(Loss) Income Per Common Unit
The following table presents our calculation of basic and diluted weighted average common units outstanding for the periods indicated:
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended March 31, |
| | 2025 | | 2024 | | 2023 |
| Weighted average common units outstanding during the period: | | | | | | |
| Common units - Basic | | 132,204,283 | | | 132,146,477 | | | 131,007,171 | |
| | | | | | |
| | | | | | |
| Common units - Diluted | | 132,204,283 | | | 132,146,477 | | | 131,007,171 | |
For the years ended March 31, 2025, 2024 and 2023, all potential common units or convertible securities were considered antidilutive.
Our (loss) income per common unit is as follows for the periods indicated:
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended March 31, |
| | 2025 | | 2024 | | 2023 |
| | (in thousands, except per unit amounts) |
| Income (loss) from continuing operations | | $ | 64,989 | | | $ | (157,728) | | | $ | 9,035 | |
| Less: Continuing operations income attributable to nonredeemable noncontrolling interests | | (3,749) | | | (631) | | | (1,106) | |
| Less: Continuing operations income attributable to redeemable noncontrolling interests | | (46) | | | — | | | — | |
| Net income (loss) from continuing operations attributable to NGL Energy Partners LP | | 61,194 | | | (158,359) | | | 7,929 | |
| Less: Distributions to preferred unitholders (1) | | (118,347) | | | (139,644) | | | (124,691) | |
| Less: Continuing operations net loss allocated to GP (2) | | 57 | | | 298 | | | 116 | |
| Net loss from continuing operations allocated to common unitholders | | $ | (57,096) | | | $ | (297,705) | | | $ | (116,646) | |
| | | | | | |
| (Loss) income from discontinued operations, net of tax | | $ | (21,826) | | | $ | 14,604 | | | $ | 43,457 | |
| Less: Discontinued operations net loss (income) allocated to GP (2) | | 22 | | | (15) | | | (43) | |
| Net (loss) income from discontinued operation allocated to common unitholders | | $ | (21,804) | | | $ | 14,589 | | | $ | 43,414 | |
| | | | | | |
| Net loss allocated to common unitholders | | $ | (78,900) | | | $ | (283,116) | | | $ | (73,232) | |
| Basic and diluted (loss) income per common unit | | | | | | |
| Loss from continuing operations | | $ | (0.43) | | | $ | (2.25) | | | $ | (0.89) | |
| (Loss) income from discontinued operations, net of tax | | $ | (0.16) | | | $ | 0.11 | | | $ | 0.33 | |
| Net loss | | $ | (0.60) | | | $ | (2.14) | | | $ | (0.56) | |
| Basic and diluted weighted average common units outstanding | | 132,204,283 | | | 132,146,477 | | | 131,007,171 | |
(1) Includes distributions earned and declared for the year ended March 31, 2025. Also includes cumulative distributions for the years ended March 31, 2024 and 2023 which were earned but not declared or paid (see Note 9 for a further discussion of the suspension of common unit and preferred unit distributions).
(2) Net loss (income) allocated to the GP includes distributions to which it is entitled as the holder of incentive distribution rights.
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.