Net Income per Limited Partnership Unit (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023			2022
Numerator:
Distributions paid	$	19,974		$	19,942
Allocation of distributions in excess of net income		(21,554	)		(14,895	)
Limited partners’ interest in net (loss) income - basic and diluted	$	(1,580	)	$	5,047
Denominator:
Weighted-average common units outstanding - basic		37,940,332			37,900,146
Adjustment for phantom and phantom performance units (a)		—			35,893
Adjustment for preferred membership interests (a)		—			23,402
Weighted-average common units outstanding - diluted		37,940,332			37,959,441
Net (loss) income per common unit - basic and diluted	$	(0.04	)	$	0.13

Distributions paid per common unit	$	0.5250		$	0.5250
Distributions declared (with respect to each respective period) per common unit	$	0.5250		$	0.5250

(a)

For the three months ended March 31, 2023, 168,695 potentially dilutive units related to the phantom units and phantom performance units and 1,125,769 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.

Distributions Made to Limited Partner, by Distribution

Distribution activity for 2023 is as follows:


Quarter Ended	Record Date	Payment Date	Cash Distribution (per unit)		Cash Distribution (in thousands)
December 31, 2022	February 3, 2023	February 10, 2023	$	0.5250	$	19,917
March 31, 2023	May 3, 2023	May 10, 2023	$	0.5250	$	19,925