TPP » Topics » Unit Option Plan

This excerpt taken from the TPP 8-K filed Jun 16, 2006.

Unit Option Plan

We have not granted options for any periods presented. For options outstanding under the 1994 Long Term Incentive Plan (see Note 13), we followed the intrinsic value method of accounting for recognizing stock-based compensation expense. Under this method, we record no compensation expense for Unit options granted when the exercise price of the options granted is equal to, or greater than, the market price of our Units on the date of the grant. During the year ended December 31, 2003, all remaining outstanding Unit options were exercised.

In December 2002, SFAS No. 148, Accounting for Stock-Based Compensation — Transition and Disclosure was issued. SFAS 148 amends SFAS No. 123, Accounting for Stock-Based Compensation, and provides alternative

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methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation. In addition, SFAS 148 amends the disclosure requirements of SFAS 123 to require prominent disclosure in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results. Certain of the disclosure modifications are required for fiscal years ending after December 15, 2002, and are included in Note 13.

Assuming we had used the fair value method of accounting for our Unit option plan, pro forma net income would equal reported net income for the years ended December 31, 2005, 2004 and 2003. Pro forma net income per Unit would equal reported net income per Unit for the periods presented. The adoption of SFAS 148 did not have an effect on our financial position, results of operations or cash flows.

This excerpt taken from the TPP 10-K filed Mar 1, 2006.

Unit Option Plan

 

We have not granted options for any periods presented.  For options outstanding under the 1994 Long Term Incentive Plan (see Note 13), we followed the intrinsic value method of accounting for recognizing stock-based compensation expense.  Under this method, we record no compensation expense for Unit options granted when the exercise price of the options granted is equal to, or greater than, the market price of our Units on the date of the grant.  During the year ended December 31, 2003, all remaining outstanding Unit options were exercised.

 

In December 2002, SFAS No. 148, Accounting for Stock-Based Compensation – Transition and Disclosure was issued.  SFAS 148 amends SFAS No. 123, Accounting for Stock-Based Compensation, and provides alternative

 

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methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation.  In addition, SFAS 148 amends the disclosure requirements of SFAS 123 to require prominent disclosure in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results.  Certain of the disclosure modifications are required for fiscal years ending after December 15, 2002, and are included in Note 13.

 

Assuming we had used the fair value method of accounting for our Unit option plan, pro forma net income would equal reported net income for the years ended December 31, 2005, 2004 and 2003.  Pro forma net income per Unit would equal reported net income per Unit for the periods presented.  The adoption of SFAS 148 did not have an effect on our financial position, results of operations or cash flows.

 

This excerpt taken from the TPP 10-K filed Mar 1, 2005.

Unit Option Plan

 

We have not granted options for any periods presented.  For options outstanding under the 1994 Long Term Incentive Plan (see Note 13.  Unit-Based Compensation), we followed the intrinsic value method of accounting for recognizing stock-based compensation expense.  Under this method, we record no compensation expense for Unit options granted when the exercise price of the options granted is equal to, or greater than, the market price of our Units on the date of the grant.  During the year ended December 31, 2003, all remaining outstanding Unit options were exercised.

 

In December 2002, SFAS No. 148, Accounting for Stock-Based Compensation – Transition and Disclosure was issued.  SFAS 148 amends SFAS No. 123, Accounting for Stock-Based Compensation, and provides alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation.  In addition, SFAS 148 amends the disclosure requirements of SFAS 123 to require prominent disclosure in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results.  Certain of the disclosure modifications are required for fiscal years ending after December 15, 2002, and are included in Note 13.  Unit-Based Compensation.

 

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Assuming we had used the fair value method of accounting for our Unit option plan, pro forma net income for the year ended December 31, 2002, would be lower than reported net income by an immaterial amount.  Pro forma net income would equal reported net income for the years ended December 31, 2004 and 2003.  Pro forma net income per Unit would equal reported net income per Unit for the periods presented.  The adoption of SFAS 148 did not have an effect on our financial position, results of operations or cash flows.

 

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