For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K for the year ended December 31, 2010 and subsequent filings the Partnership makes with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.
|GLOBAL PARTNERS LP|
|CONSOLIDATED STATEMENTS OF INCOME|
|(In thousands, except per unit data)|
|Three Months Ended||Twelve Months Ended|
|December 31,||December 31,|
|Cost of sales||4,047,246||2,703,380||14,626,131||7,634,841|
|Costs and operating expenses:|
|Selling, general and administrative expenses||21,520||18,348||78,605||66,063|
|Total costs and operating expenses||41,650||38,358||158,969||117,370|
|Income before income tax expense||10,117||5,552||19,420||27,038|
Income tax (expense) benefit
Less: General partner's interest in net income, including incentive distribution rights (1)
|Limited partners' interest in net income||$||9,820||$||5,780||$||18,668||$||26,361|
|Basic net income per limited partner unit (2)||$||0.46||$||0.32||$||0.88||$||1.61|
|Diluted net income per limited partner unit (2)||$||0.45||$||0.32||$||0.87||$||1.59|
|Basic weighted average limited partner units outstanding||21,550||17,896||21,280||16,346|
|Diluted weighted average limited partner units outstanding||21,723||18,147||21,474||16,597|
(1) For 2011, the calculation includes the effect of the public offerings in November 2010 and February 2011 and, as a result, the general partner's interest was reduced to 1.06% for the three months ended December 31, 2011 and, based on a weighted average, 1.09% for the twelve months ended December 31, 2011. For 2010, the calculation includes the effect of the public offerings in March 2010 and November 2010 and, as a result, the general partner's interest was reduced to 1.27% for the three months ended December 31, 2010 and, based on a weighted average, 1.53% for the twelve months ended December 31, 2010.