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Unit-Based Compensation
 3 Months Ended
Mar. 31, 2013
Unit-Based Compensation  
Unit-Based Compensation

6.  Unit-Based Compensation

 

Long-Term Incentive Plan

 

Our board of directors adopted the Exterran Partners, L.P. Long-Term Incentive Plan (the “Plan”) in October 2006 for employees, directors and consultants of us, Exterran Holdings and our respective affiliates. A maximum of 1,035,378 common units, common unit options, restricted units and phantom units are available under the Plan. The Plan is administered by our board of directors or a committee thereof (the “Plan Administrator”).

 

Phantom units are notional units that entitle the grantee to receive a common unit upon the vesting of the phantom unit or, at the discretion of the Plan Administrator, cash equal to the fair market value of a common unit.

 

Phantom Units

 

The following table presents phantom unit activity during the three months ended March 31, 2013:

 

 

 

Phantom
Units

 

Weighted
Average
Grant-Date
Fair Value
per Unit

 

Phantom units outstanding, December 31, 2012

 

63,884

 

$

23.62

 

Granted

 

55,334

 

23.76

 

Vested

 

(18,135

)

24.46

 

Phantom units outstanding, March 31, 2013

 

101,083

 

23.55

 

 

As of March 31, 2013, we expect $2.4 million of unrecognized compensation cost related to unvested phantom units to be recognized over the weighted-average period of 2.4 years.