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Note 5 - Net Income Per Common Unit | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Earnings Per Share [Text Block] | 5. Net Income Per Common Unit In 2025, basic net income per common unit is computed by dividing net income, after considering the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's unvested unit-based awards if the inclusion of these items is dilutive. In 2024, basic net income per common unit is computed by dividing net income, after considering income attributable to preferred unitholders, the difference between the fair value of the consideration paid upon redemption and the carrying value of the preferred units, and the general partner’s general partner interest, by the weighted average number of common units outstanding. Diluted net income per common unit includes the effect of NRP's preferred units, warrants, and unvested unit-based awards if the inclusion of these items is dilutive. The dilutive effect of the preferred units in 2024 was calculated using the if-converted method. Under the if-converted method, the preferred units were assumed to be converted at the beginning of the period, and the resulting common units were included in the denominator of the diluted net income per unit calculation for the period being presented. Distributions declared in the period and undeclared distributions on the preferred units that accumulated during the period were added back to the numerator for purposes of the if-converted calculation. The calculation of diluted net income per common unit for the three months ended March 31, 2024 included the assumed conversion of the preferred units that remained outstanding during the respective period. The dilutive effect of the warrants in 2024 was calculated using the treasury stock method, which assumed that the proceeds from the exercise of these instruments were used to purchase common units at the average market price for the period. The calculation of diluted net income per common unit for the three months ended March 31, 2024 included the net settlement of the warrants for the period during which they were outstanding. The following table reconciles the numerator and denominator of the basic and diluted net income per common unit computations and calculates basic and diluted net income per common unit:
|  | For the Three Months Ended March 31, |
(In thousands, except per unit data) |  | 2025 |  |  | 2024 |
Basic net income per common unit |  |  |  |  |  |  |  |
Net income attributable to common unitholders |  | $ | 39,448 |  |  | $ | 52,982 |
Weighted average common units—basic |  |  | 13,098 |  |  |  | 12,832 |
Basic net income per common unit |  | $ | 3.01 |  |  | $ | 4.13 |
Diluted net income per common unit |  |  |  |  |  |  |  |
Weighted average common units—basic |  |  | 13,098 |  |  |  | 12,832 |
Plus: dilutive effect of preferred units |  |  | — |  |  |  | 775 |
Plus: dilutive effect of warrants |  |  | — |  |  |  | 521 |
Plus: dilutive effect of unvested unit-based awards |  |  | 206 |  |  |  | 265 |
Weighted average common units—diluted |  |  | 13,304 |  |  |  | 14,393 |
Net income |  | $ | 40,253 |  |  | $ | 56,213 |
Less: income attributable to preferred unitholders |  |  | — |  |  |  | — |
Less: redemption of preferred units |  |  | — |  |  |  | — |
Diluted net income attributable to common unitholders and the general partner |  | $ | 40,253 |  |  | $ | 56,213 |
Less: diluted net income attributable to the general partner |  |  | (805 | ) |  |  | (1,124 | )
Diluted net income attributable to common unitholders |  | $ | 39,448 |  |  | $ | 55,089 |
Diluted net income per common unit |  | $ | 2.97 |  |  | $ | 3.83 |

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