Equity-Based Compensation (Notes)

3 Months Ended

Mar. 31, 2015

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

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

13. Equity-Based Compensation

Our general partner's board of directors adopted the LTIP 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, 2015, there were 4,181,472 common units reserved for future grants under the LTIP.

The fair value of the phantom units is determined based on the closing price of WNRL common units on the grant date. The estimated fair value of the phantom units is amortized on a straight-line basis over the scheduled vesting periods of individual awards. We incurred unit-based compensation expense of $0.4 million and $0.2 million for the three months ended March 31, 2015 and 2014, respectively.

The aggregate grant date fair value of nonvested phantom units outstanding as of March 31, 2015, was $7.8 million. The aggregate intrinsic value of such phantom units was $7.9 million. Total unrecognized compensation cost related to our nonvested phantom units totaled $7.4 million as of March 31, 2015, that we expect to recognize over a weighted-average period of approximately 4.15 years.

A summary of our unit award activity for the three months ended March 31, 2015, is set forth below:

	Number of Phantom Units		Weighted Average Grant Date Fair Value
Unvested at December 31, 2014	280,251		$	28.30
Awards granted	56,485		29.48
Awards vested	(51,951	)	27.97
Awards forfeited	(11,913	)	30.78
Unvested at March 31, 2015	272,872		28.50