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Common Unit Repurchase and Retirement
9 Months Ended
Jun. 30, 2011
Common Unit Repurchase and Retirement  
Common Unit Repurchase and Retirement

2) Common Unit Repurchase and Retirement

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. All of the common units purchased in the repurchase program will be retired.

(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 (a)
     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

     1,197       $ 4.44         5,803   
                    

Plan II - First quarter fiscal year 2011 total

     —         $ —           5,803   
                    

Plan II - Second quarter fiscal year 2011 total

     —         $ —           5,803   
                    

Plan II - Third quarter fiscal year 2011 total

     —         $ —           5,803   
                    

(a) Amounts include repurchase costs.