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COMMON UNIT-BASED COMPENSATION PLANS

6 Months Ended

Jun. 30, 2024

COMMON UNIT-BASED COMPENSATION PLANS

COMMON UNIT-BASED COMPENSATION PLANS

16.COMMON UNIT-BASED COMPENSATION PLANS

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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.

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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 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, 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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