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Omnibus Incentive Compensation Plan
 6 Months Ended
Jun. 30, 2016
Omnibus Incentive Compensation Plan [Abstract]  
Omnibus Incentive Compensation Plan
9.
        Omnibus Incentive Compensation Plan
On April 29, 2008, the board of directors approved the Partnership's Plan according to which the Partnership may issue a limited number of awards, not to exceed 500,000 units. The Plan was amended on July 22, 2010 increasing the aggregate number of restricted units issuable under the Plan to 800,000 which was then increased to 1,650,000 common units on August 21, 2014, at the annual general meeting of the Partnership's unit holders. The Plan is administered by the general partner as authorized by the board of directors. The persons eligible to receive awards under the Plan are officers, directors, and executive, managerial, administrative and professional employees of the Manager, or CMTC, or other eligible persons (collectively, “key persons”) as the general partner, in its sole discretion, shall select based upon such factors as it deems relevant. Members of the board of directors and officers of the general partner are considered to be employees of the Partnership (“Employees”) for the purposes of recognition of equity compensation expense, while employees of the Manager, CMTC and other eligible persons under the plan are not considered to be employees of the Partnership (“Non-Employees”). Awards may be made under the Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.
On December 23, 2015 the Partnership awarded 240,000 and 610,000 unvested units to Employees and Non-Employees, respectively. Awards granted to certain Employees and Non-Employees will vest in three equal annual instalments. The remaining awards will vest on December 31, 2018.
All unvested units are conditional upon the grantee's continued service as Employee and/or Non-Employee until the applicable vesting date.
The unvested units accrued distributions as declared and paid which are retained by the custodian of the Plan until the vesting date at which they were payable to the grantee. As unvested unit grantees accrued distributions on awards that are expected to vest, such distributions are charged to Partners' capital. As of June 30, 2016 the unvested units accrued $266 of distributions.
The following table contains details of our plan:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Employee equity compensation
 
  
Non-Employee equity compensation
 
Unvested Units
  
Units
 
  
Grant-date fair
value
 
  
Units
 
  
Award-date fair
value
 
Unvested on January 1, 2016
  
 
 240,000  
  
  
$
1,325  
  
  
 
610,000  
  
  
$
3,367  
  
Vested
  
 
-
 
 
 
-
 
 
 
-
 
 
 
-
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Unvested on June 30, 2016
  
 
240,000
  
  
$
1,325
  
  
 
610,000
  
  
$
3,367
  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
For the six month periods ended June 30, 2016 and 2015 the equity compensation expense that has been charged in the unaudited condensed consolidated statements of comprehensive income was $219, $0 for the Employee awards and $306, $0 for the Non-Employee awards, respectively. This expense has been included in general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income.
As of June 30, 2016 the total compensation cost related to non vested awards is $2,584 and is expected to be recognized over a weighted average period of 2.5 years. The Partnership uses the straight-line method to recognize the cost of the awards.