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Net Income per Limited Partnership Unit (Tables)

12 Months Ended

Dec. 31, 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):

		Years Ended December 31,
		2022				2021				2020
Numerator:
Distributions paid		$	79,625			$	79,552			$	77,751
Allocation of distributions in excess of net income			(17,655	)			(57,898	)			29,572
Limited partners’ interest in net income - basic and diluted		$	61,970			$	21,654			$	107,323
Denominator:
Weighted average common units outstanding - basic			37,916,829				37,880,910				37,369,487
Adjustment for phantom units and performance awards(a)			142,945				3,214				—
Weighted average common units outstanding - diluted			38,059,774				37,884,124				37,369,487
Net income per common unit - basic and diluted		$	1.63			$	0.57			$	2.87
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)For 2022, 835,551 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 2020, 13,364 potentially dilutive units were excluded from the calculation of diluted earnings per common unit because including them would have been antidilutive.

Quarterly Distributions Made to Limited Partner, by Distribution

Quarterly distribution activity to common unitholders for 2022 was 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

19,912

December 31, 2022

February 3, 2023

February 10, 2023

0.5250

19,917

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- Definition

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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