Equity

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Equity issuances

During the nine months ended September 30, 2019, 59,946 shares under the Employee Stock Purchase Plan were issued and 354,575 shares related to our equity-based compensation awards vested.

Equity-based compensation

At September 30, 2019, there were 1,622,412 unvested shares that have been granted under our director and employee compensation programs. The par value of these shares is not reflected in common stock on the condensed consolidated balance sheets, as these shares have not yet vested. For certain of the awards, the number of shares that will vest is contingent upon our achievement of certain specified targets. If we meet the specified maximum targets, approximately 534,000 additional shares could vest.

The holders of certain restricted stock awards are entitled to equivalent dividends (“UDs”) to be received upon vesting of the related restricted stock awards and will be settled in cash. At September 30, 2019, the value of the UDs related to unvested restricted stock awards was approximately $2.6 million.

During the nine months ended September 30, 2019, we granted 819,607 restricted stock awards with a weighted average grant date fair value of $14.80 per award.

Noncontrolling interests

A 49% interest in our consolidated subsidiary, SemCAMS Midstream, in the form of common shares, is reported as a noncontrolling interest in our condensed consolidated financial statements.

A 49% interest in our consolidated subsidiary, Maurepas Pipeline, LLC, in the form of Class B shares of Maurepas Pipeline, LLC is reported as a noncontrolling interest in our condensed consolidated financial statements. The Class B shares provide for a monthly preference on Maurepas Pipeline, LLC distributions for the owners.

Common stock dividends

The following table sets forth the quarterly common stock dividends per share declared and/or paid to shareholders for the periods indicated:



Quarter Ending	Dividend Per Share		Date of Record	Date Paid
March 31, 2018	$	0.4725	March 9, 2018	March 19, 2018
June 30, 2018	$	0.4725	May 16, 2018	May 25, 2018
September 30, 2018	$	0.4725	August 20, 2018	August 29, 2018
December 31, 2018	$	0.4725	November 16, 2018	November 26, 2018

March 31, 2019	$	0.4725	March 4, 2019	March 14, 2019
June 30, 2019	$	0.4725	May 10, 2019	May 20, 2019
September 30, 2019	$	0.4725	August 15, 2019	August 26, 2019
December 31, 2019	$	0.4725	November 4, 2019	November 21, 2019