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Net Income Per Common Unit
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Common Unit

Note 13. 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,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Distributions paid on common units

 

$

20,001

 

 

$

19,964

 

 

$

39,982

 

 

$

39,905

 

Allocation of distributions in excess of net income

 

 

4,487

 

 

 

(8,212

)

 

 

(23,274

)

 

 

(46,350

)

Limited partners’ interest in net income (loss) - basic

 

 

24,488

 

 

 

11,752

 

 

 

16,708

 

 

 

(6,445

)

Accretion of preferred membership interests (a)

 

 

680

 

 

 

—

 

 

 

—

 

 

 

—

 

Limited partners’ interest in net income (loss) - diluted

 

$

25,168

 

 

$

11,752

 

 

$

16,708

 

 

$

(6,445

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common units outstanding - basic

 

 

38,097,513

 

 

 

38,027,194

 

 

 

38,085,815

 

 

 

38,010,739

 

Adjustment for phantom and phantom performance units (b)

 

 

174,674

 

 

 

172,296

 

 

 

175,093

 

 

 

—

 

Adjustment for preferred membership interests (a)

 

 

1,273,291

 

 

 

—

 

 

 

—

 

 

 

—

 

Weighted-average common units outstanding - diluted

 

 

39,545,478

 

 

 

38,199,490

 

 

 

38,260,908

 

 

 

38,010,739

 

Net income (loss) per common unit - basic

 

$

0.64

 

 

$

0.31

 

 

$

0.44

 

 

$

(0.17

)

Net income (loss) per common unit - diluted

 

$

0.64

 

 

$

0.31

 

 

$

0.44

 

 

$

(0.17

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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 months ended June 30, 2025, 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.

 

For the six months ended June 30, 2025, 1,273,291 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 and six months ended June 30, 2024, 1,258,247 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.

b)
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 2025 is as follows:

Quarter Ended

 

Record Date

 

Payment Date

 

Cash
Distribution
(per unit)

 

 

Cash
Distribution
(in thousands)

 

December 31, 2024

 

February 3, 2025

 

February 13, 2025

 

$

0.5250

 

 

$

19,981

 

March 31, 2025

 

May 5, 2025

 

May 15, 2025

 

 

0.5250

 

 

 

20,001

 

June 30, 2025

 

August 4, 2025

 

August 14, 2025

 

 

0.5250

 

 

 

20,012

 

 

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.