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Net Income Per Common Unit
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income Per Common Unit

Note 12. 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,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Distributions paid on common units

 

$

20,031

 

 

$

20,001

 

 

$

40,052

 

 

$

39,982

 

Allocation of distributions in excess of net income

 

 

71

 

 

 

4,487

 

 

 

(9,985

)

 

 

(23,274

)

Limited partners’ interest in net income - basic

 

 

20,102

 

 

 

24,488

 

 

 

30,067

 

 

 

16,708

 

Accretion of preferred membership interests (a)

 

 

—

 

 

 

680

 

 

 

—

 

 

 

—

 

Limited partners’ interest in net income - diluted

 

$

20,102

 

 

$

25,168

 

 

$

30,067

 

 

$

16,708

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common units outstanding - basic

 

 

38,154,331

 

 

 

38,097,513

 

 

 

38,148,481

 

 

 

38,085,815

 

Adjustment for phantom and phantom performance units

 

 

169,625

 

 

 

174,674

 

 

 

169,586

 

 

 

175,093

 

Adjustment for preferred membership interests (a)

 

 

—

 

 

 

1,273,291

 

 

 

—

 

 

 

—

 

Weighted-average common units outstanding - diluted

 

 

38,323,956

 

 

 

39,545,478

 

 

 

38,318,067

 

 

 

38,260,908

 

Net income per common unit - basic

 

$

0.53

 

 

$

0.64

 

 

$

0.79

 

 

$

0.44

 

Net income per common unit - diluted

 

$

0.52

 

 

$

0.64

 

 

$

0.78

 

 

$

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2026, 1,329,127 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 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.

Distributions

Distribution activity for 2026 is as follows:

Quarter Ended

 

Record Date

 

Payment Date

 

Cash
Distribution
(per unit)

 

 

Cash
Distribution
(in thousands)

 

December 31, 2025

 

February 2, 2026

 

February 12, 2026

 

 

0.5250

 

 

 

20,021

 

March 31, 2026

 

May 4, 2026

 

May 14, 2026

 

 

0.5250

 

 

 

20,031

 

June 30, 2026

 

August 3, 2026

 

August 13, 2026

 

 

0.5250

 

 

 

20,041

 

 

The amount of any distribution is subject to the discretion of the Board, which may reduce or eliminate the cash distribution 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.