ALLIANCE RESOURCE PARTNERS LP
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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Sep 30, 2025 · Filed Nov 7, 2025
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16. Earnings per Limited Partner Unit
We utilize the two-class method in calculating basic and diluted earnings per limited partner unit (“EPU”). Net income attributable to ARLP is allocated to limited partners and participating securities with nonforfeitable distributions or distribution equivalents, while net losses attributable to ARLP are allocated only to limited partners but not to participating securities. During 2025, our participating securities represent outstanding restricted unit awards under our LTIP. During 2024, our participating securities also included phantom units in notional accounts under our Supplemental Executive Retirement Plan (“SERP”) and the MGP Amended and Restated Deferred Compensation Plan for Directors (“Directors’ Deferred Compensation Plan”). The SERP and Directors’ Deferred Compensation Plan were terminated and settled in December 2024 and no longer have participating securities that receive an allocation of income.
The following is a reconciliation of net income attributable to ARLP used for calculating basic and diluted earnings per unit and the weighted-average units used in computing EPU:
| | | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended · · Nine Months Ended · | |||||||||||||
| · · September 30, · · September 30, · | |||||||||||||
| · 2025 · 2024 · 2025 · 2024 | |||||||||||||
| · · (in thousands, except per unit data) · | |||||||||||||
| Net income attributable to ARLP | | $95,104 | | $86,281 | | $228,497 | | $344,525 | | ||||
| | | | | | | | | | | | | | |
| Less: | | | | | | | | | | | | | |
| Distributions to participating securities | | (715) | | (1,616) | | (2,260) | | (4,984) | | ||||
| Undistributed earnings attributable to participating securities | | (160) | | — | | — | | (1,378) | | ||||
| | | | | | | | | | | | | | |
| Net income attributable to ARLP available to limited partners | | $94,229 | | $84,665 | | $226,237 | | $338,163 | | ||||
| | | | | | | | | | | | | | |
| Weighted-average limited partner units outstanding – basic and diluted | | 128,428 | | 128,062 | | 128,374 | | 127,932 | | ||||
| | | | | | | | | | | | | | |
| Earnings per limited partner unit - basic and diluted (1) | | $0.73 | | $0.66 | | $1.76 | | $2.64 | | ||||
| (1) | Diluted EPU gives effect to all potentially dilutive common units outstanding during the period using the treasury stock method. Diluted EPU excludes all potentially dilutive units calculated under the treasury stock method if their effect is anti-dilutive. For the three and nine months ended September 30, 2025, participating securities of 665 and 703, respectively, were considered anti-dilutive under the treasury stock method. For the three and nine months ended September 30, 2024, participating securities of 1,863 and 1,915, respectively, were considered anti-dilutive under the treasury stock method. |
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