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Equity Plans
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Equity Plan Equity Plans
Long-term incentive awards are granted under the Crestwood LTIP in order to align the economic interests of key employees and directors with those of CEQP’s common unitholders and to provide an incentive for continuous employment. Long-term incentive compensation consist of grants of restricted, phantom and performance units which vest based upon continued service.

As of December 31, 2021 and 2020, we had total unamortized compensation expense of approximately $33.2 million and $29.7 million related to restricted, phantom, and performance units, which will be amortized during the next three years (or sooner in certain cases, which generally represents the original vesting period of these instruments), except for grants to non-employee directors of our general partner, which vest over one year. We recognized compensation expense of approximately $39.5 million, $35.1 million and $45.1 million under the Crestwood LTIP during the years ended December 31, 2021, 2020 and 2019, which is included in general and administrative expenses on our consolidated statements of operations. During the years ended December 31, 2021 and 2020, compensation expense includes approximately $4.4 million and $1.4 million related to equity awards under the Crestwood LTIP that was included in accrued expenses and other liabilities on our consolidated balance sheets. As of February 18, 2022, we had 2,530,862 units available for issuance under the Crestwood LTIP.

Restricted Units. The Crestwood LTIP permits grants of restricted units that are designed to provide an incentive for continuous employment to certain key employees. Restricted units vest over a three-year period following the grant date or, if earlier, upon change of control of Crestwood Equity’s general partner or due to death or disability of the employee.

Phantom Units. The Crestwood LTIP permits grants of phantom units that entitle the holder to receive upon vesting one CEQP common unit pursuant to the Crestwood LTIP and the Crestwood Equity Phantom Unit Agreement. The Crestwood Equity Phantom Unit Agreement provides for vesting to occur at the end of three years following the grant date or, if earlier, upon the named executive officer’s termination without cause or due to death or disability or the named executive officer’s resignation for employee cause (each, as defined in the Crestwood Equity Phantom Unit Agreement). In addition, the Crestwood Equity Phantom Unit Agreement provides for distribution equivalent rights with respect to each phantom unit which are paid in additional phantom units and settled in common units upon vesting of the underlying phantom units.

Performance Units. The Crestwood LTIP permits grants of performance units that are designed to provide an incentive for continuous employment to certain key employees. The vesting of performance units is subject to the attainment of certain performance and market goals over a three-year period and entitle a participant to receive common units of Crestwood Equity without payment of an exercise price upon vesting. The number of units issued are based on a performance multiplier ranging between 50% and 200%, determined based on the actual performance in the third year of the performance period compared to pre-established performance goals. The performance goals are based on achieving a specified level of distributable cash flow per unit, Adjusted EBITDA, return on capital invested, and three-year relative total shareholder return.
The following table summarizes information regarding restricted, phantom and performance unit activity during the years ended December 31, 2021, 2020 and 2019.
UnitsWeighted-Average Grant Date Fair Value
Unvested - January 1, 20192,187,970 $24.78 
Granted - restricted units988,096 $31.48 
Granted - phantom units7,164 $29.03 
Granted - performance units238,263 $34.21 
Vested - restricted units(985,751)$23.39 
Vested - performance units(32,246)$34.21 
Forfeited - restricted units(47,547)$27.85 
Unvested - December 31, 20192,355,949 $28.94 
Granted - restricted units1,569,451 $25.42 
Granted - phantom units17,726 $28.48 
Granted - performance units715,674 $28.46 
Vested - restricted units(906,275)$28.75 
Vested - phantom units(2,118)$26.63 
Vested - performance units(846,306)$29.85 
Forfeited - restricted units(149,001)$28.24 
Forfeited - phantom units(14,157)$27.91 
Forfeited - performance units(17,087)$27.35 
Unvested - December 31, 20202,723,856 $26.62 
Granted - restricted units1,399,781 $20.51 
Granted - phantom units5,795 $18.88 
Granted - performance units71,286 $25.60 
Vested - restricted units(1,148,928)$27.65 
Vested - phantom units(2,117)$26.63 
Forfeited - restricted units(48,565)$21.67 
Unvested - December 31, 20213,001,108 $23.42 

Under the Crestwood LTIP, participants who have been granted restricted units and/or performance units may elect to have us withhold common units to satisfy minimum statutory tax withholding obligations arising in connection with the vesting of non-vested common units. Any such common units withheld are returned to the Crestwood LTIP on the applicable vesting dates, which correspond to the times at which income is recognized by the employee. When we withhold these common units, we are required to remit to the appropriate taxing authorities the fair value of the units withheld as of the vesting date. The number of units withheld is determined based on the closing price per common unit as reported on the NYSE on such dates. During the years ended December 31, 2021, 2020, and 2019, we withheld 423,330, 581,608 and 336,548 common units to satisfy employee tax withholding obligations for the restricted and performance units.

Employee Unit Purchase Plan

In August 2018, the board of directors of our general partner approved an employee unit purchase plan under which employees of the general partner may purchase our common units through payroll deductions up to a maximum of 10% of the employees’ eligible compensation, not to exceed $25,000 for any calendar year. Under the plan, we anticipate purchasing our common units on the open market for the benefit of participating employees based on their payroll deductions. In addition, we may match up to 10% of participating employees’ payroll deductions to purchase additional Crestwood common units for participating employees. The board of directors of our general partner authorized 1,500,000 common units (subject to adjustment as provided in the employee unit purchase plan) to be available for purchase. During the years ended December 31, 2021, 2020 and 2019, 9,932, 29,784 and 6,341 common units were purchased under the plan.