10. Equity compensation plans

Long‑term incentive plan (“LTIP”)

The following table summarizes the changes in outstanding LTIP notional units during the three months ended March 31, 2016:


		Grant Date
		Weighted-Average
	Units	Fair Value per Unit
Outstanding at December 31, 2015	1,298,401	$	2.88
Granted	1,594,954		1.81
Vested and redeemed	(697,742)		2.92
Forfeitures	(7,431)		2.71
Outstanding at March 31, 2016	2,188,182	$	2.08

Certain awards have a market condition based on our total shareholder return during the performance period as compared to a group of peer companies and, in some cases, Project Adjusted EBITDA per common share compared to budget. Compensation expense for notional units granted is recorded net of estimated forfeitures. See Note 16 to the consolidated financial statements in our Annual Report on Form 10‑K for the year ended December 31, 2015 for further details. Cash payments made for vested notional units for the three months ended March 31, 2016 and 2015 were $0.1 million and $0.2 million, respectively. Compensation expense for LTIP was $0.2 million and $0.4 million for the three months ended March 31, 2016 and 2015, respectively.

Transition Equity Participation Agreement

We also have 539,904 transition notional shares outstanding at March 31, 2016 under the Transition Equity Participation Agreement with James J. Moore, Jr. Fifty percent of the transition notional shares granted with respect to fiscal year 2015 will vest upon the four-year anniversary of the date of grant and the remaining portion will vest on or any time after the two-year anniversary of the grant if the weighted average Canadian dollar closing price of our common shares on the TSX for at least three consecutive calendar months has exceeded the market price per common share determined as of January 22, 2015 ($2.58) by at least 50%.