2.2.0.7 false Members' Capital and Distributions 0206 - Disclosure - Members' Capital and Distributions true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Members' Capital and Distributions [Abstract] 0 us-gaap_PartnersCapitalAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 3 Members' Capital and Distributions 1 cpno_MembersCapitalAndDistributionsTextBlock cpno false na duration Disclosures related to members' capital including types of outstanding equity units. Disclosures also identify and quantify... false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="width: 100%; margin-left: 0%"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent; text-align: left"> <tr> <td width="6%"></td> <td width="94%"></td> </tr> <tr valign="top"> <td> <b><font style="font-family: 'Times New Roman', Times">Note 6 — </font></b> </td> <td> <b><font style="font-family: 'Times New Roman', Times">Members’ Capital and Distributions</font></b> </td> </tr> </table> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> <b><i><font style="font-family: 'Times New Roman', Times">Common Units</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> In March 2010, we issued 7,446,250 common units in an underwritten public offering (including units issued upon the underwriters’ exercise of their option to purchase additional units). We used the net proceeds from the offering to repay a portion of the outstanding indebtedness under our Credit Facility, and we expect to use the increased borrowing capacity as needed for capital projects, acquisitions, hedging, working capital and general corporate purposes. </div> <div style="margin-top: 12pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> <b><i><font style="font-family: 'Times New Roman', Times">Class D Units</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> Class D units totaling 3,245,817 as of December 31, 2009 converted into our common units on a <font style="white-space: nowrap">one-for-one</font> basis in February 2010. </div> <div style="margin-top: 12pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> <b><i><font style="font-family: 'Times New Roman', Times">Distributions</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> The following table summarizes our quarterly cash distributions during 2010: </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff; text-align: left">  <tr style="font-size: 1pt" valign="bottom"> <td width="29%"> </td> <td width="2%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="15%"> </td> <td width="1%"> </td> <td width="15%"> </td> <td width="1%"> </td> <td width="16%"> </td> <td width="1%"> </td> <td width="10%"> </td> </tr>   <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="left" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom"> <b>Distribution<br /> </b> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom">   </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom">   </td> </tr> <tr style="font-size: 8pt" valign="bottom" align="center"> <td nowrap="nowrap" align="left" valign="bottom" style="border-bottom: 1px solid #000000"> <b>Quarter Ending</b> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>Per Unit</b> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>Date Declared</b> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>Record Date</b> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>Payment Date</b> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000"> <b>Amount</b> </td> </tr> <tr style="line-height: 3pt; font-size: 1pt"> <td>  </td> </tr>  <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> December 31, 2009 </div> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom"> $0.5750 </td> <td>   </td> <td align="center" valign="bottom"> January 13, 2010 </td> <td>   </td> <td align="center" valign="bottom"> February 1, 2010 </td> <td>   </td> <td align="center" valign="bottom"> February 11, 2010 </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom"> $31,911,000 </td> </tr> <tr valign="bottom"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> March 31, 2010 </div> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom"> $0.5750 </td> <td>   </td> <td align="center" valign="bottom"> April 14, 2010 </td> <td>   </td> <td align="center" valign="bottom"> April 30, 2010 </td> <td>   </td> <td align="center" valign="bottom"> May 13, 2010 </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom"> $38,134,000 </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td nowrap="nowrap" align="left" valign="bottom"> <div style="text-indent: -10pt; margin-left: 10pt"> June 30, 2010 </div> </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom"> $0.5750 </td> <td>   </td> <td align="center" valign="bottom"> July 14, 2010 </td> <td>   </td> <td align="center" valign="bottom"> August 2, 2010 </td> <td>   </td> <td align="center" valign="bottom"> August 12, 2010 </td> <td>   </td> <td nowrap="nowrap" align="center" valign="bottom"> $38,295,000 </td> </tr> </table> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> </div> <div style="margin-top: 12pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 1%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff"> <b><i><font style="font-family: 'Times New Roman', Times">Accounting for Equity-Based Compensation</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> We use ASC 718 to account for equity-based compensation expense related to awards issued under our long-term incentive plan (“LTIP”). As of June 30, 2010, the number of units available for grant under our LTIP totaled 1,365,128, of which up to 783,049 units were eligible to be issued as restricted common units, phantom units or unit awards. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> <i>Equity Awards.</i>  We recognized non-cash compensation expense of $3,945,000 and $3,553,000 related to the amortization of equity-based compensation under our LTIP during the six months ended June 30, 2010 and 2009, respectively. See Item 8 in our Annual Report on <font style="white-space: nowrap">Form 10-K</font> for the year ended December 31, 2009 for details on our equity-based compensation. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> On May 10, 2010 and June 4, 2010, we granted employees a total of 180,000 phantom units with a fair value of $4,408,000. Each phantom unit grant vests in equal one-third annual installments commencing on May 15, 2011 or earlier upon change of control, death or disability. The expense will be recognized over the vesting period. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> On June 4, 2010, we granted 83,000 performance-based phantom units to certain management employees. The number of performance-based phantom units to vest is dependent on the level of achievement of a specified performance goal during the period from the grant date through the cliff vesting date of May 15, 2013. The fair value of the number of awards expected to vest is $4,059,000 and will be recognized over the vesting period. Additionally, we will recognize cumulative adjustments for changes in the probability of the performance goal being met. Under ASC 718, awards containing performance conditions, that affect vesting, will recognize expense equal to the ultimate outcome of the performance condition. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> <i>Liability Awards.</i>  During the six months ended June 30, 2010, we issued 69,817 common units to settle our Employee Incentive Compensation Program (“EICP”) and 2009 Management Incentive Compensation Plan (“MICP”) obligations. </div> <div style="margin-top: 6pt; font-size: 1pt">  </div> <div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff"> Since ASC 480, “<i>Accounting for Certain Financial Instruments With Characteristics of Both Liabilities and Equity</i>,” requires unconditional obligations in the form of units that the issuer must or may settle by issuing a variable number of units to be classified as a liability, we classify equity awards issued to settle EICP and MICP obligations as liability awards. As of June 30, 2010, we accrued $581,000 and $766,000 for the second quarter 2010 EICP bonuses and an estimate of the 2010 MICP incentive bonuses, respectively. As of June 30, 2010, the estimated unrecognized compensation costs related to these liability awards totaled $1,104,000 and $1,021,000 for the EICP and MICP, respectively, which are expected to be recognized as expense on a straight-line basis through December 2010 for EICP awards and through February 2011 for MICP awards. </div> </div>  <!-- Begin Block Tagged Note false false false us-types:textBlockItemType textblock Disclosures related to members' capital including types of outstanding equity units. Disclosures also identify and quantify the distributions to members, equity-based compensation arrangements and other transactions that affect the equity structure. No authoritative reference available. false 1 2 false UnKnown UnKnown UnKnown false true