Equity-Based Compensation

9 Months Ended

Sep. 30, 2013

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 Consolidated Statements of Operations was as follows (in thousands):



	Three Months Ended				Nine Months Ended
	September 30, 2012		September 30, 2013		September 30, 2012		September 30, 2013
	Predecessor				Predecessor
Phantom common units	$	6	$	101	$	6	$	407
Predecessor allocated expense	241		—		810		—
SUSS allocated expense	—		445		—		944
Total equity-based compensation expense	$	247	$	546	$	816	$	1,351

Phantom Common Unit Awards

During the third quarter of 2013, 3,674 grants were issued. The fair value of each phantom unit on the grant date is based on 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 over a one to three-year period and employee awards vest ratably over a two to five-year service period. The fair value of nonvested service phantom units outstanding as of September 30, 2013, totaled $0.9 million which will be amortized to expense over the requisite service period.

A summary of our phantom unit award activity is set forth below:



	Number of Phantom Common Units		Weighted-Average Grant Date Fair Value
Nonvested at December 31, 2011	—		$	—
Granted	32,500		18.93
Nonvested at December 31, 2012	32,500		18.93
Granted	15,813		27.15
Vested	(7,834	)	19.12
Nonvested at September 30, 2013	40,479		$	22.10

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details