Earnings Per Unit Calculation
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Unit Calculation
20.
Earnings Per Unit Calculation
Earnings per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income (loss), after deducting any incentive distributions, by the weighted average number of outstanding common and subordinated units. The Partnership’s net income (loss) is allocated to the limited partners in accordance with their respective partnership percentages, after giving effect to priority income allocations for incentive distributions, if any, to Sprague Holdings, the holder of the IDRs, pursuant to the partnership agreement, which are declared and paid following the close of each quarter. Earnings (losses) per unit is only calculated for the Partnership after the IPO as no units were outstanding prior to October 30, 2013. Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to the Partnership’s unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of earnings per unit.
In addition to the common and subordinated units, the Partnership has also identified the IDRs and unvested restricted units as participating securities and uses the two-class method when calculating the net income (loss) per unit applicable to limited partners, which is based on the weighted average number of common units outstanding during the period. Diluted earnings per unit includes the effects of potentially dilutive units on the Partnership’s common units, consisting of unvested restricted units. For the period from October 30, 2013 through December 31, 2013 basic and diluted earnings per unit applicable to common limited partners are the same because including the effect of unvested restricted units would have been anti-dilutive. Basic and diluted earnings (losses) per unit applicable to subordinated limited partners are the same because there are no potentially dilutive subordinated units outstanding.
The table below shows the weighted average common units outstanding used to compute net income (loss) per common unit for the periods presented.
 
Years Ended December 31,
 
2015
 
2014
 
2013
Weighted average limited partner common units - basic
10,975,941

 
10,131,928

 
10,071,970

Dilutive effect of unvested restricted and phantom units
165,392

 
63,638

 
—

Weighted average limited partner common units - dilutive
11,141,333

 
10,195,566

 
10,071,970


The following table presents the Partnership’s basic earnings (loss) per common and subordinated unit for the periods presented.
 
Year Ended December 31, 2015
 
Common
 
Subordinated
 
IDR
 
Total
 
(in thousands, except for per unit amounts)
Net income
 
 
 
 
 
 
$
78,348

Distributions declared
$
21,826

 
$
19,943

 
$
321

 
$
42,090

Assumed net income from operations after distributions
18,863

 
17,395

 
—

 
36,258

Assumed net income to be allocated
$
40,689

 
$
37,338

 
$
321

 
$
78,348

Income per unit - basic
$
3.71

 
$
3.71

 
 
 
 
Income per unit - diluted
$
3.65

 
$
3.71

 
 
 
 
 
Year Ended December 31, 2014
 
Common
 
Subordinated
 
IDR
 
Total
 
(in thousands, except for per unit amounts)
Net income
 
 
 
 
 
 
$
122,814

Income attributable to Kildair (Note 2)
 
 
 
 
 
 
(4,080
)
Limited partners' interest in net income
 
 
 
 
 
 
$
118,734

Distributions declared
$
17,964

 
$
17,526

 
$
—

 
$
35,490

Assumed net income from operations after distributions
41,579

 
41,665

 
—

 
83,244

Assumed net income to be allocated
$
59,543

 
$
59,191

 
$
—

 
$
118,734

Income per unit - basic
$
5.88

 
$
5.88

 
 
 
 
Income per unit - diluted
$
5.84

 
$
5.88

 
 
 
 

 
Year Ended December 31, 2013
 
Common
 
Subordinated
 
IDR
 
Total
 
(in thousands, except for per unit amounts)
Net loss
 
 
 
 
 
 
$
(29,838
)
Predecessor income through October 29, 2013
 
 
 
 
 
 
(2,734
)
Loss attributable to Kildair (Note 2)
 
 
 
 
 
 
2,338

Limited partners' interest in net loss
 
 
 
 
 
 
$
(30,234
)
Distributions declared
$
2,846

 
$
2,846

 
$
—

 
$
5,692

Assumed net loss from operations after distributions
(17,963
)
 
(17,963
)
 
—

 
(35,926
)
Assumed net loss to be allocated
$
(15,117
)
 
$
(15,117
)
 
$
—

 
$
(30,234
)
Loss per unit - basic
$
(1.50
)
 
$
(1.50
)
 
 
 
 
Loss per unit - diluted
$
(1.50
)
 
$
(1.50
)