|ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018|
Issuer Purchases of Equity Securities
A total of 3,166,624 unit-based awards (restricted common unit and phantom unit awards granted to key employees of EPCO) vested and were converted to common units during 2017. Of this amount, 229,910 were sold back to us by employees to meet their tax withholding requirements in connection with the vesting of restricted common unit awards. In addition, 797,888 were sold back to us by employees to meet their tax withholding requirements in connection with the vesting of phantom unit awards. The total cost of these repurchased units was $29.5 million. We cancelled such treasury units immediately upon acquisition.
The following table summarizes our repurchase activity during 2017 in connection with these vesting transactions:
In December 1998, we announced a common unit repurchase program whereby we, together with certain affiliates, could repurchase up to 4,000,000 of our common units on the open market. A total of 2,763,200 common units were repurchased under this program; however, no repurchases have been made since 2002. As of December 31, 2017, we and our affiliates could repurchase up to 1,236,800 additional common units under this program.