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Note 14 - Unit-Based Compensation
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

14.    Unit-Based Compensation

 

During the nine months ended September 30, 2023, the Partnership granted service, performance and market-based awards under its 2017 Long-Term Incentive Plan and during the nine months ended September 30, 2022, the Partnership granted service-based awards. The Partnership's service and performance-based awards are valued using the closing price of NRP's common units as of the grant date while the Partnership's market-based awards are valued using a Monte Carlo simulation. The grant date fair value of these awards granted during nine months ended September 30, 2023 and 2022 was $16.0 million and $7.9 million, respectively. Total unit-based compensation expense associated with these awards was $2.7 million and $1.4 million for the three months ended September 30, 2023 and 2022, respectively, and $7.9 million and $4.2 million for the nine months ended September 30, 2023 and 2022, respectively, and is included in general and administrative expenses and operating and maintenance expenses on the Partnership's Consolidated Statements of Comprehensive Income. The unamortized cost associated with unvested outstanding awards as of September 30, 2023 is $15.8 million, which is to be recognized over a weighted average period of 2.1 years. The unamortized cost associated with unvested outstanding awards as of  December 31, 2022 was $6.3 million.

 

A summary of the unit activity in the outstanding grants during 2023 is as follows:

 

(In thousands)

 

Common Units

  

Weighted Average Grant Date Fair Value per Common Unit

 

Outstanding at January 1, 2023

  386  $28.96 

Granted

  281  $56.84 

Fully vested and issued

  (184) $26.30 

Outstanding at September 30, 2023

  483  $46.21