Note 4 - Net Income Per Common Unit

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Earnings Per Share [Text Block]

4. Net Income Per Common Unit

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.

The dilutive effect of the unvested unit-based awards is calculated using the treasury stock method, which assumes that the proceeds from the vesting of the unvested unit-based awards are 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, 2026 and 2025 included the impact of the vesting of the unvested unit-based awards.

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)		*2026*				*2025*
Basic net income per common unit
Net income attributable to common unitholders		$	19,227			$	39,448
Weighted average common units—basic			13,199				13,098
Basic net income per common unit		$	1.46			$	3.01

Diluted net income per common unit
Weighted average common units—basic			13,199				13,098
Plus: dilutive effect of unvested unit-based awards			151				206
Weighted average common units—diluted			13,350				13,304

Diluted net income attributable to common unitholders and the general partner		$	19,619			$	40,253
Less: diluted net income attributable to the general partner			(392	)			(805	)
Diluted net income attributable to common unitholders		$	19,227			$	39,448

Diluted net income per common unit		$	1.44			$	2.97