Net Income Per Limited Partner Unit
 3 Months Ended
Mar. 31, 2015
Net Income Per Limited Partner Unit [Abstract]  
Net Income Per Limited Partner Unit
Net Income Per Limited Partner Unit
Net income per unit applicable to common limited partner units and to subordinated limited partner units is computed by dividing the respective limited partners’ interest in net income for the period subsequent to the IPO by the weighted-average number of common units and subordinated units outstanding for the period. Because the Partnership has more than one class of participating securities, it uses the two-class method when calculating the net income per unit applicable to limited partners. The classes of participating securities include common units, subordinated units and incentive distribution rights. Basic and diluted net income per unit are the same because the Partnership does not have any potentially dilutive units outstanding for the periods presented.
Pursuant to our cash distribution policy, within 60 days after the end of each quarter, we intend to distribute to the holders of common and subordinated units on a quarterly basis at least the minimum quarterly distribution of $0.1675 per unit, or $0.67 on an annualized basis, to the extent we have sufficient cash after establishment of cash reserves and payment of fees and expenses, including payments to our general partner and its affiliates. We will prorate the distribution from February 11, 2015, the date of our IPO, through March 31, 2015.
On April 29, 2015, the board of directors of MLP GP, the Partnership's general partner, declared an initial prorated quarterly cash distribution for the period February 11, 2015, through March 31, 2015, of $0.0912 per unit, or $9.2 million in total. This distribution is payable on May 20, 2015, to unit holders of record as of May 13, 2015.
The calculation of net income per unit is as follows:
 
Three Months Ended
March 31,
(in millions)
2015
Net income attributable to limited partners subsequent to IPO

$
13.3

Less:
 
Limited partners' distribution declared on common units
—

Limited partners' distribution declared on subordinated units
—

Distribution declared on incentive distribution rights
—

Net income subsequent to the IPO in excess of distribution
$
13.3


 
Three Months Ended March 31, 2015                                                                           (in millions, except per unit data)
Limited Partners' Common Units
 
Limited Partners' Subordinated Units
 
Incentive Distribution Rights
 
Total
Net income attributable to limited partners subsequent to IPO
 
 
 
 
 
 
 
Distribution declared
$
—

 
$
—

 
$
—

 
$
—

Net income subsequent to the IPO in excess of distribution
7.1

 
6.2

 
—

 
13.3

Net income attributable to limited partners subsequent to IPO

$
7.1

 
$
6.2

 
$
—

 
$
13.3

 
 
 
 
 
 
 
 
Weighted average limited partner units outstanding

 
 
 
 
 
 
 
Basic and diluted
53.8

 
46.8

 
—

 
100.6

Net income attributable to partners' ownership interest subsequent to IPO per limited partner unit

 
 
 
 
 
 
 
Basic and diluted
$
0.13

 
$
0.13

 
$
—

 
$
0.13