Earnings per Unit (Tables)

3 Months Ended

Mar. 31, 2017

The following table illustrates the Partnership’s calculation of net income per unit for the three months ended March 31, 2017:



	Three months ended March 31,
	2017			2016
	(in thousands, except unit and per unit amounts)
Net income	$	5,896		$	3,517
Less: Net loss attributable to general partner	—			(1,157		)
Net income attributable to the Partnership	5,896			4,674
Less:
Payments for distribution equivalents ⁽²⁾	—			174
Limited partners’ distribution declared on common units⁽¹⁾	6,110			5,501
Limited partners’ distribution declared on subordinated units⁽¹⁾	5,900			5,500
Distribution in excess of net income attributable to the Partnership	(6,114		)	(6,501		)
Distribution in excess of net income attributable to equity-based awards	—			(101		)
Distribution in excess of net income attributable to partners	$	(6,114	)	$	(6,400	)

⁽¹⁾Distribution declared on April 26, 2017, attributable to the first quarter of 2017.

⁽²⁾Represents Distribution Equivalent Rights (the “DERs”) paid in respect of phantom units.



	General Partner		Limited Partners— Common Units			Limited Partners— Subordinated Units			Total
	(in thousands, except unit and per unit amounts)
Three Months Ended March 31, 2017
Net income attributable to the limited partner unitholders:
Distribution declared⁽¹⁾	$	—	$	6,110		$	5,900		$	12,010
Distribution in excess of net income attributable to partners	—		(3,111		)	(3,003		)	(6,114		)
Net income attributable to limited partners	$	—	$	2,999		$	2,897		$	5,896

Weighted average common units outstanding:
Basic	—		20,714,256			20,000,000			40,714,256
Diluted	—		20,714,256			20,000,000			40,714,256

Net income per common unit:
Basic			$	0.14		$	0.14
Diluted			$	0.14		$	0.14

⁽¹⁾Distribution declared on April 26, 2017 attributable to the period indicated; includes distribution to be paid in respect of common units issued and outstanding as of the distribution record date of May 5, 2017.



	General Partner		Limited Partners— Common Units			Limited Partners— Subordinated Units			Total
	(in thousands, except unit and per unit amounts)
Three months ended March 30, 2016
Net income attributable to the limited partner unitholders:
Distribution declared	$	—	$	5,500		$	5,500		$	11,000
Distribution in excess of net income attributable to partners	—		(3,200		)	(3,200		)	(6,400		)
Net income attributable to partners	$	—	$	2,300		$	2,300		$	4,600

Weighted average common units outstanding:
Basic	—		20,000,000			20,000,000			40,000,000
Diluted	—		20,000,000			20,000,000			40,000,000

Net income per common unit:
Basic			$	0.12		$	0.12
Diluted			$	0.12		$	0.12

PennTex Midstream Partners, LP 10-Q