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Equity-based Awards (Tables) | 6 Months Ended
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Jun. 30, 2016
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 compensation expense we recognized in connection with equity-based awards for the periods indicated:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Equity-classified awards: |  |  |  |  |  |  |  |  |  |  |  |
Phantom unit awards |  | $ | 19.3 |  |  | $ | 22.7 |  |  | $ | 38.7 |  |  | $ | 39.9 |
Restricted common unit awards |  |  | 0.7 |  |  |  | 3.9 |  |  |  | 2.9 |  |  |  | 10.0 |
Profits interest awards |  |  | 1.6 |  |  |  | -- |  |  |  | 2.3 |  |  |  | -- |
Liability-classified awards |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.2 |
Total |  | $ | 21.8 |  |  | $ | 26.7 |  |  | $ | 44.2 |  |  | $ | 50.1 |
Other Share-based Compensation Plans | The following table presents phantom unit award activity for the period indicated:
|  | Number of Units |  |  | Weighted- Average Grant Date Fair Value per Unit (1) |
Phantom unit awards at December 31, 2015 |  |  | 5,426,949 |  |  | $ | 33.63 |
Granted (2) |  |  | 4,471,760 |  |  | $ | 21.86 |
Vested |  |  | (1,616,568 | ) |  | $ | 33.46 |
Forfeited |  |  | (267,309 | ) |  | $ | 28.75 |
Phantom unit awards at June 30, 2016 |  |  | 8,014,832 |  |  | $ | 27.26 |
(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 phantom unit awards issued during 2016 was $97.8 million based on grant date market prices of our common units ranging from $21.86 per unit to $25.46 per unit. An estimated annual forfeiture rate of 3.9% was applied to these awards. |
The following table summarizes key elements of each Employee Partnership:
Employee Partnership | Enterprise Common Units owned by Employee Partnership | Class A Capital Base (1) |  | Class A Partner Preferred Return Rate (2) |  | Expected Liquidation Date | Estimated Grant Date Fair Value of Profits Interest Awards (3) | Unrecognized Compensation Cost (4)
PubCo I | 2,723,052 units | $63.5 million |  | 6.6638% |  | Feb. 2020 | $13.2 million | $11.9 million
PubCo II | 2,834,198 units | $66.1 million |  | 6.6638% |  | Feb. 2021 | $14.8 million | $13.6 million
PubCo III | 105,000 units | $2.5 million |  | 6.5381% |  | Apr. 2020 | $0.5 million | $0.5 million
PrivCo I | 1,111,438 units | $25.9 million |  | 6.6638% |  | Feb. 2021 | $5.8 million | $1.1 million
(1)Represents fair market value of the Enterprise common units contributed to each Employee Partnership at the applicable contribution date. (2)For each period and Employee Partnership, the Class A Preference Return amount equals the Class A Capital Base, after adjusting for certain retained cash distributions and other amounts as defined in the underlying agreements, multiplied by the applicable Class A Partner Preferred Return Rate divided by 365 or 366 days, as the case may be during such calendar year, multiplied by the number of days in the applicable period. (3)Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. (4)Represents our expected share of the unrecognized compensation cost at June 30, 2016. We expect to recognize our share of the unrecognized compensation cost for PubCo I, PubCo II, PubCo III and PrivCo I over a weighted-average period of 3.6 years, 4.6 years, 3.8 years and 4.6 years, respectively.
The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model to derive that portion of the estimated grant date fair value of the profits interest awards for each Employee Partnership:
| Expected | Risk-Free | Expected | Expected Unit
Employee | Life | Interest | Distribution | Price
Partnership | of Award | Rate | Yield | Volatility
PubCo I | 4.0 years | 1.09% | 6.68% | 40%
PubCo II | 5.0 years | 1.25% | 6.68% | 40%
PubCo III | 4.0 years | 1.04% | 6.18% | 40%
PrivCo I | 5.0 years | 1.25% | 6.68% | 40%
Cash Distributions and Total Intrinsic Value of Phantom Unit Awards | The following table presents supplemental information regarding phantom unit awards for the periods indicated:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Cash payments made in connection with DERs |  | $ | 3.3 |  |  | $ | 2.2 |  |  | $ | 5.3 |  |  | $ | 3.4 |
Total intrinsic value of phantom unit awards that vested during period |  |  | 0.8 |  |  |  | 2.1 |  |  |  | 37.1 |  |  |  | 28.7 |
Restricted Common Unit Awards | The following table presents restricted common unit award activity for the period indicated:
|  | Number of Units |  |  | Weighted- Average Grant Date Fair Value per Unit (1) |
Restricted common units at December 31, 2015 |  |  | 1,960,520 |  |  | $ | 27.88 |
Vested |  |  | (1,188,428 | ) |  | $ | 27.42 |
Forfeited |  |  | (30,474 | ) |  | $ | 28.44 |
Restricted common units at June 30, 2016 |  |  | 741,618 |  |  | $ | 28.59 |
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued. |
Cash Distributions and Total Intrinsic Value of Restricted Common Unit Awards | The following table presents supplemental information regarding restricted common unit awards for the periods indicated:
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Cash distributions paid to restricted common unitholders |  | $ | 0.3 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | 2.4 |
Total intrinsic value of restricted common unit awards that vested during period |  |  | 0.5 |  |  |  | 3.0 |  |  |  | 27.3 |  |  |  | 65.4 |
Supplemental Information Regarding Unit Option Awards | The following table presents supplemental information regarding unit option awards during the periods indicated:
|  | For the Three Months Ended June 30, 2015 |  |  | For the Six Months Ended June 30, 2015 |
Total intrinsic value of unit option awards exercised during period |  | $ | 2.2 |  |  | $ | 19.6 |
Cash received from EPCO in connection with the exercise of unit option awards |  |  | 1.2 |  |  |  | 11.3 |
Unit option award-related cash reimbursements to EPCO |  |  | 2.2 |  |  |  | 19.6 |

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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 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F + 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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