Sunoco LP
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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15. Net Income (Loss) per Common Unit
- Net Income (Loss) per Common Unit
A reconciliation of the numerators and denominators of the basic and diluted net income (loss) per common unit computations is as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income | $2 | $272 | $733 | $500 |
| Less: | ||||
| Net income attributable to noncontrolling interests | — | — | 8 | — |
| Incentive distribution rights | 36 | 19 | 108 | 58 |
| Distributions on unvested phantom unit awards | 1 | 2 | 4 | 5 |
| Common unitholders’ interest in net income (loss) | $(35) | $251 | $613 | $437 |
| Weighted average common units outstanding: | ||||
| Basic | 135,998,435 | 84,064,445 | 112,650,388 | 84,061,363 |
| Dilutive effect of unvested phantom unit awards(1) | 845,877 | 1,068,288 | 816,476 | 975,926 |
| Diluted | 136,844,312 | 85,132,733 | 113,466,864 | 85,037,289 |
| Net income (loss) per common unit: | ||||
| Basic | $(0.26) | $2.99 | $5.44 | $5.20 |
| Diluted | $(0.26) | $2.95 | $5.40 | $5.14 |
(1)Dilutive effects are excluded from the calculation of diluted net income (loss) per common unit for periods where the impacts would have been antidilutive.
For certain periods reflected above, distributions paid for the period exceeded net income attributable to partners. Accordingly, the distributions paid to our General Partner, including incentive distributions, further exceeded net income, and as a result, a net loss was allocated to the common unitholders for the period.
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