Boardwalk Pipeline Partners, LP | 2013 | FY | 3

The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing basic and diluted net income per unit for the year ended December 31, 2013. Basic net income per unit is calculated based on the weighted average number of units outstanding for the period. Diluted net income per unit is calculated assuming that the class B units converted on the date that they became convertible, or July 1, 2013, (in millions, except per unit data):
 
Total
 
Common
Units
 
Class B
Units
 
General Partner and IDRs
Net income
$
250.2

 
 
 
 
 
 
Less: Net loss attributable to noncontrolling interests
(3.5
)
 
 
 
 
 
 
Net income attributable to controlling interests
253.7

 
 
 
 
 
 
Declared distribution
430.5

 
$
381.8

 
$
13.7

 
$
35.0

Assumed allocation of undistributed net loss - basic
(176.8
)
 
(160.5
)
 
(12.8
)
 
(3.5
)
Assumed allocation of net income attributable to limited
   partner unitholders and general partner - basic
$
253.7

 
$
221.3

 
$
0.9

 
$
31.5

Allocation for diluted earnings per unit
—

 
(4.6
)
 
4.6

 
—

Assumed allocation of net income attributable to limited
   partner unitholders and general partner - diluted
$
253.7

 
$
216.7

 
$
5.5

 
$
31.5

Weighted-average units outstanding - basic
 

 
220.5

 
17.6

 
 

Weighted-average units outstanding - diluted
 
 
226.8

 
11.3

 
 
Net income per unit - basic
 

 
$
1.00

 
$
0.05

 
 

Net income per unit - diluted
 
 
$
0.96

 
$
0.48

 
 

The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the year ended December 31, 2012, (in millions, except per unit data): 
 
Total
 
Common
Units
 
Class B
Units
 
General Partner and IDRs
Net income
$
306.0

 
 
 
 
 
 
Less: Net loss attributable to predecessor equity
(2.2
)
 
 
 
 
 
 
Net income attributable to controlling interests
308.2

 
 
 
 
 
 
Declared distribution
493.1

 
$
424.3

 
$
27.5

 
$
41.3

Assumed allocation of undistributed net loss
(184.9
)
 
(162.0
)
 
(19.2
)
 
(3.7
)
Assumed allocation of net income attributable to limited
   partner unitholders and general partner
$
308.2

 
$
262.3

 
$
8.3

 
$
37.6

Weighted-average units outstanding
 

 
191.9

 
22.9

 
 

Net income per unit
 

 
$
1.37

 
$
0.36

 
 


The following table provides a reconciliation of net income and the assumed allocation of net income to the common and class B units for purposes of computing net income per unit for the year ended December 31, 2011 (in millions, except per unit data):
 
 
Total
 
Common
Units
 
Class B
Units
 
General Partner and IDRs
Net income
$
217.0

 
 
 
 
 
 
Less: Net loss attributable to predecessor equity
(3.2
)
 
 
 
 
 
 
Net income attributable to controlling interests
220.2

 
 
 
 
 
 
Declared distribution
431.6

 
$
371.6

 
$
27.5

 
$
32.5

Assumed allocation of undistributed net loss
(211.4
)
 
(183.0
)
 
(24.2
)
 
(4.2
)
Assumed allocation of net income attributable to limited
   partner unitholders and general partner
$
220.2

 
$
188.6

 
$
3.3

 
$
28.3

Weighted-average units outstanding
 

 
173.3

 
22.9

 
 

Net income per unit
 

 
$
1.09

 
$
0.14

 
 

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