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UNIT-BASED COMPENSATION (Tables)
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12 Months Ended |
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Dec. 31, 2013
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Phantom and restricted units
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| MEMBERSHIP INTERESTS |
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| Schedule of activity |
The following table presents phantom and restricted unit activity: | | | | | | | | | Units | | Weighted-average grant date fair value | Nonvested phantom and restricted units, January 1, 2012 | — |
| | $ | — |
| Phantom units granted | 125,000 |
| | $ | 20.00 |
| Restricted units granted | 6,558 |
| | $ | 20.23 |
| Nonvested phantom and restricted units, December 31, 2012 | 131,558 |
| | $ | 20.00 |
| Phantom units granted | 155,330 |
| | $ | 26.33 |
| Restricted units granted | 835 |
| | $ | 27.50 |
| Phantom units forfeited | (4,041 | ) | | $ | 25.99 |
| Nonvested phantom and restricted units, December 31, 2013 | 283,682 |
| | $ | 23.41 |
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Long-term Incentive Plan
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| MEMBERSHIP INTERESTS |
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| Schedule of non-cash compensation expense recognized in general and administrative expense |
Unit-based compensation recognized in general and administrative expense related to awards under the LTIP was as follows: | | | | | | | | | | | | | | Year ended December 31, 2013 | | 2013 | | 2012 | | 2011 | | (In thousands) | SMLP unit-based compensation | $ | 2,999 |
| | $ | 269 |
| | $ | — |
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DFW Net Profits Interests
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| MEMBERSHIP INTERESTS |
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| Schedule of activity |
| | | | | | | | | | | July 2010 grant | | April 2010 grant | | September 2009 grant | Length of holding period restriction (In years) | 3.43 |
| | 3.75 |
| | 4.25 |
| Discount for lack of marketability | 35.9 | % | | 30.9 | % | | 34.8 | % | Volatility | 53.7 | % | | 49.8 | % | | 52.5 | % |
Information regarding the amount and grant date fair value of the vested and nonvested DFW Net Profits Interests were as follows: | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, | | 2013 | | 2012 | | 2011 | | Percentage Interest | | Weighted-average grant date fair value (per 1.0% of DFW Net Profits Interest) | | Percentage Interest | | Weighted-average grant date fair value (per 1.0% of DFW Net Profits Interest) | | Percentage Interest | | Weighted-average grant date fair value (per 1.0% of DFW Net Profits Interest) | | (Dollars in thousands) | Nonvested, beginning of period | 0.038 | % | | $ | 1,650 |
| | 1.750 | % | | $ | 306 |
| | 2.850 | % | | $ | 295 |
| Repurchased | 0.038 | % | | $ | 1,650 |
| | 0.000 | % | | $ | — |
| | 0.000 | % | | $ | — |
| Granted | 0.000 | % | | $ | — |
| | 0.000 | % | | $ | — |
| | 0.000 | % | | $ | — |
| Vested | 0.000 | % | | $ | — |
| | 1.644 | % | | $ | 256 |
| | 1.100 | % | | $ | 277 |
| Forfeited | 0.000 | % | | $ | — |
| | 0.069 | % | | $ | 765 |
| | 0.400 | % | | $ | 220 |
| Nonvested, end of period | 0.000 | % | | $ | — |
| | 0.038 | % | | $ | 1,650 |
| | 1.750 | % | | $ | 306 |
| | | | | | | | | | | | | Vested, end of period | 0.000 | % | | $ | — |
| | 4.294 | % | | $ | 257 |
| | 2.650 | % | | $ | 258 |
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| Schedule of inputs used in the option pricing method |
The inputs we used in the option pricing method for the DFW Net Profits Interests by grant date were as follows: | | | | | | | | | | | July 2010 grant | | April 2010 grant | | September 2009 grant | Length of holding period restriction (In years) | 3.43 |
| | 3.75 |
| | 4.25 |
| Discount for lack of marketability | 35.9 | % | | 30.9 | % | | 34.8 | % | Volatility | 53.7 | % | | 49.8 | % | | 52.5 | % |
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| Schedule of non-cash compensation expense recognized in general and administrative expense |
We recognized non-cash compensation expense ratably over the four-year vesting period. Non-cash compensation expense, related to the DFW Net Profits Interests, recognized within general and administrative expense was as follows: | | | | | | | | | | | | | | | | Year ended December 31, | | | 2013 | | 2012 | | 2011 | | | (In thousands) | Non-cash compensation expense | | $ | 17 |
| | $ | 688 |
| | $ | 2,171 |
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SMP Net Profits Interests
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| MEMBERSHIP INTERESTS |
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| Schedule of activity |
Information regarding the amount and grant-date fair value of the vested and nonvested SMP Net Profits Interests for the periods in which they were reflected in our financial results was as follows: | | | | | | | | | | | | | | | | Year ended December 31, | | 2012 | | 2011 | | Percentage Interest | | Weighted-average grant date fair value (per 1.0% of SMP Net Profits Interest) | | Percentage Interest | | Weighted-average grant date fair value (per 1.0% of SMP Net Profits Interest) | | (Dollars in thousands) | Nonvested, beginning of period | 3.958 | % | | $ | 1,003 |
| | 2.944 | % | | $ | 601 |
| Granted | 0.500 | % | | $ | 1,780 |
| | 2.000 | % | | $ | 1,505 |
| Vested | 1.271 | % | | $ | 965 |
| | 0.986 | % | | $ | 818 |
| Nonvested, end of period | 3.187 | % | | $ | 1,140 |
| | 3.958 | % | | $ | 1,003 |
| | | | | | | | | Vested, end of period | 3.168 | % | | $ | 788 |
| | 1.897 | % | | $ | 669 |
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| Schedule of inputs used in the option pricing method |
The inputs used in the option pricing method for the SMP Net Profits Interests by grant date were as follows: | | | | | | | | | | | | | | | | | January 2012 grant | | October 2011 grant | | April 2011 grant | | April 2010 grant | | September 2009 grant | Length of holding period restriction (In years) | 2.93 |
| | 3.21 |
| | 4.75 |
| | 3.75 |
| | 4.25 |
| Discount for lack of marketability | 24.0 | % | | 33.1 | % | | 29.6 | % | | 30.9 | % | | 34.8 | % | Volatility | 37.0 | % | | 49.3 | % | | 43.2 | % | | 49.8 | % | | 52.5 | % |
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| Schedule of non-cash compensation expense recognized in general and administrative expense |
Non-cash compensation expense, related to the SMP Net Profits Interests, recognized in general and administrative expense for the periods in which they were reflected in our financial results was as follows: | | | | | | | | | | | | Year ended December 31, | | | 2012 | | 2011 | | | (In thousands) | Non-cash compensation expense | | $ | 919 |
| | $ | 1,269 |
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