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COMMON UNIT-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2023

COMMON UNIT-BASED COMPENSATION PLANS

COMMON UNIT-BASED COMPENSATION PLANS

14.COMMON UNIT-BASED COMPENSATION PLANS

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Long-Term Incentive Plan

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A summary of non-vested LTIP grants as of and for the three months ended March 31, 2023 is as follows:

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​	​	​	​	​	​	​	​	​	​
​		Number of units		Weighted average grant date fair value per unit			Intrinsic value
​	​	​	​	​	​	​	(in thousands)		​
​	​	​	​	​	​	​	​	​	​
Non-vested grants at January 1, 2023	​	3,697,133	​	$	7.40	​	​	75,126	​
Granted (1)		447,225	​	​	21.54	​	​	​	​
Vested (2)		(1,291,330)	​		5.02	​	​	​	​
Forfeited		(118,144)	​		6.48	​	​	​	​
Non-vested grants at March 31, 2023		2,734,884	​		10.88	​	​	55,163	​

(1) The restricted units granted during 2023 have certain minimum-value guarantees per unit, regardless of whether or not the awards vest.

(2) During the three months ended March 31, 2023, we issued 860,060 unrestricted common units to the LTIP participants.  The remaining vested units were settled in cash to satisfy tax withholding obligations of the LTIP participants.

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LTIP expense for grants of restricted units was $2.3 million for each of the three months ended March 31, 2023 and 2022.  The total obligation associated with LTIP grants of restricted units as of March 31, 2023 was $11.5 million and is included in the partners' capital Limited partners-common unitholders line item in our condensed consolidated balance sheets.  As of March 31, 2023, there was $18.2 million in total unrecognized compensation expense related to the non-vested LTIP restricted unit grants that are expected to vest.  That expense is expected to be recognized over a weighted-average period of 1.3 years.

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Supplemental Executive Retirement Plan and Directors' Deferred Compensation Plan

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A summary of SERP and Directors' Deferred Compensation Plan activity as of and for the three months ended March 31, 2023 is as follows:

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​	​	​	​	​	​	​	​	​	​
​		Number of units		Weighted average grant date fair value per unit			Intrinsic value
​	​	​	​	​	​	​	(in thousands)		​
​	​	​	​	​	​	​	​	​	​
Phantom units outstanding as of January 1, 2023	​	742,540	​	$	20.28	​	$	15,088	​
Granted	​	23,980	​	​	21.30	​	​	​	​
Phantom units outstanding as of March 31, 2023		766,520	​		20.31	​	​	15,461	​

​

Total SERP and Directors' Deferred Compensation Plan expense was $0.6 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively.  As of March 31, 2023, the total obligation associated with the SERP and Directors' Deferred Compensation Plan was $15.6 million and is included in the partners' capital Limited partners-common unitholders line item in our condensed consolidated balance sheets.

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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