Equity-Based Awards (Tables)

3 Months Ended

Mar. 31, 2021

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,
	2021		2020
Equity-classified awards:
Phantom unit awards	$	38.0	$	36.2
Profits interest awards		1.1		2.9
Total	$	39.1	$	39.1

Other Share-based Compensation Plans

Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions).  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, 2020		15,669,442		$	26.76
Granted (2)		7,700,645		$	21.30
Vested		(5,141,095	)	$	27.19
Forfeited		(119,963	)	$	25.08
Phantom unit awards at March 31, 2021		18,109,029		$	24.32

(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 2021 was $164.0 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $21.44 per unit.  An estimated annual forfeiture rate of 2.0% was applied to these awards.

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,
	2021		2020
Cash payments made in connection with DERs	$	7.0	$	5.8
Total intrinsic value of phantom unit awards that vested during period		112.7		109.2