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Common Unit Repurchase and Retirement | 6 Months Ended
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Mar. 31, 2014
Common Unit Repurchase and Retirement | 3) Common Unit Repurchase and Retirement In July 2012, the Star Board of Directors (“the Board”) authorized the repurchase of up to 3.0 million of the Partnership’s Common Units (“Plan III”). In July 2013, the Board authorized the repurchase of an additional 1.9 million Common Units under Plan III. The authorized Common Unit repurchases may be made from time-to-time in the open market, in privately negotiated transactions or in such other manner deemed appropriate by management. There is no guarantee of the exact number of units that will be purchased under the program and the Partnership may discontinue purchases at any time. The program does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Partnership’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased in the repurchase program will be retired. Under the Partnership’s second amended and restated credit agreement dated January 14, 2014, in order to repurchase Common Units we must maintain Availability (as defined in the second amended and restated credit facility agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase. The Partnership was in compliance with this covenant (or the equivalent covenant under the credit agreement then in effect) for all unit repurchases made during the six months ended March 31, 2014. The following table shows repurchases under Plan III.
(in thousands, except per unit amounts) |
Period |  | Total Number of Units Purchased (a) |  |  | Average Price Paid per Unit (b) |  |  | Maximum Number of Units that May Yet Be Purchased |
Plan III - Number of units authorized |  |  |  |  |  |  |  |  |  |  | 4,894 |
Private transaction - Number of units authorized (c) |  |  |  |  |  |  |  |  |  |  | 1,150 |
|  |  |  |  |  |  |  |  |  |  | 6,044 |
Plan III - Fiscal year 2012 total |  |  | 22 |  |  | $ | 4.26 |  |  |  | 6,022 |
Plan III - Fiscal year 2013 total (c) |  |  | 3,284 |  |  | $ | 4.63 |  |  |  | 2,738 |
Plan III - First quarter fiscal year 2014 total (d) |  |  | 250 |  |  | $ | 5.20 |  |  |  | 2,488 |
Plan III - Second quarter fiscal year 2014 total |  |  | — |  |  | $ | — |  |  |  | 2,488 |
Plan III - Six months fiscal year 2014 total |  |  | 250 |  |  | $ | 5.20 |  |  |  |  |
(a) | Units were repurchased as part of a publicly announced program, except as noted in a private transaction.
(b) | Amounts include repurchase costs.
(c) | Fiscal year 2013 common unit repurchases include 1.15 million common units acquired in a private transaction.
(d) | First quarter fiscal year 2014 common unit repurchases were acquired in a private transaction.

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 272 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187171-122770 + Details
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