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Net Income per Limited Partnership Unit (Tables)
 6 Months Ended
Jun. 30, 2023
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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Distributions paid

 

$

19,925

 

 

$

19,904

 

 

$

39,843

 

 

$

39,800

 

Allocation of distributions in excess of net income

 

 

(6,004

)

 

 

(6,501

)

 

 

(27,502

)

 

 

(21,350

)

Limited partners’ interest in net income - basic and diluted

 

$

13,921

 

 

$

13,403

 

 

$

12,341

 

 

$

18,450

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common units outstanding - basic

 

 

37,952,950

 

 

 

37,912,710

 

 

 

37,946,676

 

 

 

37,906,463

 

Adjustment for phantom and phantom performance units (a)

 

 

197,286

 

 

 

44,724

 

 

 

197,021

 

 

 

45,003

 

Weighted-average common units outstanding - diluted

 

 

38,150,236

 

 

 

37,957,434

 

 

 

38,143,697

 

 

 

37,951,466

 

Net income per common unit - basic

 

$

0.37

 

 

$

0.35

 

 

$

0.33

 

 

$

0.49

 

Net income per common unit - diluted

 

$

0.36

 

 

$

0.35

 

 

$

0.32

 

 

$

0.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)
For the three and six months ended June 30, 2023, 1,151,099 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, 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.
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

 

 

$

19,918

 

March 31, 2023

 

May 3, 2023

 

May 10, 2023

 

$

0.5250

 

 

$

19,925

 

June 30, 2023

 

August 4, 2023

 

August 11, 2023

 

$

0.5250

 

 

$

19,935