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Equity-based Awards (Tables) | 6 Months Ended
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Jun. 30, 2013
Equity-based Awards [Abstract] |
Equity-based Award Expense | An allocated portion of the fair value of EPCO's equity-based awards is charged to us under the ASA. The following table summarizes the compensation expense we recognized in connection with equity-based awards for the periods indicated:
|  | For the Three Months |  |  | For the Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Restricted common unit awards |  | $ | 18.3 |  |  | $ | 15.7 |  |  | $ | 34.9 |  |  | $ | 30.5 |
Unit option awards |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.6 |  |  |  | 1.0 |
Other (1) |  |  | 0.1 |  |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 1.4 |
Total |  | $ | 18.6 |  |  | $ | 16.5 |  |  | $ | 35.8 |  |  | $ | 32.9 |
(1) Primarily represents expense associated with unit appreciation rights ("UARs"), phantom units and similar awards. |
Restricted Common Unit Awards | The following table presents information regarding restricted common unit awards for the period indicated:
|  | Number of Units |  |  | Weighted- Average Grant Date Fair Value per Unit (1) |
Restricted common units at December 31, 2012 |  |  | 3,893,486 |  |  | $ | 40.87 |
Granted (2,3) |  |  | 1,748,476 |  |  | $ | 57.15 |
Vested (3) |  |  | (1,830,010 | ) |  | $ | 34.71 |
Forfeited |  |  | (120,882 | ) |  | $ | 45.98 |
Restricted common units at June 30, 2013 |  |  | 3,691,070 |  |  | $ | 51.46 |
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. (2) The aggregate grant date fair value of restricted common unit awards issued during 2013 was $99.9 million based on a grant date market price of our common units ranging from $57.11 to $59.74 per unit. An estimated annual forfeiture rate of 3.9% was applied to these awards. (3) Includes awards granted to the independent directors of the board of directors of Enterprise GP as part of their annual compensation for 2013. A total of 9,296 restricted common unit awards were issued to the independent directors of Enterprise GP, which immediately vested upon issuance. |
Cash Distributions and Total Intrinsic Value of Restricted Common Units | The following table presents supplemental information regarding restricted common unit awards for the periods indicated:
|  | For the Three Months |  |  | For the Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Cash distributions paid to restricted common unitholders |  | $ | 3.0 |  |  | $ | 3.0 |  |  | $ | 5.6 |  |  | $ | 5.4 |
Total intrinsic value of restricted common unit awards that vested during period |  |  | 54.0 |  |  |  | 30.1 |  |  |  | 106.4 |  |  |  | 62.7 |
Unit Option Activity | The fair value of each unit option award is estimated on the date of grant using a Black-Scholes option pricing model. Compensation expense recorded in connection with unit option awards is based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period. The following table presents unit option award activity for the period indicated:
|  | Number of Units |  |  | Weighted- Average Strike Price (dollars/unit) |  |  | Weighted- Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (1) |
Unit option awards at December 31, 2012 |  |  | 2,761,140 |  |  | $ | 27.41 |  |  |  | 2.0 |  |  | $ | 13.0 |
Exercised |  |  | (736,140 | ) |  | $ | 29.95 |  |  |  |  |  |  |  |  |
Unit option awards at June 30, 2013 |  |  | 2,025,000 |  |  | $ | 26.49 |  |  |  | 1.8 |  |  | $ | 51.4 |
Options exercisable at June 30, 2013 |  |  | -- |  |  | $ | -- |  |  |  | -- |  |  | $ | -- |
(1) Aggregate intrinsic value reflects fully vested unit option awards at the date indicated. |
Supplemental Information Regarding Unit Options | The following table presents supplemental information regarding unit option awards during the periods indicated:
|  | For the Three Months |  |  | For the Six Months |
|  | Ended June 30, |  |  | Ended June 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Total intrinsic value of unit option awards exercised during period |  | $ | 3.4 |  |  | $ | -- |  |  | $ | 19.8 |  |  | $ | 14.0 |
Cash received from EPCO in connection with the exercise of unit option awards |  |  | 2.0 |  |  |  | -- |  |  |  | 11.5 |  |  |  | 10.2 |
Unit option award-related cash reimbursements to EPCO |  |  | 3.4 |  |  |  | -- |  |  |  | 19.8 |  |  |  | 14.0 |

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- Definition Tabular disclosure of the amount of cash proceeds received from the exercise of stock options and similar instruments granted under share-based payment arrangements and the tax benefit realized from stock options exercised during the period. Disclosure may also include the intrinsic value of stock options exercised during the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value. + References No definition available. + Details
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