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COMMON UNIT-BASED COMPENSATION PLANS | 3 Months Ended
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Mar. 31, 2025
COMMON UNIT-BASED COMPENSATION PLANS |
COMMON UNIT-BASED COMPENSATION PLANS | 13.COMMON UNIT-BASED COMPENSATION PLAN ​ Long-Term Incentive Plan ​ A summary of non-vested Long-Term Incentive Plan (“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, 2025 | ​ | 1,458,564 | ​ | $ | 17.60 | ​ | $ | 38,346 | ​
Granted (1) |  | 353,028 | ​ | ​ | 26.92 | ​ | ​ | ​ | ​
Vested (2) |  | (625,649) | ​ |  | 13.62 | ​ | ​ | ​ | ​
Forfeited |  | (6,222) | ​ |  | 20.66 | ​ | ​ | ​ | ​
Non-vested grants at March 31, 2025 |  | 1,179,721 | ​ |  | 22.49 | ​ | ​ | 32,183 | ​
(1) | The restricted units granted during 2025 have certain minimum-value guarantees per unit, regardless of whether the awards vest.
(2) | During the three months ended March 31, 2025, we issued 366,043 unrestricted common units to the LTIP participants. The remaining vested units were withheld to satisfy tax withholdings.
​ LTIP expense for grants of restricted units was $2.0 million for each of the three months ended March 31, 2025 and 2024. The total obligation associated with LTIP grants of restricted units as of March 31, 2025 was $10.3 million and is included in the partners’ capital Limited partners-common unitholders line item on our condensed consolidated balance sheets. As of March 31, 2025, there was $16.2 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 1.7 years.

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