| Net Income Per Common Unit |
Note 12. NET INCOME PER COMMON UNIT The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Numerator: |
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Distributions paid on common units |
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$ |
20,041 |
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$ |
20,012 |
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$ |
60,093 |
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$ |
59,994 |
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Allocation of distributions in excess of net income |
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(11,967 |
) |
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(7,120 |
) |
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(21,952 |
) |
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(30,394 |
) |
Limited partners’ interest in net income - basic |
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8,074 |
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12,892 |
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38,141 |
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29,600 |
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Denominator: |
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Weighted-average common units outstanding - basic |
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38,168,524 |
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38,112,342 |
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38,155,235 |
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38,094,754 |
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Adjustment for phantom and phantom performance units (a) |
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162,887 |
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156,237 |
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162,307 |
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160,232 |
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Weighted-average common units outstanding - diluted |
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38,331,411 |
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38,268,579 |
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38,317,542 |
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38,254,986 |
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Net income per common unit - basic |
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$ |
0.21 |
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$ |
0.34 |
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$ |
1.00 |
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$ |
0.78 |
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Net income per common unit - diluted |
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$ |
0.21 |
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$ |
0.34 |
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$ |
1.00 |
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$ |
0.77 |
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Distributions paid per common unit |
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$ |
0.5250 |
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$ |
0.5250 |
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$ |
1.5750 |
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$ |
1.5750 |
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Distributions declared (with respect to each respective period)
per common unit |
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$ |
0.5250 |
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$ |
0.5250 |
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$ |
1.5750 |
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$ |
1.5750 |
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a)For each of the three and nine months ended September 30, 2026, 1,295,360 potentially dilutive units related to the preferred membership interests were excluded from the calculation of diluted earnings per unit because including them would have been antidilutive, compared with 1,301,940 units for each of the three and nine months ended September 30, 2025. Distributions Distribution activity for 2026 is as follows:
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Quarter Ended |
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Record Date |
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Payment Date |
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Cash
Distribution
(per unit) |
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Cash
Distribution
(in thousands) |
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December 31, 2025 |
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February 2, 2026 |
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February 12, 2026 |
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0.5250 |
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20,021 |
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March 31, 2026 |
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May 4, 2026 |
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May 14, 2026 |
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0.5250 |
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20,031 |
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June 30, 2026 |
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August 3, 2026 |
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August 13, 2026 |
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0.5250 |
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20,041 |
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September 30, 2026 |
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November 2, 2026 |
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November 12, 2026 |
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0.5250 |
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20,041 |
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The amount of any distribution is subject to the discretion of the Board, which may reduce or eliminate the cash distribution at any time. Our Partnership Agreement does not require us to pay any distributions. As such, there can be no assurance we will continue to pay distributions in the future.
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