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Equity-Based Awards (Tables) | 6 Months Ended
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Jun. 30, 2021
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, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Equity-classified awards: |  |  |  |  |  |  |  |  |  |  |  |
Phantom unit awards |  | $ | 38.0 |  |  | $ | 39.6 |  |  | $ | 76.0 |  |  | $ | 75.8 |
Profits interest awards |  |  | 3.0 |  |  |  | 2.1 |  |  |  | 4.1 |  |  |  | 5.0 |
Liability-classified awards |  |  | 0.1 |  |  |  | – |  |  |  | 0.1 |  |  |  | – |
Total |  | $ | 41.1 |  |  | $ | 41.7 |  |  | $ | 80.2 |  |  | $ | 80.8 |
Other Share-based Compensation Plans | Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). 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, 2020 |  |  | 15,669,442 |  |  | $ | 26.76 |
Granted (2) |  |  | 7,700,645 |  |  | $ | 21.30 |
Vested |  |  | (5,417,475 | ) |  | $ | 27.06 |
Forfeited |  |  | (254,633 | ) |  | $ | 24.77 |
Phantom unit awards at June 30, 2021 |  |  | 17,697,979 |  |  | $ | 24.32 |
(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 2021 was $164.0 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $21.44 per unit. An estimated annual forfeiture rate of 2.0% was applied to these 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, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cash payments made in connection with DERs |  | $ | 8.2 |  |  | $ | 7.1 |  |  | $ | 15.2 |  |  | $ | 12.9 |
Total intrinsic value of phantom unit awards that vested during period |  |  | 6.4 |  |  |  | 2.2 |  |  |  | 119.1 |  |  |  | 111.4 |

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