v3.26.3
Note 4 - Net Income Per Common Unit
 9 Months Ended
Sep. 30, 2026
Notes to Financial Statements  
Earnings Per Share [Text Block]

4.    Net Income Per Common Unit

 

Basic net income per common unit is computed by dividing net income, after considering the GP interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's unvested unit-based awards if the inclusion of these items is dilutive.

 

The dilutive effect of the unvested unit-based awards is calculated using the treasury stock method, which assumes that the proceeds from the vesting of the unvested unit-based awards are used to purchase common units at the average market price for the period. The calculation of diluted net income per common unit for the three and nine months ended September 30, 2026 and 2025 included the impact of the vesting of the unvested unit-based awards.

 

The following table reconciles the numerator and denominator of the basic and diluted net income per common unit computations and calculates basic and diluted net income per common unit: 

 

  

For the Three Months Ended September 30,

  

For the Nine Months Ended September 30,

 

(In thousands, except per unit data)

 

2026

  

2025

  

2026

  

2025

 

Basic net income per common unit

                

Net income attributable to common unitholders

 $26,011  $30,287  $69,910  $103,262 

Weighted average common units—basic

  13,250   13,138   13,234   13,125 

Basic net income per common unit

 $1.96  $2.31  $5.28  $7.87 
                 

Diluted net income per common unit

                

Weighted average common units—basic

  13,250   13,138   13,234   13,125 

Plus: dilutive effect of unvested unit-based awards

  92   157   108   172 

Weighted average common units—diluted

  13,342   13,295   13,342   13,297 
                 

Diluted net income attributable to common unitholders and the general partner

 $26,542  $30,905  $71,337  $105,369 

Less: diluted net income attributable to the general partner

  (531)  (618)  (1,427)  (2,107)

Diluted net income attributable to common unitholders

 $26,011  $30,287  $69,910  $103,262 
                 

Diluted net income per common unit

 $1.95  $2.28  $5.24  $7.77