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NET (LOSS) INCOME PER COMMON UNIT | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (Thousands of Dollars, Except Unit and Per Unit Data)
Net (loss) income | $ | (96,640) |  |  | $ | 47,811 |  |  | $ | (214,515) |  |  | $ | (184,101) |
Distributions to preferred limited partners | (31,888) |  |  | (30,423) |  |  | (92,995) |  |  | (91,269) |
Distributions to common limited partners | (43,678) |  |  | (64,660) |  |  | (131,086) |  |  | (194,008) |
Distribution equivalent rights to restricted units | (502) |  |  | (607) |  |  | (1,510) |  |  | (1,892) |
Distributions in excess of loss | $ | (172,708) |  |  | $ | (47,879) |  |  | $ | (440,106) |  |  | $ | (471,270) |
Distributions to common limited partners | $ | 43,678 |  |  | $ | 64,660 |  |  | $ | 131,086 |  |  | $ | 194,008 |
Allocation of distributions in excess of loss | (172,708) |  |  | (47,879) |  |  | (440,106) |  |  | (471,270) |
Series D Preferred Unit accretion | (3,767) |  |  | (4,592) |  |  | (13,733) |  |  | (13,340) |
Net (loss) income attributable to common units | $ | (132,797) |  |  | $ | 12,189 |  |  | $ | (322,753) |  |  | $ | (290,602) |
Basic weighted-average common units outstanding | 109,195,358 |  |  | 107,763,870 |  |  | 109,096,190 |  |  | 107,687,019 |
Diluted common units outstanding: |  |  |  |  |  |  |
Basic weighted-average common units outstanding | 109,195,358 |  |  | 107,763,870 |  |  | 109,096,190 |  |  | 107,687,019 |
Effect of dilutive potential common units | — |  |  | 111,659 |  |  | — |  |  | 37,629 |
Diluted weighted-average common units outstanding | 109,195,358 |  |  | 107,875,529 |  |  | 109,096,190 |  |  | 107,724,648 |
Basic and diluted net (loss) income per common unit | $ | (1.22) |  |  | $ | 0.11 |  |  | $ | (2.96) |  |  | $ | (2.70) |

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