XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.23.3

Net Income Per Limited Partner Unit | 9 Months Ended
--- | ---
Sep. 30, 2023
Earnings Per Share [Abstract] |
Net Income Per Limited Partner Unit | Note 13. NET INCOME PER LIMITED PARTNER UNIT We compute income per unit using the two-class method under which any excess of distributions declared over net income shall be allocated to the partners based on their respective sharing of income as specified in the Partnership Agreement. Net income per unit applicable to limited partners is computed by dividing the limited partners’ interest in net income by the weighted-average number of outstanding common units. We applied the if-converted method to the preferred membership interests in accordance with Accounting Standards Update No. 2020-06 for purposes of computing diluted earnings per 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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Distributions paid on common units |  | $ | 19,934 |  |  | $ | 19,913 |  |  | $ | 59,777 |  |  | $ | 59,713 |
Allocation of distributions in excess of net income |  |  | (8,271 | ) |  |  | 7,105 |  |  |  | (35,773 | ) |  |  | (14,245 | )
Limited partners’ interest in net income - basic |  |  | 11,663 |  |  |  | 27,018 |  |  |  | 24,004 |  |  |  | 45,468 |
Accretion of preferred membership interests |  |  | — |  |  |  | 575 |  |  |  | — |  |  |  | — |
Limited partners’ interest in net income - diluted |  | $ | 11,663 |  |  | $ | 27,593 |  |  | $ | 24,004 |  |  | $ | 45,468 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common units outstanding - basic |  |  | 37,966,474 |  |  |  | 37,925,082 |  |  |  | 37,953,348 |  |  |  | 37,912,737 |
Adjustment for phantom and phantom performance units (a) |  |  | 172,784 |  |  |  | 35,809 |  |  |  | 173,044 |  |  |  | 37,625 |
Adjustment for preferred membership interests (a) |  |  | — |  |  |  | 1,076,769 |  |  |  | — |  |  |  | — |
Weighted-average common units outstanding - diluted |  |  | 38,139,258 |  |  |  | 39,037,660 |  |  |  | 38,126,392 |  |  |  | 37,950,362 |
Net income per common unit - basic |  | $ | 0.31 |  |  | $ | 0.71 |  |  | $ | 0.63 |  |  | $ | 1.20 |
Net income per common unit - diluted |  | $ | 0.31 |  |  | $ | 0.71 |  |  | $ | 0.63 |  |  | $ | 1.20 |
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) For the three and nine months ended September 30, 2023, 1,176,998 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, 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 three months ended September 30, 2022, dilutive units related to the preferred membership interests were included in the denominator of the calculation of diluted earnings per unit. Similarly, the accretion of the preferred membership interests was added back in the numerator of the calculation as if the preferred membership interests had been converted to common units at the beginning of the period, in which case no accretion would have been recorded. Distributions 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 |  |  |  | 19,934 |
September 30, 2023 |  | November 3, 2023 |  | November 10, 2023 |  |  | 0.5250 |  |  |  | 19,935 |
The amount of any distribution is subject to the discretion of the Board, which may modify or revoke our cash distribution policy at any time. Our Partnership Agreement does not require us to pay any distributions. As such, there can be no assurance we will continue to pay distributions in the future.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration