Net Income Per Limited Partner Unit
 6 Months Ended
Jun. 30, 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 units and to subordinated units is computed by dividing the respective limited partners’ interest in net income 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.
On July 30, 2015, the board of directors of MLP GP, the Partnership's general partner, declared a quarterly cash distribution for the period April 1, 2015, through June 30, 2015, of $0.1675 per unit, or $16.9 million in total. This distribution is payable on August 20, 2015, to unitholders of record as of August 13, 2015.
The calculation of net income per unit is as follows:
 
Three Months Ended
June 30,
 
Six Months Ended June 30,(1)
(in millions)
2015
 
2015
Net income attributable to limited partners
$
16.3

 
$
29.6

Less:
 
 
 
Limited partners' distribution on common units
9.0

 
13.9

Limited partners' distribution on subordinated units
7.9

 
12.2

Distribution on incentive distribution rights
—

 
—

Net income (less than) in excess of distribution
$
(0.6
)
 
$
3.5


 (1) Net income attributable to limited partners and in excess of distribution is for the period subsequent to the IPO.
Three Months Ended June 30, 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
 
 
 
 
 
 
 
Distribution
$
9.0

 
$
7.9

 
$
—

 
$
16.9

Net income less than distribution
—

 
(0.6
)
 
—

 
(0.6
)
Net income attributable to limited partners
$
9.0

 
$
7.3

 
$
—

 
$
16.3

 
 
 
 
 
 
 
 
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
$
0.17

 
$
0.16

 
$
—

 
$
0.16

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 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
$
13.9

 
$
12.2

 
$
—

 
$
26.1

Net income subsequent to IPO in excess of distribution
2.2

 
1.3

 
$
—

 
3.5

Net income attributable to limited partners subsequent to IPO
$
16.1

 
$
13.5

 
$
—

 
$
29.6

 
 
 
 
 
 
 
 
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
$
0.30

 
$
0.29

 
$
—

 
$
0.29