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COMMON UNIT-BASED COMPENSATION PLANS | 6 Months Ended
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Jun. 30, 2024
COMMON UNIT-BASED COMPENSATION PLANS |
COMMON UNIT-BASED COMPENSATION PLANS | 16.COMMON UNIT-BASED COMPENSATION PLANS ​ Long-Term Incentive Plan ​ A summary of non-vested LTIP grants of restricted units is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of units |  | Weighted average grant date fair value per unit |  | Intrinsic value |
​ | ​ | ​ | ​ | ​ | ​ | ​ | (in thousands) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-vested grants at January 1, 2024 | ​ | 2,710,344 | ​ | $ | 10.91 | ​ | ​ | 51,405 | ​
Granted (1) |  | 455,574 | ​ | ​ | 19.69 | ​ | ​ | ​ | ​
Vested (2) |  | (1,582,422) | ​ |  | 6.53 | ​ | ​ | ​ | ​
Forfeited |  | (38,204) | ​ |  | 16.08 | ​ | ​ | ​ | ​
Non-vested grants at June 30, 2024 |  | 1,545,292 | ​ |  | 17.87 | ​ | ​ | 37,798 | ​
(1) | The restricted units granted during 2024 have certain minimum-value guarantees per unit, regardless of whether the awards vest.
(2) | During the six months ended June 30, 2024, we issued 936,544 unrestricted common units to the LTIP participants. The remaining vested units were settled in cash to satisfy tax withholding.
​ LTIP expense for grants of restricted units was $2.3 million and $2.7 million for the three months ended June 30, 2024 and 2023, respectively, and $4.4 million and $4.9 million for the six months ended June 30, 2024 and 2023, respectively. The total obligation associated with LTIP grants of restricted units as of June 30, 2024 was $13.5 million and is included in the partners' capital Limited partners-common unitholders line item on our condensed consolidated balance sheets. As of June 30, 2024, there was $14.2 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 1.4 years. ​ Supplemental Executive Retirement Plan and Directors' Deferred Compensation Plan ​ A summary of SERP and Directors' Deferred Compensation Plan activity 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, 2024 | ​ | 811,946 | ​ | $ | 20.44 | ​ | $ | 17,197 | ​
Granted | ​ | 53,770 | ​ | ​ | 21.18 | ​ | ​ | ​ | ​
Phantom units outstanding as of June 30, 2024 |  | 865,716 | ​ |  | 20.48 | ​ | ​ | 21,175 | ​
​ Total SERP and Directors' Deferred Compensation Plan expense was $0.7 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively, and $1.3 million and $1.2 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the total obligation associated with the SERP and Directors' Deferred Compensation Plan was $17.7 million and is included in the partners' capital Limited partners-common unitholders line item on our condensed consolidated balance sheets.

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