UNIT-BASED COMPENSATION PLANS (Tables)

3 Months Ended

Mar. 31, 2015

UNIT-BASED COMPENSATION PLANS

Awards activity under the LTIP

The following table sets forth the LTIP activity for the periods indicated (in thousands, except per unit amounts):

			Weighted
			Average
			Grant Date
	Number of		Fair Value
	LP Units		per LP Unit
Unvested at January 1, 2015	906		$	63.56
Granted	418		73.33
Vested	(251	)	63.59
Forfeited	(4	)	67.27
Unvested at March 31, 2015	1,069		$	67.33

Summary of Changes in LP Unit Options Outstanding, All of Which are Vested

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):

					Weighted
			Weighted		Average
			Average		Remaining	Aggregate
	Number of		Strike Price		Contractual	Intrinsic
	LP Units		per LP Unit		Term (in years)	Value (1)
Outstanding at January 1, 2015	26		$	48.18	1.6	$	703
Exercised	(2	)	45.88
Outstanding at March 31, 2015	24		48.36		1.4	$	647
Exercisable at March 31, 2015	24		$	48.36	1.4	$	647

(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 March 2015 and the exercise price, multiplied by the number of exercisable, in-the-money options.