Equity-Based Compensation (Notes)

3 Months Ended

Mar. 31, 2014

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

Shareholders' Equity and Share-based Payments [Text Block]

9. Equity-Based Compensation

Our general partner's board of directors adopted the Western Refining Logistics, LP 2013 Long-Term Incentive Plan (the "LTIP") in connection with the completion of the Offering. The LTIP is for the benefit of employees, consultants and non-employee directors of our general partner and its affiliates. Awards granted under the LTIP vest over a scheduled vesting period and their market value at the date of the grant is amortized over the restricted period on a straight-line basis.

As of March 31, 2014, there were 4,288,117 common units reserved for future grants under the LTIP. We incurred unit-based compensation expense of $0.2 million for the three months ended March 31, 2014.

The fair value at grant date of nonvested phantom units outstanding as of March 31, 2014 was $5.8 million. Total unrecognized compensation cost related to our nonvested phantom units totaled $5.5 million as of March 31, 2014, that is expected to be recognized over a weighted-average period of approximately 4.87 years.

A summary of our unit award activity for the year ended March 31, 2014 is set forth below:



	Number of Phantom Units	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2013	10,908	$	22.00
Awards granted	200,975	27.60
Awards vested	—	—
Awards forfeited	—	—
Nonvested at March 31, 2014	211,883	27.31

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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