Partners' Deficit | 7. PARTNERS’ DEFICIT Changes in partners’ deficit are as follows (in thousands): Limited Partners Common Units- Public Common Units- Green Plains General Partner Total Balance, December 31, 2019 $ 114,006 $ ( 188,304 ) $ ( 1,449 ) $ ( 75,747 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,498 ) ( 5,504 ) ( 278 ) ( 11,280 ) Net income 5,078 5,084 207 10,369 Unit-based compensation, including general partner net contributions 79 - - 79 Balance, March 31, 2020 113,665 ( 188,724 ) ( 1,520 ) ( 76,579 ) Quarterly cash distributions to unitholders ($ 0.12 per unit) ( 1,389 ) ( 1,390 ) ( 57 ) ( 2,836 ) Net income 4,987 4,993 204 10,184 Unit-based compensation, including general partner net contributions 79 - - 79 Balance, June 30, 2020 117,342 ( 185,121 ) ( 1,373 ) ( 69,152 ) Quarterly cash distributions to unitholders ($ 0.12 per unit) ( 1,394 ) ( 1,391 ) ( 57 ) ( 2,842 ) Net income 5,058 5,042 206 10,306 Unit-based compensation, including general partner net contributions 81 - 7 88 Balance, September 30, 2020 $ 121,087 $ ( 181,470 ) $ ( 1,217 ) $ ( 61,600 ) Limited Partners Common Units- Public Common Units- Green Plains General Partner Total Balance, December 31, 2018 $ 115,352 $ ( 186,635 ) $ ( 1,171 ) $ ( 72,454 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,487 ) ( 5,504 ) ( 278 ) ( 11,269 ) Net income 5,014 5,029 205 10,248 Unit-based compensation, including general partner net contributions 79 - - 79 Balance, March 31, 2019 114,958 ( 187,110 ) ( 1,244 ) ( 73,396 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,487 ) ( 5,504 ) ( 278 ) ( 11,269 ) Net income 5,240 5,256 213 10,709 Unit-based compensation, including general partner net contributions 79 - - 79 Balance, June 30, 2019 114,790 ( 187,358 ) ( 1,309 ) ( 73,877 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,497 ) ( 5,504 ) ( 279 ) ( 11,280 ) Net income 4,961 4,968 203 10,132 Unit-based compensation, including general partner net contributions 81 - 6 87 Balance, September 30, 2019 $ 114,335 $ ( 187,894 ) $ ( 1,379 ) $ ( 74,938 ) A roll forward of the number of common limited partner units outstanding is as follows: Common Units- Common Units- Public Green Plains Total Units, December 31, 2019 11,574,003 11,586,548 23,160,551 Units issued under the LTIP 47,620 - 47,620 Units, September 30, 2020 11,621,623 11,586,548 23,208,171 Issuance of Additional Securities The partnership agreement authorizes the partnership to issue unlimited additional partnership interests on the terms and conditions determined by the general partner without unitholder approval. Cash Distribution Policy Quarterly distributions are made from available cash within 45 days after the end of each calendar quarter, assuming the partnership has available cash, up to an aggregate amount not to exceed $ 0.12 per outstanding unit, subject to the terms of the credit agreement which matures December 31, 2021. Available cash generally means all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner, including those for future capital expenditures, future acquisitions and anticipated future debt service requirements, plus all or any portion of the cash on hand resulting from working capital borrowings made subsequent to the end of that quarter. The general partner also holds incentive distribution rights that entitles it to receive increasing percentages, up to 48 %, of available cash distributed from operating surplus, as defined in the partnership agreement, in excess of $ 0.46 per unit per quarter. The maximum distribution of 48 % does not include any distributions the general partner or its affiliates may receive on its general partner interest or common units. On February 7, 2020 , the partnership distributed $ 11.3 million to unitholders of record as of January 31, 2020 , related to the quarterly cash distribution of $ 0.475 per unit that was declared on January 16, 2020 , for the quarter ended December 31, 2019. On May 8, 2020 , the partnership distributed $ 2.8 million to unitholders of record as of May 1, 2020 , related to the quarterly cash distribution of $ 0.12 per unit that was declared on April 16, 2020 , for the quarter ended March 31, 2020. On August 7, 2020 , the partnership distributed $ 2.8 million to unitholders of record as of July 31, 2020 , related to the quarterly cash distribution of $ 0.12 per unit that was declared on July 16, 2020 , for the quarter ended June 30, 2020. On October 15, 2020 , the board of directors of the general partner declared a quarterly cash distribution of $ 0.12 per unit, or approximately $ 2.8 million, for the quarter ended September 30, 2020. The distribution is payable on November 13, 2020 , to unitholders of record at the close of business on November 6, 2020 . The total cash distributions declared for the three and nine months ended September 30, 2020 and 2019, are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 General partner distributions $ 57 $ 226 $ 171 $ 677 Incentive distributions - 53 - 159 Total distributions to general partner 57 279 171 836 Limited partner common units - public 1,400 5,497 4,177 16,481 Limited partner common units - Green Plains 1,391 5,504 4,172 16,512 Total distributions to limited partners 2,791 11,001 8,349 32,993 Total distributions declared $ 2,848 $ 11,280 $ 8,520 $ 33,829 |