Equity | Equity We had 9,131,036 common limited partner units held by the public outstanding as of March 31, 2017 . Additionally, as of March 31, 2017 , Delek owned a 61.2% limited partner interest in us, consisting of 15,197,571 common limited partner units and a 94.9% interest in our general partner, which owns the entire 2.0% general partner interest consisting of 496,502 general partner units. Affiliates who are also members of our general partner's management and board of directors own the remaining 5.1% interest in our general partner. Equity Activity The table below summarizes the changes in the number of units outstanding from December 31, 2016 through March 31, 2017 . Common - Public Common - Delek General Partner Total Balance at December 31, 2016 9,263,415 15,065,192 496,502 24,825,109 Delek unit repurchases from public (132,379 ) 132,379 — — Balance at March 31, 2017 9,131,036 15,197,571 496,502 24,825,109 The summarized changes in the carrying amount of our equity from December 31, 2016 through March 31, 2017 are as follows (in thousands): Common - Public Common - Delek General Partner Total Balance at December 31, 2016 $ 188,013 $ (195,076 ) $ (6,221 ) $ (13,284 ) Cash distributions (6,291 ) (10,252 ) (3,994 ) (20,537 ) Sponsor contribution of fixed assets — 65 2 67 Net income attributable to partners 3,936 6,550 4,109 14,595 Unit-based compensation 154 257 (237 ) 174 Delek unit repurchases from public (4,037 ) 4,037 — — Balance at March 31, 2017 $ 181,775 $ (194,419 ) $ (6,341 ) $ (18,985 ) Allocations of Net Income Our Partnership Agreement contains provisions for the allocation of net income and loss to the unitholders and our general partner. For purposes of maintaining partner capital accounts, the Partnership Agreement specifies that items of income and loss shall be allocated among the partners in accordance with their respective percentage interest. Normal allocations according to percentage interests are made after giving effect to priority income allocations in an amount equal to incentive cash distributions allocated 100% to our general partner. The following table presents the allocation of the general partner's interest in net income (in thousands, except percentage of ownership interest): Three Months Ended March 31, 2017 2016 Net income attributable to partners $ 14,595 $ 15,448 Less: General partner's IDRs (3,895 ) (1,984 ) Net income available to partners $ 10,700 $ 13,464 General partner's ownership interest 2.0 % 2.0 % General partner's allocated interest in net income $ 214 $ 269 General partner's IDRs 3,895 1,984 Total general partner's interest in net income $ 4,109 $ 2,253 Incentive Distribution Rights The following table illustrates the percentage allocations of available cash from operating surplus between the unitholders and our general partner based on the specified target distribution levels. The amounts set forth under “Marginal Percentage Interest in Distributions” are the percentage interests of our general partner and our unitholders in any available cash from operating surplus that we distribute up to and including the corresponding amount in the column “Total Quarterly Distribution per Unit Target Amount.” The percentage interests shown for our unitholders and our general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests set forth below for our general partner include its 2.0% general partner interest and assume that (i) our general partner has contributed any additional capital necessary to maintain its 2.0% general partner interest, (ii) our general partner has not transferred its IDRs, and (iii) there are no arrearages on common units. Target Quarterly Distribution per Unit Marginal Percentage Interest in Distributions Target Amount Unitholders General Partner Minimum Quarterly Distribution $ 0.37500 98.0 % 2.0 % First Target Distribution above $ 0.37500 98.0 % 2.0 % up to $ 0.43125 Second Target Distribution above $ 0.43125 85.0 % 15.0 % up to $ 0.46875 Third Target Distribution above $ 0.46875 75.0 % 25.0 % up to $ 0.56250 Thereafter thereafter $ 0.56250 50.0 % 50.0 % Cash Distributions Our Partnership Agreement sets forth the calculation to be used to determine the amount and priority of available cash distributions that our limited partner unitholders and general partner will receive. Our distributions earned with respect to a given period are declared subsequent to quarter end. The table below summarizes the quarterly distributions related to our quarterly financial results: Quarter Ended Total Quarterly Distribution Per Limited Partner Unit Total Quarterly Distribution Per Limited Partner Unit, Annualized Total Cash Distribution, including general partner interest and IDRs (in thousands) Date of Distribution Unitholders Record Date March 31, 2016 $ 0.610 $ 2.44 $ 17,095 May 13, 2016 May 5, 2016 June 30, 2016 $ 0.630 $ 2.52 $ 18,085 August 12, 2016 August 5, 2016 September 30, 2016 $ 0.655 $ 2.62 $ 19,302 November 14, 2016 November 7, 2016 December 31, 2016 $ 0.680 $ 2.72 $ 20,537 February 14, 2017 February 3, 2017 March 31, 2017 $ 0.690 $ 2.76 $ 21,024 May 12, 2017 (1) May 5, 2017 (1) Expected date of distribution. The allocation of total quarterly cash distributions expected to be made on May 12, 2017 to general and limited partners for the three months ended March 31, 2017 and the allocation of total quarterly cash distributions for the three months ended March 31, 2016 are set forth in the table below. Distributions earned with respect to a given period are declared subsequent to quarter end. Therefore, the table below presents total cash distributions applicable to the period in which the distributions are earned (in thousands, except per unit amounts): Three Months Ended March 31, 2017 2016 General partner's distributions: General partner's distributions $ 342 $ 302 General partner's IDRs 3,895 1,984 Total general partner's distributions 4,237 2,286 Limited partners' distributions: Common 16,787 10,385 Subordinated — 4,424 Total limited partners' distributions 16,787 14,809 Total cash distributions $ 21,024 $ 17,095 Cash distributions per limited partner unit $ 0.690 $ 0.610 |