DCP MIDSTREAM PARTNERS, LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2011, 2010 and 2009 — (Continued)
In 2009, we granted 16,000 Phantom Units, pursuant to the LTIP, to directors who are not officers or
employees of affiliates of the General Partner as part of their annual director fees for 2009. All of these units
vested during 2009 and were settled in cash.
The DERs are paid in cash quarterly in arrears.
The following table presents information related to the Phantom Units:
Units
Grant Date
Weighted-
Average Price
per Unit
Measurement
Date Price
per Unit
Outstanding at January 1, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,698 $24.05
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 $10.05
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29,698) $16.51
Outstanding at December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ —
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,200 $24.05
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,200) $31.80
Outstanding at December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ —
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 $41.80
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,000) $41.80
Outstanding at December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ —
$—
The following table presents the fair value of units vested and the unit-based liabilities paid for unit based
awards related to Phantom Units:
Year Ended December 31,
2011(a) 2010 2009
(Millions)
Fair value of units vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.2 $0.2 $0.5
Unit-based liabilities paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $0.5
(a) We issued 4,000 units in September 2011 related to these Phantom Units.
Restricted Phantom Units
— Our General Partner’s board of directors awarded restricted phantom LPUs,
or RPUs, to key employees under the LTIP. Of the remaining RPUs outstanding at December 31, 2011, 6,125
units are expected to vest on December 31, 2012 and 8,215 units are expected to vest on December 31, 2013.
The DERs are paid in cash quarterly in arrears.
At December 31, 2011, there was approximately $0.2 million of unrecognized compensation expense
related to the RPUs that is expected to be recognized over a weighted-average period of 1 year. The following
table presents information related to the RPUs:
Units
Grant Date
Weighted-
Average Price
per Unit
Measurement
Date Price
per Unit
Outstanding at January 1, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,690 $33.52
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,450 $10.05
Outstanding at December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,140 $15.18
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,630 $31.80
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,215) $33.44
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,205) $15.61
Outstanding at December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,350 $15.42
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,580 $41.80
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58,600) $12.97
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — $ —
Outstanding at December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,330 $37.27
$47.47
Expected to vest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,340 $37.53
$47.47
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