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Equity-Based Awards (Tables) | 9 Months Ended
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Sep. 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 September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Equity-classified awards: |  |  |  |  |  |  |  |  |  |  |  |
Phantom unit awards |  | $ | 35.0 |  |  | $ | 37.3 |  |  | $ | 111.0 |  |  | $ | 113.1 |
Profits interest awards |  |  | 0.6 |  |  |  | 2.2 |  |  |  | 4.7 |  |  |  | 7.2 |
Liability-classified awards |  |  | – |  |  |  | – |  |  |  | 0.1 |  |  |  | – |
Total |  | $ | 35.6 |  |  | $ | 39.5 |  |  | $ | 115.8 |  |  | $ | 120.3 |
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) |  |  | 7,720,645 |  |  | $ | 21.30 |
Vested |  |  | (5,574,695 | ) |  | $ | 27.01 |
Forfeited |  |  | (514,907 | ) |  | $ | 24.48 |
Phantom unit awards at September 30, 2021 |  |  | 17,300,485 |  |  | $ | 24.31 |
(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 $164.4 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $22.05 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 September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cash payments made in connection with DERs |  | $ | 7.9 |  |  | $ | 7.1 |  |  | $ | 23.1 |  |  | $ | 20.0 |
Total intrinsic value of phantom unit awards that vested during period |  |  | 3.5 |  |  |  | 2.0 |  |  |  | 122.6 |  |  |  | 113.4 |

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