Summit Midstream Partners, LP - 10-K filing on 2014-03-10

EARNINGS PER UNIT

12 Months Ended

Dec. 31, 2013

The following table presents details on EPU.



	Year ended December 31,
	2013		2012 ⁽¹⁾
	(Dollars in thousands, except per-unit amounts)
Net income	$	43,636	$	41,726
Less: net income attributable to the pre-IPO period	—		24,112
Less: net income attributable to SMP Holdings	52		—
Net income attributable to SMLP	43,584		17,614
Less: net income attributable to general partner, including IDRs	1,035		352
Net income attributable to limited partners	$	42,549	$	17,262

Numerator for basic and diluted EPU:
Allocation of net income among limited partner interests:
Net income attributable to common units	$	23,227	$	8,632
Net income attributable to subordinated units	19,322		8,630
Net income attributable to limited partners	$	42,549	$	17,262

Denominator for basic and diluted EPU:
Weighted-average common units outstanding – basic	26,951,346		24,412,427
Less: effect of non-vested phantom units and non-vested restricted units	150,133		131,558
Weighted-average common units outstanding – diluted	27,101,479		24,543,985

Weighted-average subordinated units outstanding – basic and diluted	24,409,850		24,409,850

Net income per limited partner unit:
Common unit – basic	$	0.86	$	0.35
Common unit – diluted	$	0.86	$	0.35
Subordinated unit – basic and diluted	$	0.79	$	0.35

__________

(1) Calculated for the period from October 1, 2012 to December 31, 2012

Our general partner was not entitled to receive incentive distributions for periods prior to the fourth quarter of 2013 based on the amount of the distributions declared per common and subordinated unit. There were no units excluded from diluted earnings per unit as we do not have any anti-dilutive units for the year ended December 31, 2013 or for the period from October 1, 2012 to December 31, 2012. See Notes 6 and 8 for additional information.