How is loot from monster drops distributed in a party? Does everyone get the full loot or is it split between the party members?

The reason why i ask is this: I was farming some aldgoat skin to raise leatherworking. Of course, i wasn't the only one to do so, which ended in a competition for the goats. If you form a party with someone else killing the goats, does everyone get as much loot per goat as if he was alone, or does everyone only get half as much? So would it be beneficial for both to group up, or only for the one who is slower at killing them?