2.2.0.25falsefalse0216 - Disclosure - Unit-Based Compensation Planstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000805022duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0PureStandardhttp://www.xbrl.org/2003/instancepurexbrli0USDUSD$2true0bpl_UnitBasedCompensationPlansAbstractbplfalsenadurationUnit-Based Compensation Plans.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringUnit-Based Compensation Plans.falsefalse3false0bpl_UnitBasedCompensationPlansTextBlockbplfalsenadurationUnit-Based Compensation Plans.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 16 - bpl:UnitBasedCompensationPlansTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>16. UNIT-BASED COMPENSATION PLANS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     BGH GP has an equity compensation plan (“BGH GP Equity Compensation Plan”) for certain members
of BGH GP’s senior management, who also serve as our senior management. Compensation expense
recorded with respect to the BGH GP Equity Compensation Plan was $0 and $0.3 million for the three
months ended March 31, 2011 and 2010, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     We award unit-based compensation to employees and directors primarily under the 2009 Long-Term
Incentive Plan of Buckeye Partners, L.P. (the “LTIP”). We formerly awarded options to acquire LP
Units to employees pursuant to the Buckeye Partners, L.P. Unit Option and Distribution Equivalent
Plan (the “Option Plan”). We recognized compensation expense related to the LTIP and the Option
Plan of $2.1 million and $0.9 million for the three months ended March 31, 2011 and 2010,
respectively. These compensation plans are discussed below.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">   <i>BGH GP’s Override Units</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Effective on June 25, 2007, BGH GP instituted an Equity Compensation Plan for certain members
of senior management. This Equity Compensation Plan included both time-based and
performance-based participation in the equity of BGH GP (but not ours) referred to as override
units. These override units consisted of three equal tranches of units consisting of Value A,
Value B and Operating Units. We are required to record, as compensation expense and a
corresponding contribution to unitholders’ equity, the fair value of the compensation. We are not
the sponsor of this plan and have no obligations with respect to it. For the three months ended
March 31, 2010, compensation expense related to the Operating Units was $0.3 million.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On December 31, 2010, the override unit plan was modified. All outstanding Value A
and Operating Units were exchanged for LP Units.
The terms of the Value B Units remained unchanged. The Value B Units
will participate in distributions by BGH GP based on the occurrence
of an exit event and an investment return of 3.5 times the original investment and an internal rate
of return of at least 10% or on a pro-rata basis on an investment return ranging from 2.0 to 3.5
times the original investment and an internal rate of return of at least 10%.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On
January 27, 2011, BGH GP established and granted new override units in BGH GP
to a member of senior management, which consisted of Value N-1 and Value N-2 Units. The Value N-1
Units will participate in distributions by BGH GP based on the occurrence of an exit event and an investment return of 2.0 times the
original investment up to aggregate distributions of $3.0 million. The Value N-2 Units will participate in distributions by BGH GP based
on the occurrence of an exit event and an investment return of 2.5 times the original investment or
on a pro-rata basis on an investment return ranging from 2.0 to 2.5 times the original investment
up to aggregate distributions of $5.0 million.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The exit event with respect to the Value B, Value N-1 and Value N-2 Units is generally defined
as the sale by ArcLight, Kelso and their affiliates of their interests in BGH GP, the sale of
substantially all the assets of BGH GP and its subsidiaries, or any other “extraordinary”
transaction that the Board of Directors of BGH GP determines is an exit event.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The investment return is calculated generally as the sum of all the distributions that
ArcLight and Kelso have received from BGH GP prior to and through the exit event, divided by the
total amount of capital contributions to BGH GP that ArcLight and Kelso have made prior to the exit
event.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The cumulative grant date fair values of the Value B, Value N-1 and Value N-2 Units that
remained unvested as of March 31, 2011 are $2.2 million, $0.9 million and $1.1 million,
respectively. The vesting of the override units is contingent on a performance condition, namely
the completion of the exit event, and a market condition, primarily relating to the receipt of an
investment return at a specified multiple and internal rate of return, where applicable.
Accordingly, no compensation expense for these override units will be recorded until, and if, an
exit event and other requirements occur.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     At grant date, the override units were valued using the Monte Carlo simulation method that
incorporated the market-based vesting condition into the grant date fair value of the unit awards.
The following assumptions were used for grants of the Value N-1 and N-2 Units during the period:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity value
in BGH GP (in millions)
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">410.7</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected life in years
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Risk-free interest rate
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">0.25</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Volatility
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">25</td>
<td nowrap="nowrap">%</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">   <i>LTIP</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The LTIP provides for the issuance of up to 1,500,000 LP Units, subject to certain
adjustments. After giving effect to the issuance or forfeiture of phantom unit and performance
unit awards through March 31, 2011, awards representing a total of 883,449 additional LP Units
could be issued under the LTIP.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Under the terms of the Buckeye Partners, L.P. Unit Deferral and Incentive Plan (“Deferral
Plan”), eligible employees were allowed to defer up to 50% of their 2011 and 2010 compensation
award under our Annual Incentive Compensation Plan or other discretionary bonus program in exchange
for grants of phantom units equal in value to the amount of their cash award deferral (each such
unit, a “Deferral Unit”). Participants also receive one matching phantom unit for each Deferral
Unit. Approximately $1.6 million of 2010 compensation awards had been deferred at December 31,
2010, for which 50,660 phantom units (including matching units) were granted during the three
months ended March 31, 2011. These grants are included as granted in the LTIP activity table
below.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">   <i>Awards under the LTIP</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     During the three months ended March 31, 2011, the Compensation Committee granted 107,576
phantom units to employees (including the 50,660 phantom units granted pursuant to the Deferral
Plan discussed above), 12,000 phantom units to independent directors of Buckeye GP and MainLine
Management, and 115,558 performance units to employees. The amount paid with respect to phantom
unit distribution equivalents under the LTIP was $0.3 million and $0.2 million for the three months
ended March 31, 2011 and 2010, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table sets forth the LTIP activity for the periods indicated (dollars in
thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>Grant Date</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Fair Value</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>Number of</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>per LP Unit</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>LP Units</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">(1)</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total Value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unvested at January 1, 2011
</div></td>
<td> </td>
<td> </td>
<td align="right">364,913</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">51.11</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">18,650</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">235,134</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">64.96</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15,275</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Vested
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14,610</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">55.35</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(808</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Forfeited
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,657</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">55.06</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(146</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unvested at March 31, 2011
</div></td>
<td> </td>
<td> </td>
<td align="right">582,780</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">56.58</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">32,971</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>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.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     At March 31, 2011, approximately $21.4 million of compensation expense related to the LTIP is
expected to be recognized over a weighted average period of approximately 2.0 years.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">   <i>Unit Option and Distribution Equivalent Plan</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following is a summary of the changes in the LP Unit options outstanding (all of which are
vested or are expected to vest) under the Option Plan for the periods indicated (dollars in
thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted-</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted-</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Number of</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Strike Price</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Contractual</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Intrinsic</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>LP Units</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>($/LP Unit)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Term (in years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value (1)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at January 1, 2011
</div></td>
<td> </td>
<td> </td>
<td align="right">241,800</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">47.04</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Exercised
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,500</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">49.13</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at March 31, 2011
</div></td>
<td> </td>
<td> </td>
<td align="right">236,300</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">46.99</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.5</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,911</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercisable at March 31, 2011
</div></td>
<td> </td>
<td> </td>
<td align="right">231,300</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">47.33</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.5</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,749</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>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 March 2011 and the exercise price, multiplied by the number of
exercisable, in-the-money options.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The total intrinsic value of options exercised was $0.1 million and $0.8 million during the
three months ended March 31, 2011 and 2010, respectively. At March 31, 2011, total unrecognized
compensation cost related to unvested LP Unit options was minimal. We expect to recognize this
remaining cost over a weighted average period of 0.7 years. At March 31, 2011, 333,000 LP Units
were available for grant in connection with the Option Plan. However, with the adoption of the
LTIP, we do not expect to make any future grants pursuant to the Option Plan. The fair value of
options vested was $0.3 million and $0.4 million during the three months ended March 31, 2011 and
2010, respectively.
</div>
<div align="left">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringUnit-Based Compensation Plans.No authoritative reference available.falsefalse12Unit-Based Compensation PlansUnKnownUnKnownUnKnownUnKnownfalsetrue