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Note 14 - Unit-based Compensation
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

14.    Unit-Based Compensation

 

During the three months ended March 31, 2025 and 2024, the Partnership granted service, performance and market-based awards under its 2017 Long-Term Incentive Plan. 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 the awards granted during three months ended March 31, 2025 and 2024 was $6.8 million and $6.7 million, respectively, which included a grant date fair value of $2.5 million for the market-based awards valued using a Monte Carlo simulation during both the three months ended March 31, 2025 and 2024. Total unit-based compensation expense associated with these awards was $2.7 million and $3.0 million for the three months ended March 31, 2025 and 2024, 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 March 31, 2025 was $13.9 million, which will be recognized over a weighted average period of 1.9 years. The unamortized cost associated with unvested outstanding awards as of  December 31, 2024 was $9.5 million. The Partnership paid $5.5 million and $6.4 million in cash during the three months ended  March 31, 2025 and 2024, respectively, for taxes on the unit-based award settlements during the respective years. These cash payments are included in other items, net under cash flows from financing activities on the Partnership's Consolidated Statements of Cash Flows. 

 

A summary of the unit activity in the outstanding grants during 2025 is as follows:

 

(In thousands)

 

Common Units

  

Weighted Average Grant Date Fair Value per Common Unit

 

Outstanding at January 1, 2025

  350  $60.81 

Granted

  57  $117.98 

Fully vested and issued

  (141) $50.33 

Outstanding at March 31, 2025

  266  $78.68