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, 2011 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||5,012,385||4,047,246||17,292,509||14,626,131|
|Costs and operating expenses:|
|Selling, general and administrative expenses||30,855||21,520||101,463||78,605|
|Total costs and operating expenses||72,227||41,650||248,900||158,969|
|Income before income tax expense||24,084||10,117||48,320||19,420|
|Income tax expense||(1,349||)||(68||)||(1,577||)||(68||)|
Less: General partner's interest in net income, including incentive distribution rights (1)(2)
|Limited partners' interest in net income||$||22,256||$||9,820||$||45,531||$||18,668|
|Basic net income per limited partner unit (3)||$||0.81||$||0.46||$||1.73||$||0.88|
|Diluted net income per limited partner unit (3)||$||0.81||$||0.45||$||1.71||$||0.87|
|Basic weighted average limited partner units outstanding||27,311||21,550||26,393||21,280|
|Diluted weighted average limited partner units outstanding||27,487||21,723||26,567||21,474|
(1) Calculations for 2012 include the effect of the March 1, 2012 issuance of 5,850,000 common units in connection with the acquisition of Alliance Energy LLC. As a result, the general partner interest was reduced to 0.83% for the three months ended December 31, 2012 and, based on a weighted average, 0.86% for the twelve months ended December 31, 2012.