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Equity-Based Compensation
12 Months Ended
Dec. 31, 2015
Share-based Compensation [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
16. 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 December 31, 2015, there were 4.2 million phantom units reserved for future grants under the WNRL 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 $2.0 million and $1.6 million for the years ended December 31, 2015 and 2014, respectively, and a nominal amount for the year ended December 31, 2013.
The fair value at grant date of non-vested phantom units outstanding as of December 31, 2015, was $7.9 million. The aggregate intrinsic value of such phantom units was $6.9 million. Total unrecognized compensation cost related to our non-vested phantom units totaled $6.2 million as of December 31, 2015, that is expected to be recognized over a weighted-average period of approximately 3.37 years.
A summary of WNRL's unit award activity for the three years ended December 31, 2015, is set forth below:
 
Number of Phantom Units
 
Weighted Average
Grant Date
Fair Value
Not vested at December 31, 2012

 
$

Awards granted
10,908

 
22.00

Awards vested

 

Awards forfeited

 

Not vested at December 31, 2013
10,908

 
22.00

Awards granted
293,810

 
28.52

Awards vested
(10,908
)
 
22.00

Awards forfeited
(13,559
)
 
33.02

Not vested at December 31, 2014
280,251

 
28.30

Awards granted
72,005

 
28.33

Awards vested
(60,556
)
 
28.95

Awards forfeited
(11,913
)
 
30.78

Not vested at December 31, 2015
279,787

 
28.06