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Equity-based Awards (Tables)
 3 Months Ended
Mar. 31, 2016
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,
 
 
 
2016
  
2015
 
Equity-classified awards:
      
Phantom unit awards
 
$
19.4
  
$
17.2
 
Restricted common unit awards
  
2.2
   
6.1
 
    Profits interests awards
  
0.7
   
--
 
Liability-classified awards
  
0.1
   
0.1
 
Total
 
$
22.4
  
$
23.4
 
Other Share-based Compensation Plans
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, 2015
  
5,426,949
  
$
33.63
 
Granted (2)
  
4,467,730
  
$
21.86
 
Vested
  
(1,586,493
)
 
$
33.56
 
Forfeited
  
(41,673
)
 
$
31.11
 
Phantom unit awards at March 31, 2016
  
8,266,513
  
$
27.29
 
  
(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 2016 was $97.7 million based on a grant date market price of our common units of $21.86 per unit. An estimated annual forfeiture rate of 3.9% was applied to these awards.
 

The following table summarizes key elements of each Employee Partnership:

 
 
 
Employee
Partnership
Enterprise
Common Units
owned by
Employee
Partnership
Class A
Capital
     Base (1)
 
Class A
Partner
Preferred
Return
Rate (2)
 
Expected
Liquidation
Date
Estimated
Grant Date
Fair Value of
Profits Interest
  Awards (3)
Unrecognized
Compensation
  Cost (4)
               
EPD PubCo I
2,723,052 units
$63.5 million
  
6.6638
%
Feb. 2020
$13.2 million
$12.7 million
                
EPD PubCo II
2,834,198 units
$66.1 million
  
6.6638
%
Feb. 2021
$14.8 million
$14.3 million
                
EPD PrivCo I
1,111,438 units
$25.9 million
  
6.6638
%
Feb. 2021
$5.8 million
$1.2 million
 
(1)Represents the fair market value of the Enterprise common units contributed at the contribution date.
(2)For each period, the Class A Preference Return equals the Class A Capital Base, after adjusting for certain retained cash distributions and other amounts as defined in the underlying agreements, multiplied by 6.6638% divided by 365 or 366 days, as the case may be during such calendar year, multiplied by the number of days in the applicable period.
(3)Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates.
(4)Represents our expected share of the unrecognized compensation cost at March 31, 2016. We expect to recognize our share of the unrecognized compensation cost for EPD PubCo I, EPD PubCo II and EPD PrivCo I over a weighted-average period of 3.9 years, 4.9 years and 4.9 years, respectively.

The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model to derive that portion of the estimated grant date fair value of the profits interest awards for each Employee Partnership:

 
Expected
Risk-Free
Expected
Expected Unit
Employee
Life
Interest
Distribution
Price
Partnership
of Award
Rate
Yield
Volatility
EPD PubCo I
4.0 years
1.09%
6.68%
40%
EPD PubCo II
5.0 years
1.25%
6.68%
40%
EPD PrivCo I
5.0 years
1.25%
6.68%
40%
Cash Distributions and Total Intrinsic Value of Phantom Unit Awards
The following table presents supplemental information regarding phantom unit awards for the periods indicated:

 
 
For the Three Months
Ended March 31,
 
 
 
2016
  
2015
 
Cash payments made in connection with DERs
 
$
2.0
  
$
1.2
 
Total intrinsic value of phantom unit awards that vested during period
 
$
36.3
  
$
26.6
 
Restricted Common Unit Awards
The following table presents restricted common unit award activity for the period indicated:

 
 
Number of
Units
  
Weighted-
Average Grant
Date Fair Value
per Unit (1)
 
Restricted common units at December 31, 2015
  
1,960,520
  
$
27.88
 
Vested
  
(1,167,578
)
 
$
27.39
 
Forfeited
  
(9,350
)
 
$
28.32
 
Restricted common units at March 31, 2016
  
783,592
  
$
28.60
 
  
(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 restricted common unit awards for the periods indicated:

 
For the Three Months
Ended March 31,
 
 
2016
 
2015
 
Cash distributions paid to restricted common unitholders
 
$
0.8
  
$
1.5
 
Total intrinsic value of restricted common unit awards that vested during period
 
$
26.8
  
$
62.4
 
Supplemental Information Regarding Unit Option Awards
The following table presents supplemental information regarding unit option awards during the three months ended March 31, 2015:

Total intrinsic value of unit option awards exercised during period
 
$
17.4
 
Cash received from EPCO in connection with the exercise of unit option awards
  
10.1
 
Unit option award-related cash reimbursements to EPCO
  
17.4