The Company has a single class of common units representing limited partnership interests. The Company has potentially dilutive securities as of June 30, 2025, which consist of phantom units issued under the Company’s long-term incentive plan. There were 0.1 million phantom units that were considered dilutive for the three and six months ended June 30, 2025. The treasury stock method is used to determine the dilutive impact of the Company’s phantom units. As of June 30, 2025 there were 17.7 thousand phantom units that were considered antidilutive and thus excluded from the calculation of diluted earnings per common unit. As of June 30, 2024, there were no units that were considered antidilutive.

The following represents the computation of basic and diluted earnings per common unit for the three and six months ended June 30, 2025 (in thousands, except per unit data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income - basic and diluted	$	89,661	$	39,516	$	105,547	$	81,218
Weighted-average common units outstanding - basic	118,336		95,009		115,248		95,004
Effect of dilutive securities	53		178		65		125
Weighted-average common units outstanding - diluted	118,389		95,187		115,313		95,129
Earnings per common unit - basic	$	0.76	$	0.42	$	0.92	$	0.85
Earnings per common unit - diluted	$	0.76	$	0.42	$	0.92	$	0.85