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Earnings (Loss) Per Limited Partner Unit
 6 Months Ended
Mar. 31, 2014
Earnings (Loss) Per Limited Partner Unit

14) Earnings (Loss) Per Limited Partner Unit

Income per limited partner unit is computed in accordance with FASB ASC 260-10-05 Earnings Per Share, Master Limited Partnerships (EITF 03-06), by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding. The pro forma nature of the allocation required by this standard provides that in any accounting period where the Partnership’s aggregate net income exceeds its aggregate distribution for such period, the Partnership is required to present net income per limited partner unit as if all of the earnings for the periods were distributed, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership’s overall net income or other financial results. However, for periods in which the Partnership’s aggregate net income exceeds its aggregate distributions for such period, it will have the impact of reducing the earnings per limited partner unit, as the calculation according to this standard results in a theoretical increased allocation of undistributed earnings to the general partner. In accounting periods where aggregate net income does not exceed aggregate distributions for such period, this standard does not have any impact on the Partnership’s net income per limited partner unit calculation. A separate and independent calculation for each quarter and year-to-date period is performed, in which the Partnership’s contractual participation rights are taken into account.

The following presents the net income allocation and per unit data using this method for the periods presented:

 

     Three Months Ended      Six Months Ended  
Basic and Diluted Earnings Per Limited Partner:    March 31,      March 31,  

(in thousands, except per unit data)

    2014      2013      2014      2013  

Net income

    $ 52,216       $ 41,679       $ 71,504       $ 51,431   

Less General Partners’ interest in net income

      294         225         403         278   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income available to limited partners

      51,922         41,454         71,101         51,153   

Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60

      9,065         6,993         11,922         7,991   
  

 

 

     

 

 

     

 

 

     

 

 

  

Limited Partner’s interest in net income under FASB ASC 260-10-45-60

    $ 42,857       $ 34,461       $ 59,179       $ 43,162   
  

 

 

     

 

 

     

 

 

     

 

 

  

Per unit data:

            

Basic and diluted net income available to limited partners

    $ 0.90       $ 0.69       $ 1.24       $ 0.85   

Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60

      0.15         0.11         0.21         0.13   
  

 

 

     

 

 

     

 

 

     

 

 

  

Limited Partner’s interest in net income under FASB ASC 260-10-45-60

    $ 0.75       $ 0.58       $ 1.03       $ 0.72   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average number of Limited Partner units outstanding

      57,468         59,837         57,490         60,192