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

 

 

 

19,934

 

September 30, 2023

 

November 3, 2023

 

November 10, 2023

 

 

0.5250

 

 

 

19,935