Star Gas Partners Just Filed Its Quarterly Report: 13) Earnings Per L...



13) Earnings Per Limited Partner Unit



Income per limited partner unit is computed in accordance with FASB
ASC 260-10-05 Earnings Per Share,
Master Limited Partnerships (EITF 03-06), by dividing the limited
partners’ interest in net income by the weighted average
number of limited partner units outstanding. The pro forma nature
of the allocation required by this standard provides that in any
accounting p eriod where the Partnership’s aggregate net
income exceeds its aggregate distribution for such period, the
Partnership is required to present net income per limited partner
unit as if all of the earnings for the periods were distributed,
regardless of whether those earnings would actually be distributed
during a particular period from an economic or practical
perspective. This allocation does not impact the
Partnership’s overall net income or other financial results.
However, for periods in which the Partnership’s aggregate net
income exceeds its aggregate distributions for such period, it will
have the impact of reducing the earnings per limited partner unit,
as the calculation according to this standard result in a
theoretical increased allocation of undistributed earnings to the
General Partner. In accounting periods where aggregate net income
does not exceed aggregate distributions for such period, this
standard does not have any impact on the Partnership’s net
income per limited partner unit calculation. A separate and
independent calculation for each quarter and year-to-date period is
performed, in which the Partnership’s contractual
participation rights are taken into account.



The following presents the net income allocation and per unit data
using this method for the periods presented:



 














































































































































































































































































































































































     Three Months
Ended
     Nine Months
Ended
 
Basic and Diluted Earnings Per Limited
Partner:
   June 30,      June 30,  


(in thousands, except per unit data)


   2017      2016      2017      2016  


Net income (loss)


   $ (13,332    $ (3,238    $ 44,647      $ 64,029  


Less General Partner’s interest in net income


     (79      (19      259        362  
  


 




 


    


 




 


    


 




 


    


 




 


 


Net income (loss) available to limited partners


     (13,253      (3,219      44,388        63,667  


Less dilutive impact of theoretical distribution of earnings under
FASB ASC 260-10-45-60


    
—  
      
—  
       5,420        9,313  
  


 




 


    


 




 


    


 




 


    


 




 


 


Limited Partner’s interest in net income (loss) under FASB
ASC 260-10-45-60


   $ (13,253    $ (3,219    $ 38,968      $ 54,354  
  


 




 


    


 




 


    


 




 


    


 




 


 


Per unit data:


           


Basic and diluted net income (loss) available to limited
partners


   $ (0.24    $ (0.06    $ 0.79      $ 1.11  


Less dilutive impact of theoretical distribution of earnings under
FASB ASC 260-10-45-60


    
—  
      
—  
       0.09        0.16  
  


 




 


    


 




 


    


 




 


    


 




 


 


Limited Partner’s interest in net income (loss) under FASB
ASC 260-10-45-60


   $ (0.24    $ (0.06    $ 0.70      $ 0.95  
  


 




 


    


 




 


    


 




 


    


 




 


 


Weighted average number of Limited Partner units outstanding


     55,888        57,188        55,888        57,237  
  


 




 


    


 




 


    


 




 


    


 




 


 

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Star Gas Partners insider just cashed-in 79,121 options - Oct. 22, 2020
Star Gas: Star Group, L.P. Declares Quarterly Distribution Of 13.25 Cents Per Unit - Oct. 22, 2020

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