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NET (LOSS) INCOME PER COMMON UNIT | 9 Months Ended
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Sep. 30, 2018
Earnings Per Share [Abstract] |
NET (LOSS) INCOME PER COMMON UNIT | NET (LOSS) INCOME PER COMMON UNIT Basic net (loss) income per common unit is determined pursuant to the two-class method. Under this method, all earnings are allocated to our limited partners and participating securities based on their respective rights to receive distributions earned during the period. Participating securities include restricted units awarded under our long-term incentive plan and, prior to the Merger, included our general partner’s interest. We compute basic net (loss) income per common unit by dividing net (loss) income attributable to common units by the weighted-average number of common units outstanding during the period. As discussed in Note 11, the Series D Preferred Units are convertible into common units at the option of the holder at any time on or after June 29, 2028. As such, we calculated the dilutive effect of the Series D Preferred Units using the if-converted method. For the three and nine months ended September 30, 2018, the effect of the assumed conversion of the 23,246,650 Series D Preferred Units outstanding as of September 30, 2018 was antidilutive; therefore, we did not include such conversion in the computation of diluted net (loss) income per common unit. The following table details the calculation of net (loss) income per common unit:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (Thousands of Dollars, Except Unit and Per Unit Data)
Net income | $ | 48,136 |  |  | $ | 38,592 |  |  | $ | 203,668 |  |  | $ | 122,782 |
Distributions to preferred limited partners | (29,881 | ) |  | (12,153 | ) |  | (62,116 | ) |  | (26,916 | )
Distributions to general partner (including incentive distribution rights) | — |  |  | (13,214 | ) |  | (1,141 | ) |  | (41,683 | )
Distributions to common limited partners | (64,248 | ) |  | (101,870 | ) |  | (184,369 | ) |  | (305,652 | )
Distribution equivalent rights to restricted units | (473 | ) |  | (707 | ) |  | (1,398 | ) |  | (2,134 | )
Distributions in excess of earnings | $ | (46,466 | ) |  | $ | (89,352 | ) |  | $ | (45,356 | ) |  | $ | (253,603 | )
Distributions to common limited partners | $ | 64,248 |  |  | $ | 101,870 |  |  | $ | 184,369 |  |  | $ | 305,652 |
Allocation of distributions in excess of earnings | (46,466 | ) |  | (87,565 | ) |  | (45,378 | ) |  | (248,531 | )
Series D Preferred Unit accretion (refer to Note 11) | (4,031 | ) |  | — |  |  | (4,031 | ) |  | — |
Loss to common unitholders attributable to the Merger (refer to Note 2) | (377,079 | ) |  | — |  |  | (377,079 | ) |  | — |
Net (loss) income attributable to common units: | $ | (363,328 | ) |  | $ | 14,305 |  |  | $ | (242,119 | ) |  | $ | 57,121 |
Basic weighted-average common units outstanding | 104,264,796 |  |  | 93,031,320 |  |  | 96,920,202 |  |  | 87,392,597 |
Basic net (loss) income per common unit | $ | (3.49 | ) |  | $ | 0.15 |  |  | $ | (2.50 | ) |  | $ | 0.65 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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