

(11,042

)

 

 

(14,245

)

 

 

(49,985

)

Limited partners’ interest in net income - basic

 

 

27,018

 

 

 

8,852

 

 

 

45,468

 

 

 

9,674

 

Accretion of preferred membership interests (a)

 

 

575

 

 

 

 

 

 

 

 

 

 

Limited partners' interest in net income - diluted

 

$

27,593

 

 

$

8,852

 

 

$

45,468

 

 

$

9,674

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common units outstanding - basic

 

 

37,925,082

 

 

 

37,887,493

 

 

 

37,912,737

 

 

 

37,877,273

 

Adjustment for phantom and phantom performance units

 

 

35,809

 

 

 

19,306

 

 

 

37,625

 

 

 

20,763

 

Adjustment for preferred membership interests (a)

 

 

1,076,769

 

 

 

 

 

 

 

 

 

 

Weighted-average common units outstanding - diluted

 

 

39,037,660

 

 

 

37,906,799

 

 

 

37,950,362

 

 

 

37,898,036

 

Net income per common unit - basic

 

$

0.71

 

 

$

0.23

 

 

$

1.20

 

 

$

0.26

 

Net income per common unit - diluted

 

$

0.71

 

 

$

0.23

 

 

$

1.20

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(a) 729,679 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 nine months ended September 30, 2022.

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

 

September 30, 2022

 

November 3, 2022

 

November 10, 2022

 

 

0.5250

 

 

 

19,913