Unit-Based Compensation

12 Months Ended

Dec. 31, 2019

15. UNIT-BASED COMPENSATION

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

As of December 31, 2019, 840,811 common units remained available for future issuance to participants under the LTIP.


		Weighted
		Average
	Number of	Grant Date
	Restricted	Fair Value
	Units	Per Unit
Outstanding at December 31, 2017	283,138	$	14.64
Granted	622,534		11.94
Vested	(301,005)		13.60
Returned/Cancelled	(90,973)		12.77
Outstanding at December 31, 2018	513,694	$	12.31
Granted	1,129,173		2.35
Vested	(382,690)		8.50
Returned/Cancelled	(104,710)		12.04
Outstanding at December 31, 2019	1,155,467	$	3.86

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.

In April 2018, the Partnership issued 63,630 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 April 2018, the Partnership issued 244,813 and 314,091 restricted common units pursuant to the LTIP to executives that vest on the first anniversary of the date of grant and to non-executive employees that vest over three years from the date of grant, respectively.