Annual report pursuant to Section 13 and 15(d)

Net Income (Loss) per Common Unit (Tables)

v2.4.1.9
Net Income (Loss) per Common Unit (Tables)
12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Schedule of Anticipated Beneficial Conversion Feature impact to Capital Accounts
The following is a schedule by years, based on the capital structure as of December 31, 2014, of the anticipated impact to the capital accounts in connection with the amortization of the beneficial conversion feature (in thousands):
 
Common Units
 
Class B Units
 
Subordinated Units
2015
$
(232
)
 
$
781

 
$
(549
)
2016
(29,564
)
 
99,685

 
(70,121
)
2017
(594,390
)
 
2,004,209

 
(1,409,819
)
Schedule of Net Income (Loss) per Unit
The following table provides a reconciliation of net income (loss) and the allocation of net income (loss) to the common units and the subordinated units for purposes of computing net income (loss) per unit (in thousands, except per unit data):
 
 
 
 
Limited Partner Units
 
 
 
 
 
 
Total
 
Common Units
 
Class B Units
 
Subordinated Units
 
General Partner
 
Creole Trail Pipeline Business
Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(410,036
)
 
 
 
 
 
 
 
 
 
 
Declared distributions
 
99,015

 
97,036

 

 

 
1,979

 
 
Assumed allocation of undistributed net loss
 
$
(509,051
)
 
(147,952
)
 

 
(350,918
)
 
(10,181
)
 

Assumed allocation of net loss
 
 
 
$
(50,916
)
 
$

 
$
(350,918
)
 
$
(8,202
)
 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
57,079

 
145,333

 
135,384

 
 
 
 
Net loss per unit
 
 
 
$
(0.89
)
 
$

 
$
(2.59
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(258,117
)
 
 
 
 
 
 
 
 
 
 
Declared distributions
 
99,015

 
97,035

 

 

 
1,980

 
 
Assumed allocation of undistributed net loss
 
$
(357,132
)
 
(98,522
)
 

 
(233,680
)
 
(6,780
)
 
(18,150
)
Assumed allocation of net loss
 
 
 
$
(1,487
)
 
$

 
$
(233,680
)
 
$
(4,800
)
 
$
(18,150
)
Assumed allocation of net loss adjusted for the Creole Trail Pipeline Business
 
 
 
$
(6,762
)
 
$

 
$
(246,192
)
 
$
(5,163
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
54,235

 
140,500

 
135,384

 
 
 
 
Net loss per unit
 
 
 
$
(0.03
)
 
$

 
$
(1.73
)
 
 
 
 
Net loss per unit, adjusted to include pre-acquisition date net losses of the Creole Trail Pipeline Business
 
 
 
$
(0.12
)
 
$

 
$
(1.82
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(175,431
)
 
 
 
 
 
 
 
 
 
 
Declared distributions
 
61,501

 
60,271

 

 

 
1,230

 
 
Amortization of beneficial conversion feature of Class B Units
 

 
(5,149
)
 
25,319

 
(20,170
)
 
 
 
 
Assumed allocation of undistributed net loss
 
$
(236,932
)
 
(46,061
)
 

 
(157,917
)
 
(7,659
)
 
(25,295
)
Assumed allocation of net loss
 
 
 
$
9,061

 
$
25,319

 
$
(178,087
)
 
$
(6,429
)
 
$
(25,295
)
Assumed allocation of net loss adjusted for the Creole Trail Pipeline Business
 
 
 
$
3,463

 
$
25,319

 
$
(197,278
)
 
$
(6,935
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average units outstanding
 
 
 
33,470

 
43,303

 
135,384

 
 
 
 
Net income (loss) per unit
 
 
 
$
0.27

 
$
0.58

 
$
(1.32
)
 
 
 
 
Net income (loss) per unit, adjusted to include pre-acquisition date net losses of the Creole Trail Pipeline Business
 
 
 
$
0.10

 
$
0.58

 
$
(1.46
)