With a strong season behind them, Cedar Fair Entertainment Co. is boosting its cash distribution to partners.

Cedar Fair reported net income of $140.7 million, or $2.53 per diluted limited partner unit, for the third quarter of 2012. That’s down slightly from the $152.2 million, or $2.75 per LP unit, reported for the same quarter last year.

For the first nine months of 2012, the Sandusky, Ohio-based company — which owns and operates Kings Island in Mason and Cedar Point in Sandusky — reported net income of $111.6 million, or $2.01 per LP unit, up from $71.6 million, or $1.29 per LP unit, at the same point in 2011.

Cedar Fair also announced a sizable increase in its 2013 annual distribution rate, from $1.60 per LP unit this year to $2.50 per LP unit in 2013.

“As we are on pace for a third straight year of record results, our cash flow is more than sufficient to cover this increased distribution rate, while we also steadily pay down debt and strategically invest in our business,” Matt Ouimet, Cedar Fair president and chief executive, said in a statement.

The increase in income and revenues was attributed to “the strength of the company’s operations combined with a 1 percent increase in the number of operating days in the period,” the company said.

The first quarterly distribution rate will be paid on March 15, the company said.

Last week, the company announced plans to build a new coaster at Cedar Point called “GateKeeper.” Cedar Fair said the coaster “will soar across the park’s front gate” with the longest drop of any wing roller coaster in the world, 164 feet.

Kings Island opened in 1972. Cedar Fair acquired the park in June 2006 and today owns 11 amusement parks, five outdoor water parks, one indoor water park and five hotels.

The company’s stock (NYSE: FUN) was up $1.05 in early afternoon trading, hitting $36.85.