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Net Income Per Common Unit
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Distributions paid on common units

 

$

20,012

 

 

$

19,975

 

 

$

59,994

 

 

$

59,880

 

Allocation of distributions in excess of net income

 

 

(7,120

)

 

 

(9,849

)

 

 

(30,394

)

 

 

(56,199

)

Limited partners’ interest in net income - basic

 

$

12,892

 

 

$

10,126

 

 

$

29,600

 

 

$

3,681

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common units outstanding - basic

 

 

38,112,342

 

 

 

38,041,815

 

 

 

38,094,754

 

 

 

38,021,173

 

Adjustment for phantom and phantom performance units (a)

 

 

156,237

 

 

 

159,018

 

 

 

160,232

 

 

 

160,511

 

Weighted-average common units outstanding - diluted

 

 

38,268,579

 

 

 

38,200,833

 

 

 

38,254,986

 

 

 

38,181,684

 

Net income per common unit - basic

 

$

0.34

 

 

$

0.27

 

 

$

0.78

 

 

$

0.10

 

Net income per common unit - diluted

 

$

0.34

 

 

$

0.27

 

 

$

0.77

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2025 and 2024, respectively, 1,301,940 and 1,245,117 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

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

 

September 30, 2025

 

November 3, 2025

 

November 13, 2025

 

 

0.5250

 

 

 

20,013

 

 

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.