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Common Unit Repurchase And Retirement
12 Months Ended
Sep. 30, 2011
Common Unit Repurchase And Retirement [Abstract]  
Common Unit Repurchase And Retirement

2) Common Unit Repurchase and Retirement

On July 21, 2009, the Board of Directors of the Partnership's General Partner authorized the repurchase of up to 7.5 million of the Partnership's common units ("Plan I"). By the third fiscal quarter of 2010, all 7.5 million common units authorized for repurchase under the Plan I program were repurchased at an average price paid per unit of $4.04 and retired. The Partnership's repurchase activities took into account SEC safe harbor rules and guidance for issuer repurchases.

On July 19, 2010, the Board of Directors of the Partnership's General Partner authorized the repurchase of up to 7.0 million of the Partnership's common units ("Plan II"). 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. In order to facilitate the repurchase program, the Partnership entered into a prearranged unit repurchase plan under Rule 10b5-1 of the Securities Act of 1933, as amended, for up to 4.0 million common units with a third party broker. 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 Partnership's repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. As of September 30, 2011, 2.1 million common units authorized for repurchase under Plan II were repurchased at an average price paid per unit of $5.19.

 

(in thousands, except per unit amounts)

 

Period

   Total Number of Units
Purchased as Part of a

Publicly Announced Plan or
Program
    Average Price
Paid per Unit (b)
     Maximum Number of Units
that May Yet Be Purchased
Under the Plan II Program
 

Plan II - Number of units authorized

          7,000   
  

 

 

   

 

 

    

Plan II - Fiscal year 2010 total (a)

     1,197      $ 4.44         5,803   
  

 

 

   

 

 

    

Plan II - Fiscal year 2011 first quarter

     —        $ —           5,803   
  

 

 

   

 

 

    

Plan II - Fiscal year 2011 second quarter

     —        $ —           5,803   
  

 

 

   

 

 

    

Plan II - Fiscal year 2011 third quarter

     —        $ —           5,803   
  

 

 

   

 

 

    

Plan II - July 2011

     —        $ —           5,803   

Plan II - August 2011

     1,835 (c)    $ 5.22         3,968   

Plan II - September 2011

     273      $ 5.03         3,695   
  

 

 

   

 

 

    

Plan II - Fiscal year 2011 fourth quarter total

     2,108      $ 5.19         3,695   
  

 

 

   

 

 

    

Plan II - Fiscal year 2011 total

     2,108      $ 5.19         3,695   
  

 

 

   

 

 

    

(a) In fiscal year 2010 we also repurchased 6.9 million common units, concluding repurchase Plan I.
(b) Amounts include repurchase costs.
(c) August 2011 common unit repurchase include 1.5 million common units acquired in a private sale.