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Net Income Per Common Unit (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Reconciliation of Net Income and Weighted-Average Units Used in Computing Basic and Diluted 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 Made to Limited Partner, by Distribution

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

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- Definition

Tabular disclosure of information related to dividends declared, including paid and unpaid dividends.

+ References

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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