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, 2012 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||Six Months Ended|
|June 30,||June 30,|
|Cost of sales||4,673,899||3,825,388||10,167,237||7,745,550|
|Costs and operating expenses:|
|Selling, general and administrative expenses||27,077||24,036||53,837||46,503|
|Total costs and operating expenses||80,121||63,462||154,597||110,861|
|Income before income tax benefit||8,712||18,065||21,172||16,665|
|Income tax benefit||-||450||1,875||450|
|Net (income) loss attributable to noncontrolling interest||(18||)||-||472||-|
|Net income attributable to Global Partners LP||8,694||18,515||23,519||17,115|
Less: General partner's interest in net income, including incentive distribution rights (1)
|Limited partners' interest in net income||$||7,898||$||18,206||$||21,917||$||16,698|
|Basic net income per limited partner unit (2)||$||0.29||$||0.67||$||0.80||$||0.66|
|Diluted net income per limited partner unit (2)||$||0.29||$||0.66||$||0.80||$||0.65|
|Basic weighted average limited partner units outstanding||27,394||27,376||27,358||25,466|
|Diluted weighted average limited partner units outstanding||27,491||27,549||27,454||25,638|
(1) Calculation includes the effect of the March 1, 2012 issuance of 5,850,000 common units in connection with the acquisition of Alliance. As a result, the general partner interest was 0.83% for the three months ended June 30, 2013 and 2012 and for the six months ended June 30, 2013 and, based on a weighted average, 0.95% for the six months ended June 30, 2012.