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UNIT OPTIONS
6 Months Ended
Jun. 30, 2012
UNIT OPTIONS

NOTE G – UNIT OPTIONS

 

Options

 

The Partnership has no employees and is managed by its General Partner. Central applies ASC 718 for options granted to employees and managers of the General Partner and ASC 505 for options issued to acquire goods and services from non-employees.

 

Equity Incentive Plan

 

On March 9, 2005, the Board of Directors of the General Partner approved the 2005 Equity Incentive Plan (2005 Plan). The 2005 Plan permits the grant of common unit options, common unit appreciation rights, restricted Common Units and phantom Common Units to any person who is an employee (including to any executive officer) or consultant of the Partnership or the General Partner or any affiliate of Central or the General Partner. The 2005 Plan provides that each outside director of the General Partner shall be granted a common unit option once each fiscal year for not more than 5,000 Common Units, in an equal amount as determined by the Board of Directors. The aggregate number of Common Units authorized for issuance as awards under the 2005 Plan is 750,000. The 2005 Plan remains available for the grant of awards until March 9, 2015, or such earlier date as the Board of Directors of the General Partner may determine. The 2005 Plan is administered by the Compensation Committee of the Board of Directors of the General Partner. In addition, the Board of Directors may exercise any authority of the Compensation Committee under the 2005 Plan. Under the terms of the Partnership Agreement and applicable rules of the NASDAQ National Market, no approval of the 2005 Plan by the Unitholders of the Partnership was required. At June 30, 2012, options to acquire 13,542 Common Units were outstanding at a weighted average exercise price of $16.66 per Common Unit. As of June 30, 2012, approximately 609,000 Common Units remain available for issuance under the 2005 Plan.