Delek Logistics Partners, LP Earnings Per Share Disclosure
Year Ended December 31, | |||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||
Net income | $ | 176,460 | $ | 142,685 | $ | 126,236 | |||||||||||
Less: Limited partners' distribution on common units | 238,132 | 204,407 | 179,774 | ||||||||||||||
Distributions on preferred units | — | 768 | — | ||||||||||||||
Undistributed net loss | $ | (61,672) | $ | (62,490) | $ | (53,538) | |||||||||||
Limited partners' earnings on common units: | |||||||||||||||||
Distributions | $ | 238,132 | $ | 204,407 | $ | 179,774 | |||||||||||
Allocation of undistributed net loss | (61,672) | (62,490) | (53,538) | ||||||||||||||
Total limited partners' earnings on common units | $ | 176,460 | $ | 141,917 | $ | 126,236 | |||||||||||
Weighted average limited partner units outstanding, basic | 53,501,020 | 47,452,138 | 43,583,938 | ||||||||||||||
Dilutive effect of unvested phantom units | 51,186 | 27,110 | 27,376 | ||||||||||||||
Weighted average limited partner units outstanding, diluted | 53,552,206 | 47,479,248 | 43,611,314 | ||||||||||||||
Net income per limited partner unit: | |||||||||||||||||
Basic | $ | 3.30 | $ | 2.99 | $ | 2.90 | |||||||||||
Diluted (1) | $ | 3.30 | $ | 2.99 | $ | 2.89 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2018 | Mar 1, 2019 | |
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.