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LONG-TERM INCENTIVE PLANS (Tables)
 6 Months Ended
Jun. 30, 2016
Set Forth Unit Appreciation Right Award Activity

The following table sets forth the UAR award activity for the three and six months ended June 30, 2016 and 2015, respectively:

 

     Three months ended June 30,      Six months ended June 30,  
     2016      2015      2016      2015  

Outstanding, beginning of period

      66,793         112,346         66,793         123,000   

Exercised

      —           (19,595 )       —           (30,249 ) 

Forfeited

      —           (5,730 )       —           (5,730 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Outstanding, end of period (1)

      66,793         87,021         66,793         87,021   
  

 

 

     

 

 

     

 

 

     

 

 

  

Exercisable, end of period

      44,968         41,383         44,968         41,383   

 

(1) Based on the closing price of the common units on June 30, 2016, the estimated intrinsic value of the outstanding unit awards was $0.1 million at June 30, 2016. The weighted average remaining contractual life for outstanding UAR awards at June 30, 2016 was 2.1 years.
2014 Plan  
Long-Term Incentive Plan Activity

The following table sets forth the 2014 LTIP phantom unit award activity for the three and six months ended June 30, 2016 and 2015, respectively:

 

     Three months ended June 30,      Six months ended June 30,  
     2016      2015      2016      2015  

Outstanding, beginning of period

      105,167         4,241         102,661         2,189   

Granted (1)

      4,923         2,040         7,429         4,092   
  

 

 

     

 

 

     

 

 

     

 

 

  

Outstanding, end of period (2)

      110,090         6,281         110,090         6,281   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) The weighted-average grant date fair value for the unit awards on the date of grant was $23.95 and $29.52 for three months ended June 30, 2016 and 2015, respectively, and $24.60 and $29.11 for six months ended June 30, 2016 and 2015, respectively. The intrinsic value of vested unit awards was $0.1 million for both the three months ended June 30, 2016 and 2015 and $0.2 million and $0.1 million for the six months ended June 30, 2016 and 2015, respectively.
(2) Based on the closing price of the common units on June 30, 2016, the estimated intrinsic value of the outstanding unit awards was $2.8 million at June 30, 2016.
2004 Plan  
Long-Term Incentive Plan Activity

The following table sets forth the 2004 LTIP activity related to DERs credited as phantom units to the participant’s accounts for the three and six months ended June 30, 2016 and 2015, respectively:

 

     Three months ended June 30,      Six months ended June 30,  
     2016      2015      2016      2015  

Outstanding, beginning of period

      188,948         172,793         184,457         169,122   

Granted (1)

      5,137         3,556         9,628         7,227   
  

 

 

     

 

 

     

 

 

     

 

 

  

Outstanding, end of period (2)

      194,085         176,349         194,085         176,349   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) The weighted-average fair value for the phantom units credited was $23.52 and $30.04 for the three months ended June 30, 2016 and 2015, respectively, and $24.80 and $29.02 for the six months ended June 30, 2016 and 2015, respectively. The intrinsic value of vested phantom unit awards was $0.1 million for both the three months ended June 30, 2016 and 2015 and $0.2 million for both the six months ended June 30, 2016 and 2015.
(2) Based on the closing price of the common units on June 30, 2016, the estimated intrinsic value of the outstanding unit awards was $4.9 million at June 30, 2016.