v3.26.1
EARNINGS PER UNIT
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
EARNINGS PER UNIT EARNINGS PER UNIT    
The Partnership applies the two-class method for purposes of calculating earnings per unit (“EPU”). The holders of the Partnership’s restricted common units have all the rights of a unitholder, including non-forfeitable distribution rights. As participating securities, the restricted common units are included in the calculation of basic earnings per unit. For the periods presented, the amount of earnings allocated to these participating units was not material.
Net income (loss) attributable to the Partnership is allocated to the Partnership’s general partner and the common unitholders in proportion to their pro rata ownership after giving effect to distributions, if any, declared during the period.
The Partnership assesses the Series B cumulative convertible preferred units on an as-converted basis for the purpose of calculating diluted EPU. The Partnership’s restricted performance unit awards are contingently issuable units that are considered in the calculation of diluted EPU. The Partnership assesses the number of units that would be issuable, if any, under the terms of the arrangement if the end of the reporting period were the end of the contingency period.
The following table sets forth the computation of basic and diluted earnings per common unit:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands, except per unit amounts)
NET INCOME$106,358 $120,028 $119,630 $135,976 
Distributions on Series B cumulative convertible preferred units(7,366)(7,367)(14,732)(14,733)
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS$98,992 $112,661 $104,898 $121,243 
ALLOCATION OF NET INCOME:
General partner interest$— $— $— $— 
Common units98,992 112,661 104,898 121,243 
$98,992 $112,661 $104,898 $121,243 
NUMERATOR:
Numerator for basic EPU - net income attributable to common unitholders$98,992 $112,661 $104,898 $121,243 
Effect of dilutive securities— 7,367 — — 
Numerator for diluted EPU - net income attributable to common unitholders after the effect of dilutive securities$98,992 $120,028 $104,898 $121,243 
DENOMINATOR:
Denominator for basic EPU - weighted average common units outstanding (basic)212,596 211,689 212,483 211,472 
Effect of dilutive securities
— 15,072 — — 
Denominator for diluted EPU - weighted average number of common units outstanding after the effect of dilutive securities212,596 226,761 212,483 211,472 
NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:
Per common unit (basic)$0.47 $0.53 $0.49 $0.57 
Per common unit (diluted)$0.47 $0.53 $0.49 $0.57 
The following units of potentially dilutive securities were excluded from the computation of diluted weighted average units outstanding because their inclusion would be anti-dilutive:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Potentially dilutive securities (common units):
Series B cumulative convertible preferred units on an as-converted basis
15,072 — 15,072 15,072