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Net Income Per Common Unit | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Net Income Per Common Unit | Note 14. NET INCOME PER COMMON UNIT The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Distributions paid on common units |  | $ | 19,964 |  |  | $ | 19,925 |  |  | $ | 39,905 |  |  | $ | 39,843 |
Allocation of distributions in excess of net income |  |  | (8,212 | ) |  |  | (6,004 | ) |  |  | (46,350 | ) |  |  | (27,502 | )
Limited partners’ interest in net income (loss) - basic and diluted |  | $ | 11,752 |  |  | $ | 13,921 |  |  | $ | (6,445 | ) |  | $ | 12,341 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average common units outstanding - basic |  |  | 38,027,194 |  |  |  | 37,952,950 |  |  |  | 38,010,739 |  |  |  | 37,946,676 |
Adjustment for phantom and phantom performance units (a) |  |  | 172,296 |  |  |  | 197,286 |  |  |  | — |  |  |  | 197,021 |
Weighted-average common units outstanding - diluted |  |  | 38,199,490 |  |  |  | 38,150,236 |  |  |  | 38,010,739 |  |  |  | 38,143,697 |
Net income (loss) per common unit - basic |  | $ | 0.31 |  |  | $ | 0.37 |  |  | $ | (0.17 | ) |  | $ | 0.33 |
Net income (loss) per common unit - diluted |  | $ | 0.31 |  |  | $ | 0.36 |  |  | $ | (0.17 | ) |  | $ | 0.32 |
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, 2024 and 2023, respectively, 1,258,247 and 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 six months ended June 30, 2024, 173,663 potentially dilutive units related to the phantom units and performance units were excluded from the calculation of diluted units because including them would have been antidilutive. Distributions Distribution activity for 2024 is as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Cash Distribution (per unit) |  |  | Cash Distribution (in thousands) |
December 31, 2023 |  | February 2, 2024 |  | February 9, 2024 |  | $ | 0.5250 |  |  | $ | 19,941 |
March 31, 2024 |  | May 3, 2024 |  | May 10, 2024 |  | $ | 0.5250 |  |  | $ | 19,964 |
June 30, 2024 |  | August 2, 2024 |  | August 9, 2024 |  | $ | 0.5250 |  |  | $ | 19,975 |
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.

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