XML 99 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
LONG-TERM INCENTIVE AND RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2013
Long-Term Incentive Plan Activity

The table below reflects the LTIP Phantom Unit Award activity for the years ended December 31, 2013, 2012 and 2011, respectively:

 

     Years ended December 31,  
     2013      2012      2011  

Outstanding, beginning of period

      143,213         84,377         73,734   

Granted (1)

      18,890         58,836         10,643   

Matured

      —           —           —     

Forfeited

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Outstanding, end of period

      162,103         143,213         84,377   
  

 

 

     

 

 

     

 

 

  

Director Phantom Units (2)

      98,195         71,767         60,395   

Executive Phantom Units (2)

      63,908         71,446         23,982   

 

(1) The weighted-average price for unit awards on the date of grant was $25.29, $23.84 and $27.79 for the years ended December 31, 2013, 2012 and 2011, respectively.
(2) The phantom units of one of the Executives that retired from the Company and simultaneously entered into a two year consulting agreement where the Executive also agreed to become the Vice Chairman of the Company’s Board of Directors are presented as Director Phanthom Units in 2013, whereas they were previously presented as Executive Phanthom Units. This individual owned approximately 14,514 and 13,223 of the Phantom Units outstanding at December 31, 2013 and 2012, respectively.
Weighted-Average Assumptions Used to Estimate Fair Value of Unit Appreciation Rights

The fair value of UARs granted under the 2013 UAR Agreements, 2012 UAR Agreements and 2009 UAR Agreement was estimated on the date of grant using the Black-Scholes-Merton option pricing model with the following weighted-average assumptions:

 

     2013 UAR     2012 UAR     2009 UAR  
     Agreements     Agreements     Agreement  

Expected dividend yield

      9.14 %      9.60 %      10.70 % 

Risk-free interest rate

      0.63 %      0.63 %      2.73 % 

Expected volatility

      28.57 %      42.60 %      38.70 % 

Expected life (in years)

      3.52        3.52        6.02   
Unit Appreciation Right Activity

A summary of UAR activity for the years ended December 31, 2013, 2012 and 2011 follows:

 

     Years ended December 31,  
     2013     2012     2011  

Outstanding, beginning of period

      774,598        759,857        874,835   

Granted

      52,500        80,500        —     

Exercised

      (133,110 )      (65,759 )      (112,373 ) 

Forfeited

      (20,272 )      —          (2,605 ) 
  

 

 

    

 

 

    

 

 

  

Outstanding, end of period

      673,716        774,598        759,857   
  

 

 

    

 

 

    

 

 

  

Exercisable, end of period

      594,248        514,993        358,639