Net Income per Unit

6 Months Ended

Jun. 30, 2026

Basic net income per unit is computed by dividing net income by the weighted-average number of outstanding common units. Diluted net income per unit includes the effects of potentially dilutive units on our common units. As of June 30, 2026 and 2025, the only potentially dilutive units outstanding were unvested phantom units.

The calculation of net income per unit is as follows (in thousands, except unit and per unit amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	28,871	$	44,574	$	61,223	$	83,608










Weighted average common units outstanding, basic	53,175,413		53,445,803		53,343,964		53,524,792
Dilutive effect of unvested phantom units	64,768		27,468		86,150		28,435
Weighted average common units outstanding, diluted	53,240,181		53,473,271		53,430,114		53,553,227
Net income per unit:
Basic	$	0.54	$	0.83	$	1.15	$	1.56
Diluted (1)	$	0.54	$	0.83	$	1.15	$	1.56

(1) There were 16,927 and 58,331 anti-dilutive common unit equivalents excluded from the diluted earnings per unit calculation during the three and six months ended June 30, 2026, respectively. There were 23,647 and 16,862 anti-dilutive common unit equivalents excluded from the diluted earnings per unit calculation during the three and six months ended June 30, 2025, respectively.