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Common Unit-Based Compensation Plan

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Common Unit-Based Compensation Plan

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)		376,853	​	​	26.92	​	​	​	​
Vested (2)		(625,649)	​		13.62	​	​	​	​
Forfeited		(11,528)	​		20.85	​	​	​	​
Non-vested grants at June 30, 2025		1,198,240	​		22.58	​	​	31,322	​

(1) The restricted units granted during 2025 have certain minimum-value guarantees per unit, regardless of whether the awards vest.

(2) During the six months ended June 30, 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 $2.3 million for each of the three months ended June 30, 2025 and 2024 and $4.2 million and $4.4 million for the six months ended June 30, 2025 and 2024, respectively. The total obligation associated with LTIP grants of restricted units as of June 30, 2025 was $12.6 million and is included in the partners’ capital Limited partners-common unitholders line item on our condensed consolidated balance sheets.  As of June 30, 2025, there was $14.5 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 1.5 years.

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

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-Topic 718
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-Name Accounting Standards Codification
-Section 50
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