Company: BSM
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022559
Chunk: 67

Company: Black Stone Minerals, L.P.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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 redemption are outside the control of the Partnership.

NOTE 10 - EARNINGS PER UNIT    

The Partnership applies the two-class method for purposes of calculating earnings per unit (“EPU”). The holders of the Partnership’s restricted common units have all the rights of a unitholder, including non-forfeitable distribution rights. As participating securities, the restricted common units are included in the calculation of basic earnings per unit. For the periods presented, the amount of earnings allocated to these participating units was not material. Net income (loss) attributable to the Partnership is allocated to the Partnership’s general partner and the common unitholders in proportion to their pro rata ownership after giving effect to distributions, if any, declared during the period.The Partnership assesses the Series B cumulative convertible preferred units on an as-converted basis for the purpose of calculating diluted EPU. The Partnership’s restricted performance unit awards are contingently issuable units that are considered in the calculation of diluted EPU. The Partnership assesses the number of units that would be issuable, if any, under the terms of the arrangement if the end of the reporting period were the end of the contingency period. 

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BLACK STONE MINERALS, L.P. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table sets forth the computation of basic and diluted earnings per common unit: Three Months Ended March 31, 20252024 (in thousands, except per unit amounts)NET INCOME (LOSS)$15,948 $63,927 Distributions on Series B cumulative convertible preferred units(7,366)(7,367)NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS$8,582 $56,560 ALLOCATION OF NET INCOME (LOSS):  General partner interest$— $— Common units8,582 56,560  $8,582 $56,560 NUMERATOR:Numerator for basic EPU - Net income (loss) attributable to common unitholders$8,582 $56,560 Effect of dilutive securities— — Numerator for diluted EPU - Net income (loss) attributable to common unitholders after the effect of dilutive securities$8,582 $56,560 DENOMINATOR:Denominator for basic EPU - weighted average common units outstanding (basic