UNIT-BASED AND NONCASH COMPENSATION

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

UNIT-BASED AND NONCASH COMPENSATION

12. UNIT-BASED AND NONCASH COMPENSATION

SMLP Long-Term Incentive Plan.  The Partnership’s Long-Term Incentive Plan (“SMLP LTIP”) provides for equity awards to eligible officers, employees, consultants and directors of the Partnership, thereby linking the recipients’ compensation directly to SMLP’s performance. Items to note:  

• During the quarterly period ended March 31, 2021, the Partnership granted 148,822 phantom units and associated distribution equivalent rights to employees in connection with the Partnership’s annual incentive compensation award cycle. These awards had a grant date fair value of $20.42 per common unit and vest ratably over a three-year period.

• During the quarterly period ended March 31, 2021, the Partnership issued 40,002 common units to the Partnership’s six independent directors in connection with their annual compensation plan. These awards had a grant date fair value of $28.99 and vested immediately.

• As of March 31, 2021, approximately 0.3 million common units remained available for future issuance under the SMLP LTIP.