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, | | 2025 | | 2024 | | 2025 | | 2024 | | (in millions, except units and per unit amounts) | | Net income | $ | 137 | | | $ | 2 | | | $ | 430 | | | $ | 733 | | | Less: | | | | | | | | | Net income attributable to noncontrolling interests | — | | | — | | | — | | | 8 | | Incentive distribution rights | 43 | | | 36 | | | 122 | | | 108 | | Distributions on unvested phantom unit awards | 2 | | | 1 | | | 5 | | | 4 | | | Net income attributable to Series A Preferred Units | 4 | | | — | | | 4 | | | — | | | | | | | | | | Common unitholders’ interest in net income (loss) | $ | 88 | | | $ | (35) | | | $ | 299 | | | $ | 613 | | | | | | | | | | | Weighted average common units outstanding: | | | | | | | | Basic | 136,604,533 | | | 135,998,435 | | | 136,436,142 | | | 112,650,388 | | Dilutive effect of unvested phantom unit awards(1) | 742,399 | | | 845,877 | | | 699,232 | | | 816,476 | | Diluted | 137,346,932 | | | 136,844,312 | | | 137,135,374 | | | 113,466,864 | | | | | | | | | | | Net income (loss) per common unit: | | | | | | | | Basic | $ | 0.64 | | | $ | (0.26) | | | $ | 2.19 | | | $ | 5.44 | | Diluted | $ | 0.64 | | | $ | (0.26) | | | $ | 2.18 | | | $ | 5.40 | |
(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.
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