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UNIT-BASED COMPENSATION PLANS (Tables)
 9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Awards activity under the LTIP
The following table sets forth the LTIP activity for the periods indicated (in thousands, except per unit amounts):
 
Number of
LP Units
 
Weighted
Average
Grant Date
Fair Value
per LP Unit (1)
Unvested at January 1, 2017
1,296

 
$
63.54

Granted (2)
547

 
69.93

Performance adjustment (3)
32

 
71.50

Vested
(333
)
 
70.30

Forfeited
(32
)
 
64.48

Unvested at September 30, 2017
1,510

 
$
64.47


                                                      
(1)
Determined by dividing the aggregate grant date fair value of awards by the number of awards issued. The weighted-average grant date fair value per LP Unit for forfeited and vested awards is determined before an allowance for forfeitures.
(2)
Includes both phantom and performance awards. Performance awards are granted at a target amount but, depending on our performance during the vesting period with respect to certain pre-established goals, the number of LP Units issued upon vesting of such performance awards can be greater or less than the target amount.
(3)
Represents the LP Units issued in excess of target amounts for performance awards that vested during the nine months ended September 30, 2017 as a result of our above target performance with respect to applicable performance goals.
Summary of changes in options outstanding
The following is a summary of the changes in the options outstanding (all of which are vested) under the Option Plan for the periods indicated (in thousands, except per unit amounts): 
 
Number of
LP Units
 
Weighted
Average
Strike Price
per LP Unit
 
Weighted
Average
Remaining
Contractual
Term (in years)
 
Aggregate
Intrinsic
Value (1)
Outstanding at January 1, 2017
10

 
$
50.36

 
0.1

 
$
151

Exercised
(10
)
 
—

 
 

 
 

Outstanding at September 30, 2017
—

 
—

 
—

 
$
—

 
 
 
 
 
 
 
 
Exercisable at September 30, 2017
—

 
$
—

 
—

 
$
—

                                                      
(1)
Aggregate intrinsic value reflects fully vested LP Unit options at the date indicated. Intrinsic value is determined by calculating the difference between our closing LP Unit price on the last trading day in September 2017 and the exercise price, multiplied by the number of exercisable, in-the-money options.