Equity-Based Compensation

6 Months Ended

Jun. 30, 2011

Equity-Based Compensation

Equity-Based Compensation

8. Equity-Based Compensation

The Company recognized $4.1 million in equity-based compensation expense for both the three months ended June 30, 2011 and 2010, and $8.1 million and $8.4 million in equity-based compensation expense for the six months ended June 30, 2011 and 2010, respectively.

The following table sets forth the summary of equity plan activity for the six months ended June 30, 2011:

Equity Awards	Class B Common Units (1)			MPK Plan Units (1)  (2)
Outstanding at January 1, 2011		191,651			74,826
Granted		7,069			—
Forfeited		(1,897	)		(1,690	)(3)
Repurchased/Settled		(458	)		(462	)(4)
Outstanding at June 30, 2011		196,365			72,674
Vested at June 30, 2011		56,166			208	(5)

⁽¹⁾ The weighted-average grant date fair market value for Class B Common Units granted during the period is $145.47. The weighted-average grant date fair market value for outstanding Class B Common Units is $288.43. The weighted-average grant date fair market value for outstanding MPK Plan Units is $1,000.

⁽²⁾ Represents units notionally credited to participants accounts.

⁽³⁾ The Company contributes the units represented by the awards forfeited under the plan (or their equivalent value) to a charitable foundation. The contribution is generally made in the quarter following that in which the units are forfeited. As of June 30, 2011, the Company owes a contribution for 697 units.

⁽⁴⁾ Represents Class B Common Units that were repurchased by the Company from former participants and the settlement of vested MPK Plan Units through the issuance of Class A Common Units in exchange for the vested MPK Plan Units.

⁽⁵⁾ Represents units that have vested but not yet converted to Class A Common Units.

As of June 30, 2011, there was $50.2 million of total unrecognized compensation cost related to nonvested equity-based compensation awards granted under the Company's plans. That anticipated cost is expected to be recognized over the weighted-average period of 4.8 years.