v3.24.1.u1
Members' Equity
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Members' Equity
(8) Members’ Equity

a.Common Unit Repurchase Program

The table below provides a summary of the Board’s authorizations of the 2023 and 2024 common unit repurchase programs.
DateBoard ActionAuthorized Amount
(in millions)(1)
December 2022Reauthorization of common unit repurchase program and set amount available for repurchases for 2023$200 
November 2023Increase in 2023 common unit repurchase program$50 
December 2023Reauthorization of common unit repurchase program and set amount available for repurchases for 2024$200 
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(1)The authorized amount includes repurchases of common units held by GIP. Refer to “Note 4—Related Party Transactions” for more information on our ENLC common unit repurchase agreement with GIP.

Repurchases under the common unit repurchase program will be made, in accordance with applicable securities laws, from time to time in open market or private transactions and may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act. The repurchases will depend on market conditions and may be discontinued at any time.

The following table summarizes our ENLC common unit repurchase activity for the periods presented (in millions, except for unit amounts):
Three Months Ended
March 31,
20242023
Publicly held ENLC common units2,166,805 2,207,305 
ENLC common units held by GIP (1)3,280,637 2,237,110 
Total ENLC common units5,447,442 4,444,415 
Aggregate cost for publicly held ENLC common units$26.9 $26.8 
Aggregate cost for ENLC common units held by GIP41.5 24.6 
Excise tax on common unit repurchases0.2 — 
Total aggregate cost for ENLC common units$68.6 $51.4 
Average price paid per publicly held ENLC common unit (2)$12.41 $12.14 
Average price paid per ENLC common unit held by GIP (2)(3)$12.66 $11.01 
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(1)The units repurchased in each quarter represent GIP’s pro rata share of the aggregate number of common units repurchased by us under our common unit repurchase program during the prior quarter.
(2)The average price paid per common unit excludes excise tax on common unit repurchases.
(3)The per unit price we paid to GIP in each quarter was the average per unit price paid by us for publicly held ENLC common units repurchased in the prior quarter, less broker commissions.

Additionally, on April 29, 2024, we repurchased 1,862,695 ENLC common units held by GIP at an aggregate cost of $23.1 million, or an average of $12.40 per common unit. These units represented GIP’s pro rata share of the aggregate number of common units repurchased by us during the three months ended March 31, 2024. The per unit price we paid to GIP was the same as the average per unit price paid by us for publicly held ENLC common units repurchased during the same period, less broker commissions, which were not paid with respect to the GIP units. As of March 31, 2024, $23.1 million is classified as “Other current liabilities” on the consolidated balance sheets related to our obligation to repurchase our common units from GIP. See “Note 4—Related Party Transactions” for additional information relating to the GIP repurchase agreement.
b.Earnings Per Unit and Dilution Computations

As required under ASC 260, Earnings Per Share, unvested share-based payments that entitle employees to receive non-forfeitable distributions are considered participating securities for earnings per unit calculations. The following table reflects the computation of basic and diluted earnings per unit for the periods presented (in millions, except per unit amounts):
Three Months Ended
March 31,
20242023
Distributed earnings allocated to:
Common units (1)$59.8 $58.6 
Unvested unit-based awards (1)0.7 0.9 
Total distributed earnings$60.5 $59.5 
Undistributed loss allocated to:
Common units$(45.4)$(1.3)
Unvested unit-based awards(0.6)— 
Total undistributed loss$(46.0)$(1.3)
Net income attributable to ENLC allocated to:
Common units$14.4 $57.3 
Unvested unit-based awards0.1 0.9 
Total net income attributable to ENLC$14.5 $58.2 
Net income attributable to ENLC per unit:
Basic$0.03 $0.12 
Diluted$0.03 $0.12 
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(1)Represents distribution activity consistent with the distribution activity table below.

The following are the unit amounts used to compute the basic and diluted earnings per unit for the periods presented (in millions):
Three Months Ended
March 31,
20242023
Basic weighted average units outstanding:
Weighted average common units outstanding451.3 468.9 
Diluted weighted average units outstanding:
Weighted average basic common units outstanding451.3 468.9 
Dilutive effect of unvested restricted units2.9 4.4 
Total weighted average diluted common units outstanding454.2 473.3 

All outstanding units were included in the computation of diluted earnings per unit and weighted based on the number of days such units were outstanding during the period presented.
c.Distributions

A summary of our distribution activity related to the ENLC common units for the three months ended March 31, 2024 and 2023, respectively, is provided below:
Declaration periodDistribution/unitDate paid/payable
2024
Fourth Quarter of 2023$0.1325 February 9, 2024
First Quarter of 2024$0.1325 May 14, 2024
2023
Fourth Quarter of 2022$0.1250 February 13, 2023
First Quarter of 2023$0.1250 May 12, 2023