Star Gas Partners Just Filed Its Quarterly Report: 16) Earnings Per Lim...


16) 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 period where the Co mpany’s aggregate net income exceeds its aggregate distribution for such period, the Company 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 Company’s overall net income or other financial results. However, for periods in which the Company’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 Company’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 Company’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)


 


2020


 


 


2019


 


 


2020


 


 


2019


 


Net income (loss)


 


$


(46


)


 


$


(23,098


)


 


$


86,117


 


 


$


51,542


 


Less General Partner’s interest in net income (loss)


 


 


(1


)


 


 


(150


)


 


 


600


 


 


 


319


 


Net income (loss) available to limited partners


 


 


(45


)


 


 


(22,948


)


 


 


85,517


 


 


 


51,223


 


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


 


 



 


 


 



 


 


 


13,616


 


 


 


6,740


 


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


 


$


(45


)


 


$


(22,948


)


 


$


71,901


 


 


$


44,483


 


Per unit data:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


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


 


$



 


 


$


(0.46


)


 


$


1.85


 


 


$


1.00


 


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


 


 



 


 


 



 


 


 


0.30


 


 


 


0.14


 


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


 


$



 


 


$


(0.46


)


 


$


1.55


 


 


$


0.86


 


Weighted average number of Limited Partner units outstanding


 


 


45,246


 


 


 


49,943


 


 


 


46,253


 


 


 


51,431


 

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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