Earnings Per Common Unit
The Company has a single class of common units. The Company has potentially dilutive securities as of December 31, 2025, which consist of phantom units issued under the Company’s long-term incentive plan. The treasury stock method is used to determine the dilutive impact for the Company’s phantom units. As of December 31, 2025, 2024 and 2023, there
were 29.8 thousand, 10.4 thousand and 0.7 million phantom units, respectively, that were considered antidilutive and thus excluded from the calculation of diluted earnings per common unit.
The following represents the computation of basic and diluted earnings per common unit for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per unit data):
Year Ended December 31,
202520242023
Net income - basic and diluted
$142,984 $185,179 $68,518 
Weighted-average common units outstanding - basic
131,455 97,591 94,907 
Effect of dilutive securities82 110 — 
Weighted-average common units outstanding - diluted
131,537 97,701 94,907 
Earnings per common unit - basic$1.09 $1.90 $0.72 
Earnings per common unit - diluted$1.09 $1.90 $0.72 

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 13, 2025

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.