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COMMON UNIT-BASED COMPENSATION PLANS | 9 Months Ended
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Sep. 30, 2023
COMMON UNIT-BASED COMPENSATION PLANS |
COMMON UNIT-BASED COMPENSATION PLANS | 14.COMMON UNIT-BASED COMPENSATION PLANS ​ Long-Term Incentive Plan ​ A summary of non-vested LTIP grants as of and for the nine months ended September 30, 2023 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 |  | (145,584) | ​ |  | 6.86 | ​ | ​ | ​ | ​
Non-vested grants at September 30, 2023 |  | 2,707,444 | ​ |  | 10.90 | ​ | ​ | 60,999 | ​
(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 nine months ended September 30, 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.
​ LTIP expense for grants of restricted units was $2.7 million and $2.4 million for the three months ended September 30, 2023 and 2022, respectively, and $7.7 million and $6.8 million for the nine months ended September 30, 2023 and 2022, respectively. The total obligation associated with LTIP grants of restricted units as of September 30, 2023 was $16.8 million and is included in the partners' capital Limited partners-common unitholders line item in our condensed consolidated balance sheets. As of September 30, 2023, there was $12.7 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 0.8 years. ​ Supplemental Executive Retirement Plan and Directors' Deferred Compensation Plan ​ A summary of SERP and Directors' Deferred Compensation Plan activity as of and for the nine months ended September 30, 2023 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 | ​ | 75,648 | ​ | ​ | 19.75 | ​ | ​ | ​ | ​
Settled (1) |  | (49,331) | ​ | ​ | 20.27 | ​ | ​ | ​ | ​
Phantom units outstanding as of September 30, 2023 |  | 768,857 | ​ |  | 20.36 | ​ | ​ | 17,322 | ​
(1) | During the nine months ended September 30, 2023, we purchased 27,576 ARLP common units on the open market to settle the account of a participant under the SERP. Units purchased and delivered to the participant were net of units settled in cash to satisfy tax withholding obligations.
​ Total SERP and Directors' Deferred Compensation Plan expense was $0.6 million and $0.4 million for the three months ended September 30, 2023 and 2022, respectively, and $1.8 million and $0.9 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the total obligation associated with the SERP and Directors' Deferred Compensation Plan was $15.7 million and is included in the partners' capital Limited partners-common unitholders line item in our condensed consolidated balance sheets.

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