Equity-based Awards (Tables)

3 Months Ended

Mar. 31, 2015

Equity-based Awards [Abstract]

Equity-based Award Expense

An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA.  The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:

	For the Three Months Ended March 31,
	2015		2014
Equity-classified awards:
Restricted common unit awards	$	6.1	$	11.6
Phantom unit awards		17.2		5.8
Liability-classified awards		0.1		0.1
Total	$	23.4	$	17.5

Restricted Common Unit Awards

The following table presents information regarding restricted common unit awards for the period indicated:

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Restricted common units at December 31, 2014		4,229,790		$	26.96
Vested		(1,852,746	)	$	25.89
Forfeited		(84,700	)	$	27.16
Restricted common units at March 31, 2015		2,292,344		$	27.82
(1)    Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

Cash Distributions and Total Intrinsic Value of Restricted Common Unit Awards

The following table presents supplemental information regarding our restricted common unit awards for the periods indicated:

	For the Three Months Ended March 31,
	2015			2014
Cash distributions paid to restricted common unitholders		$	1.5		$	2.5
Total intrinsic value of restricted common unit awards that vested during period		$	62.4		$	81.4

Unit Option Awards

The following table presents unit option award activity for the period indicated:

	Number of Units (1)			Weighted- Average Strike Price (dollars/unit)		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (2)
Unit option awards at December 31, 2014		1,270,000		$	16.14
Exercised		(940,000	)	$	16.14
Unit option awards at March 31, 2015		330,000		$	16.14		0.8	$	5.5
(1)All of the unit option awards outstanding at March 31, 2015 were exercisable. None of the unit option awards outstanding at December 31, 2014 were exercisable. (2)   Aggregate intrinsic value reflects fully vested unit option awards at the dates indicated.

Supplemental Information Regarding Unit Option Awards

The following table presents supplemental information regarding unit option awards during the periods indicated:

	For the Three Months Ended March 31,
	2015			2014
Total intrinsic value of unit option awards exercised during period		$	17.4		$	54.7
Cash received from EPCO in connection with the exercise of unit option awards			10.1			31.8
Unit option award-related cash reimbursements to EPCO			17.4			54.7

Phantom Unit Awards

The following table presents phantom unit award activity for the period indicated:

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2014		3,342,390		$	33.13
Granted (2)		3,446,240		$	34.05
Vested		(786,890	)	$	33.04
Forfeited		(78,204	)	$	33.16
Phantom unit awards at March 31, 2015		5,923,536		$	33.67
(1)    Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2)    The aggregate grant date fair value of phantom unit awards issued during 2015 was $117.3 million based on a grant date market price of our common units ranging from $34.04 to $34.40 per unit. An estimated annual forfeiture rate of 3.5% was applied to these awards.

Cash Distributions and Total Intrinsic Value of Phantom Unit Awards

The following table presents supplemental information regarding our phantom unit awards for the periods indicated:

	For the Three Months Ended March 31,
	2015			2014
Cash payments made in connection with DERs		$	1.2		$	--
Total intrinsic value of phantom unit awards that vested during period		$	26.6		$	--