Equity | Equity Units Outstanding - We had 43,383,594 common units outstanding as of June 30, 2015 . Of that number, 19,980,619 were owned by MPC, which also owned 36,951,515 subordinated units and the two percent general partner interest, represented by 1,639,492 general partner units. ATM Program - On May 18, 2015 , we filed a prospectus supplement to our shelf registration statement filed with the Securities and Exchange Commission on March 27, 2015, authorizing the continuous issuance of up to an aggregate of $500.0 million of common units, in amounts, at prices and on terms to be determined by market conditions and other factors at the time of our offerings (such continuous offering program, or at-the-market program, referred to as our “ATM Program”). We expect the net proceeds from sales under the ATM Program will be used for general partnership purposes. During the six months ended June 30, 2015 , we issued an aggregate of 25,166 common units under our ATM Program, generating net proceeds of approximately $1.3 million . The changes in the number of units outstanding from December 31, 2014 through June 30, 2015 are summarized below: (In units) Common Subordinated General Partner Total Balance at December 31, 2014 43,341,098 36,951,515 1,638,625 81,931,238 Unit-based compensation awards (1) 17,330 — 353 17,683 Issuance of units under the ATM program (2) 25,166 — 514 25,680 Balance at June 30, 2015 43,383,594 36,951,515 1,639,492 81,974,601 (1) As a result of the unit-based compensation awards issued during the period, MPLX GP contributed less than $0.1 million in exchange for 353 general partner units to maintain its two percent general partner interest. (2) As a result of common units issued under the ATM program during the period, MPLX GP contributed less than $0.1 million in exchange for 514 general partner units to maintain its two percent general partner interest. Issuance of Additional Securities - Our partnership agreement authorizes us to issue an unlimited number of additional partnership securities for the consideration and on the terms and conditions determined by our general partner without the approval of the unitholders. Net Income Allocation - In preparing our consolidated statements of equity, net income attributable to MPLX LP is allocated to unitholders in accordance with their respective ownership percentages. However, when distributions related to the incentive distribution rights are made, earnings equal to the amount of those distributions are first allocated to the general partner before the remaining earnings are allocated to the unitholders based on their respective ownership percentages. The following table presents the allocation of the general partner’s interest in net income attributable to MPLX LP: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Net income attributable to MPLX LP $ 51.2 $ 28.8 $ 96.8 $ 63.0 Less: General partner's incentive distribution rights and other 5.8 0.6 9.0 0.9 Net income attributable to MPLX LP available to general and limited partners $ 45.4 $ 28.2 $ 87.8 $ 62.1 General partner's two percent interest in net income attributable to MPLX LP $ 1.0 $ 0.6 $ 1.8 $ 1.3 General partner's incentive distribution rights and other 5.8 0.6 9.0 0.9 General partner's interest in net income attributable to MPLX LP $ 6.8 $ 1.2 $ 10.8 $ 2.2 Cash distributions - Our partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the common and subordinated unitholders and general partner will receive. In accordance with our partnership agreement, on July 21, 2015 , we declared a quarterly cash distribution of $0.44 per unit, totaling $41.6 million . This distribution will be paid on August 14, 2015 to unitholders of record on August 4, 2015 . The allocation of total quarterly cash distributions to general and limited partners is as follows for the three and six months ended June 30, 2015 and 2014 . Our distributions are declared subsequent to quarter end; therefore, the following table represents total cash distributions applicable to the period in which the distributions were earned. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 General partner's distributions: General partner's distributions $ 0.8 $ 0.5 $ 1.5 $ 1.0 General partner's incentive distribution rights distributions 5.5 0.6 8.7 0.9 Total general partner's distributions $ 6.3 $ 1.1 $ 10.2 $ 1.9 Limited partners' distributions: Common unitholders $ 19.1 $ 12.7 $ 36.9 $ 24.8 Subordinated unitholders 16.2 12.7 31.4 24.8 Total limited partners' distributions 35.3 25.4 68.3 49.6 Total cash distributions declared $ 41.6 $ 26.5 $ 78.5 $ 51.5 |