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Net Income Per Limited Partner Unit | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Net Income Per Limited Partner Unit | Note 21. 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 common unit for the following periods (in thousands, except unit and per unit amounts):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Numerator: |  |  |  |  |  |  |  |  |
Distributions paid on common units |  | $ | 79,854 |  |  | $ | 79,712 |  |  | $ | 79,625 |
Allocation of distributions in excess of net income |  |  | (59,962 | ) |  |  | (39,608 | ) |  |  | (17,655 | )
Limited partners’ interest in net income - basic and diluted |  | $ | 19,892 |  |  | $ | 40,104 |  |  | $ | 61,970 |
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common units outstanding - basic |  |  | 38,027,587 |  |  |  | 37,957,727 |  |  |  | 37,916,829 |
Adjustment for phantom and phantom performance units(a) |  |  | 144,847 |  |  |  | 161,734 |  |  |  | 142,945 |
Weighted average common units outstanding - diluted |  |  | 38,172,434 |  |  |  | 38,119,461 |  |  |  | 38,059,774 |
Net income per common unit - basic |  | $ | 0.52 |  |  | $ | 1.06 |  |  | $ | 1.63 |
Net income per common unit - diluted |  | $ | 0.52 |  |  | $ | 1.05 |  |  | $ | 1.63 |
Distributions paid per common unit |  | $ | 2.1000 |  |  | $ | 2.1000 |  |  | $ | 2.1000 |
Distributions declared (with respect to each respective period) per common unit |  | $ | 2.1000 |  |  | $ | 2.1000 |  |  | $ | 2.1000 |
(a) For 2024, 2023 and 2022, respectively, 1,217,870, 1,203,481 and 835,551 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 Quarterly distribution activity to common unitholders for 2024 was 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 |  |  |  | 19,974 |
September 30, 2024 |  | November 4, 2024 |  | November 13, 2024 |  |  | 0.5250 |  |  |  | 19,975 |
December 31, 2024 |  | February 3, 2025 |  | February 13, 2025 |  |  | 0.5250 |  |  |  | 19,981 |
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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