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COMMON UNIT-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2025

COMMON UNIT-BASED COMPENSATION PLANS

COMMON UNIT-BASED COMPENSATION PLANS

13.COMMON UNIT-BASED COMPENSATION PLAN

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Long-Term Incentive Plan

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A summary of non-vested Long-Term Incentive Plan (“LTIP”) grants of restricted units 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, 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.

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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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