Unit-Based Compensation

9 Months Ended

Sep. 30, 2019

14. UNIT-BASED COMPENSATION

The Sanchez Midstream Partners LP Long-Term Incentive Plan (the “LTIP”) allows for grants of restricted common units. Restricted common unit activity under the LTIP during the period is presented in the following table:


		Weighted
		Average
	Number of	Grant Date
	Restricted	Fair Value
	Units	Per Unit
Outstanding at December 31, 2018	513,694	$	12.31
Granted	1,129,173		2.35
Vested	(381,729)		8.49
Returned/Cancelled	(102,345)		12.05
Outstanding at September 30, 2019	1,158,793	$	3.88

In April 2019, the Partnership issued 137,613 restricted common units pursuant to the LTIP to certain directors of the Partnership’s general partner that vested immediately on the date of grant. In March 2019, the Partnership issued 991,560 restricted common units pursuant to the LTIP to certain officers and directors of the Partnership’s general partner that vest over three years from the date of grant. The unit based compensation expense for the awards was based on the fair value on the day before the grant date.

As of September 30, 2019 838,446 common units remained available for future issuance to participants under the LTIP.