CrossAmerica Partners LP Earnings Per Share Disclosure
Note 21. NET INCOME PER LIMITED PARTNER UNIT
The following table provides a reconciliation of net income and weighted-average units used in computing basic and diluted net income per common unit for the following periods (in thousands, except unit and per unit amounts):
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Numerator: |
|
|
|
|
|
|
|
|
|
|||
Distributions paid on common units |
|
$ |
80,007 |
|
|
$ |
79,854 |
|
|
$ |
79,712 |
|
Allocation of distributions in excess of net income |
|
|
(40,894 |
) |
|
|
(59,962 |
) |
|
|
(39,608 |
) |
Limited partners’ interest in net income - basic and diluted |
|
$ |
39,113 |
|
|
$ |
19,892 |
|
|
$ |
40,104 |
|
Denominator: |
|
|
|
|
|
|
|
|
|
|||
Weighted average common units outstanding - basic |
|
|
38,101,239 |
|
|
|
38,027,587 |
|
|
|
37,957,727 |
|
Adjustment for phantom and phantom performance units(a) |
|
|
146,050 |
|
|
|
144,847 |
|
|
|
161,734 |
|
Weighted average common units outstanding - diluted |
|
|
38,247,289 |
|
|
|
38,172,434 |
|
|
|
38,119,461 |
|
Net income per common unit - basic |
|
$ |
1.03 |
|
|
$ |
0.52 |
|
|
$ |
1.06 |
|
Net income per common unit - diluted |
|
$ |
1.02 |
|
|
$ |
0.52 |
|
|
$ |
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|||
Distributions paid per common unit |
|
$ |
2.1000 |
|
|
$ |
2.1000 |
|
|
$ |
2.1000 |
|
Distributions declared (with respect to each respective period) per |
|
$ |
2.1000 |
|
|
$ |
2.1000 |
|
|
$ |
2.1000 |
|
Distributions
Quarterly distribution activity to common unitholders for 2025 was as follows:
Quarter Ended |
|
Record Date |
|
Payment Date |
|
Cash Distribution |
|
|
Cash Distribution |
|
||
December 31, 2024 |
|
February 3, 2025 |
|
February 13, 2025 |
|
$ |
0.5250 |
|
|
$ |
19,981 |
|
March 31, 2025 |
|
May 5, 2025 |
|
May 15, 2025 |
|
|
0.5250 |
|
|
|
20,001 |
|
June 30, 2025 |
|
August 4, 2025 |
|
August 14, 2025 |
|
|
0.5250 |
|
|
|
20,012 |
|
September 30, 2025 |
|
November 3, 2025 |
|
November 13, 2025 |
|
|
0.5250 |
|
|
|
20,013 |
|
December 31, 2025 |
|
February 2, 2026 |
|
February 12, 2026 |
|
|
0.5250 |
|
|
|
20,021 |
|
The amount of any distribution is subject to the discretion of the Board, which may modify or revoke our cash distribution policy at any time. Our Partnership Agreement does not require us to pay any distributions. As such, there can be no assurance we will continue to pay distributions in the future.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.