Enterprise Products Partners L.P.

SEC Filings

10-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018
Entire Document
 


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:

Period
 
Total Number
of Units
Purchased
   
Average
Price Paid
per Unit
   
Total Number of
Units Purchased
as Part of Publicly
Announced Plans
   
Maximum
Number of Units
That May Yet
Be Purchased
Under the Plans
 
Vesting of restricted common unit awards:
                       
   February 2017 (1)
   
225,751
   
$
28.77
     
--
     
--
 
   May 2017 (2)
   
742
   
$
27.45
     
--
     
--
 
   August 2017 (3)
   
3,026
   
$
26.58
     
--
     
--
 
   November 2017 (4)
   
391
   
$
25.11
     
--
     
--
 
Vesting of phantom unit awards:
                               
   February 2017 (5)
   
720,393
   
$
28.82
     
--
     
--
 
   March 2017 (6)
   
147
   
$
27.58
     
--
     
--
 
   May 2017 (7)
   
39,653
   
$
27.40
     
--
     
--
 
   August 2017 (8)
   
17,003
   
$
27.00
     
--
     
--
 
   November 2017 (9)
   
20,692
   
$
25.17
     
--
     
--
 
   
(1)   Of the 665,920 restricted common unit awards that vested in February 2017 and converted to common units, 225,751 units were sold back to us by employees to cover related withholding tax requirements.
(2)   Of the 2,550 restricted common unit awards that vested in May 2017 and converted to common units, 742 units were sold back to us by employees to cover related withholding tax requirements.
(3)   Of the 10,900 restricted common unit awards that vested in August 2017 and converted to common units, 3,026 units were sold back to us by employees to cover related withholding tax requirements.
(4)   Of the 1,674 restricted common unit awards that vested in November 2017 and converted to common units, 391 units were sold back to us by employees to cover related withholding tax requirements.
(5)   Of the 2,233,617 phantom unit awards that vested in February 2017 and converted to common units, 720,393 units were sold back to us by employees to cover related withholding tax requirements.
(6)   Of the 450 phantom unit awards that vested in March 2017 and converted to common units, 147 units were sold back to us by employees to cover related withholding tax requirements.
(7)   Of the 117,369 phantom unit awards that vested in May 2017 and converted to common units, 39,653 units were sold back to us by employees to cover related withholding tax requirements.
(8)   Of the 61,634 phantom unit awards that vested in August 2017 and converted to common units, 17,003 units were sold back to us by employees to cover related withholding tax requirements.
(9)   Of the 72,510 phantom unit awards that vested in November 2017 and converted to common units, 20,692 units were sold back to us by employees to cover related withholding tax requirements.
 

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.
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