INCENTIVE COMPENSATION

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

INCENTIVE COMPENSATION

INCENTIVE COMPENSATION

Unit Based Compensation

Long-Term Incentive Plan

On November 7, 2012, and in connection with our initial public offering, we established our 2012 Long-Term Incentive Plan (“LTIP”), which provides incentive awards to eligible officers, employees and directors of our General Partner. Awards granted to employees under the LTIP vest over a three-year period in equal annual installments in either a common unit or an amount of cash equal to the fair market value of a common unit at the time of vesting, as determined by management at its discretion. These awards also include distribution equivalent rights that grant the holder the right to receive an amount equal to the cash distributions on common units during the period the award remains outstanding.

The following table summarizes information regarding awards of units granted under the LTIP: 

	Units		Weighted-average fair value at grant date
Unvested - December 31, 2013	182,673		22.55
Granted units	2,000		18.04
Units recaptured for tax withholdings	(66	)	24.41
Vested units	(134	)	24.41
Unvested - March 31, 2014	184,473		$	22.51

For the three months ended March 31, 2014 and 2013, we granted awards under the LTIP with a grant date fair value of $36 thousand and $15 thousand, respectively, which we have classified as equity awards. As of March 31, 2014 and March 31, 2013, we had total unamortized compensation expense of $3.2 million and $2.9 million, respectively, related to these awards, which we expect to be amortized over the three-year vesting period from each equity awards’ grant date. As of March 31, 2014 and March 31, 2013, we had 1,525,121 and 1,609,900 units, respectively, available for issuance under the LTIP.

Unit Based Compensation Expense

The following table summarizes information regarding recognized compensation expense, which is included in general and administrative expense on our consolidated statements of operations (in thousands): 

	Three Months Ended March 31,
	2014		2013
Unit-based compensation	$	529	$	408

Employee Savings Plan

We have employee savings plans under Sections 401(a) and 401(k) of the Internal Revenue Code ("IRC") whereby employees of our General Partner may contribute a portion of their base compensation to the employee savings plan, subject to limits under the IRC. We provide a matching contribution each payroll period equal to 100% of the employee's contribution up to the lesser of 6% of the employee's pay or $17,500 annually for the period. The following table summarizes information regarding contributions and the expense recognized for the matching contributions, which is included in general and administrative expense on our consolidated statements of operations (in thousands): 

	Three Months Ended March 31,
	2014		2013
Matching contributions expensed for employee savings plan	$	356	$	149