Equity-Based Compensation (Notes)

3 Months Ended

Mar. 31, 2017

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

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

11. 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. At March 31, 2017, there were 4,075,073 phantom 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 $0.6 million and $0.5 million for the three months ended March 31, 2017 and 2016, respectively.

The aggregate grant date fair value of nonvested phantom units outstanding as of March 31, 2017, was $6.6 million. The aggregate intrinsic value of such phantom units was $6.4 million. Total unrecognized compensation cost related to our non-vested phantom units totaled $6.2 million at March 31, 2017, which we expect to recognize over a weighted-average period of approximately 2.3 years.

A summary of our unit award activity for the three months ended March 31, 2017, is set forth below:

	Number of Phantom Units		Weighted-Average Grant Date Fair Value
Not vested at December 31, 2016	285,155		$	26.42
Awards granted	52,654		24.70
Awards vested	(86,012	)	26.45
Awards forfeited	—		—
Not vested at March 31, 2017	251,797		26.05