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NET INCOME (LOSS) PER COMMON UNIT | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
NET INCOME (LOSS) PER COMMON UNIT | NET INCOME (LOSS) PER COMMON UNIT Basic net income (loss) 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 plans. We compute basic net income (loss) per common unit by dividing net income (loss) attributable to common units by the weighted-average number of common units outstanding during the period. Diluted net income (loss) per common unit is computed by dividing net income (loss) attributable to common units by the sum of (i) the weighted average number of common units outstanding during the period and (ii) the effect of dilutive potential common units outstanding during the period. Dilutive potential common units may include contingently issuable performance unit awards and the Series D Preferred Units. The Series D Preferred Units are convertible into common units at the option of the holder at any time on or after June 29, 2020. As such, we calculated the dilutive effect of the Series D Preferred Units using the if-converted method. The effect of the assumed conversion of the Series D Preferred Units outstanding as of the end of each period presented was antidilutive; therefore, we did not include such conversion in the computation of diluted net income (loss) per common unit. The following table details the calculation of net income (loss) per common unit:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (Thousands of Dollars, Except Unit and Per Unit Data) |  |  |  |  |  |
Net income (loss) | $ | 29,766 |  |  | $ | 45,951 |  |  | $ | (117,875) |  |  | $ | (231,912) |
Distributions to preferred limited partners | (30,684) |  |  | (30,423) |  |  | (61,107) |  |  | (60,846) |
Distributions to common limited partners | (43,678) |  |  | (64,658) |  |  | (87,408) |  |  | (129,348) |
Distribution equivalent rights to restricted units | (502) |  |  | (642) |  |  | (1,008) |  |  | (1,285) |
Distributions in excess of income (loss) | $ | (45,098) |  |  | $ | (49,772) |  |  | $ | (267,398) |  |  | $ | (423,391) |
Distributions to common limited partners | $ | 43,678 |  |  | $ | 64,658 |  |  | $ | 87,408 |  |  | $ | 129,348 |
Allocation of distributions in excess of income (loss) | (45,098) |  |  | (49,772) |  |  | (267,398) |  |  | (423,391) |
Series D Preferred Unit accretion | (5,064) |  |  | (4,446) |  |  | (9,966) |  |  | (8,748) |
Net (loss) income attributable to common units | $ | (6,484) |  |  | $ | 10,440 |  |  | $ | (189,956) |  |  | $ | (302,791) |
Basic weighted-average common units outstanding | 109,194,722 |  |  | 107,763,016 |  |  | 109,046,061 |  |  | 107,647,957 |
Basic net (loss) income per common unit | $ | (0.06) |  |  | $ | 0.10 |  |  | $ | (1.74) |  |  | $ | (2.81) |

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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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