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Equity-Based Compensation
 9 Months Ended
Sep. 30, 2012
Share-based Compensation [Abstract]  
Share-Based Compensation
Equity-Based Compensation
Unit-based compensation expense related to the Partnership and stock-based compensation expense allocated to our Predecessor that was included in our condensed consolidated statements of operations was as follows (in thousands):
 
Three Months Ended
September 30, 2012
 
Nine Months Ended
September 30, 2012
 
2011
 
2012
 
2011
 
2012
 
Predecessor
 
 
 
Predecessor
 
 
Phantom common units
$
—

 
$
6

 
$
—

 
$
6

Predecessor allocated expense
206

 
241

 
587

 
810

Total equity-based compensation expense
$
206

 
$
247

 
$
587

 
$
816



Phantom Common Unit Awards. During the quarter, our general partner issued a total of 32,500 phantom unit awards to certain directors and employees under the 2012 LTIP in connection with the closing of the IPO. The fair value of each phantom unit on the grant date is equal to the market price of our common unit on that date. The estimated fair value of our phantom units is amortized over the vesting period using the straight-line method. Non-employee director awards vest at the end of a three-year period and employee awards vest ratably over a five-year service period. Total unrecognized compensation cost related to our nonvested phantom units totaled $0.7 million as of September 30, 2012, which is expected to be recognized over a weighted-average period of 3 years. The fair value of nonvested service phantom units outstanding as of September 30, 2012, totaled $0.8 million.
A summary of our phantom unit award activity for the nine months ended September 30, 2012, is set forth below:
 
Number of Phantom Common Units
 
Weighted-Average Grant Date Fair Value
Nonvested at January 1, 2012
—

 
—

Granted
32,500

 
23.09

Nonvested at September 30, 2012
32,500

 
23.09