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(unaudited) (millions of dollars except per common unit amounts)

Three months ended
March 31

 

2017

2016

Net income

 75

73

Net income attributable to controlling interests

75

73

 Net income per common unit - basic and diluted (a)

 $1.05

$1.10

     
Cash distributions paid

(68)

(60)

Class B distribution paid

(22)

(12)

Cash distribution declared per common unit

$0.94

$0.89

     
Earnings before interest, taxes, depreciation and amortization (EBITDA)(b)

113

111

Distributable cash flow(b)

92

95

 

 

 

Weighted average common units outstanding - basic and diluted (millions)(c)

68.3

64.4

Common units outstanding, end of period (millions)(c)

68.6

64.7


(a) Net income per common unit is computed by dividing net income attributable to controlling interests, after deduction of amounts attributable to the General Partner and Class B units, by the weighted average number of common units outstanding.  Refer to the Financial Summary-Consolidated Statements of Income section of the May 4, 2017 News Release entitled 'TC PipeLines, LP Announces 2017 First Quarter Financial Results and Agreement to Acquire Interests in Iroquois and PNGTS.'

 (b) EBITDA and Distributable cash flow are non-GAAP financial measures.  For further detail, refer to the description of EBITDA and Distributable cash flow in the section entitled 'Non-GAAP Measures' and the Supplemental Schedule in the May 4, 2017 News Release entitled 'TC PipeLines, LP Announces 2017 First Quarter Financial Results and Agreement to Acquire Interests in Iroquois and PNGTS.'
 
 (c) Under the ATM program, the Partnership issued 1,197,749 units during the period ended March 31, 2017.