v3.26.1
Common Unit-Based Compensation Plan
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Common Unit-Based Compensation Plan

15.COMMON UNIT-BASED COMPENSATION PLAN

​

Long-Term Incentive Plan

​

A summary of non-vested Long-Term Incentive Plan (“LTIP”) grants of restricted units is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Number of units

 

Weighted average grant date fair value per unit

 

Intrinsic value

 

​

​

​

​

​

​

​

(in thousands)

​

​

​

​

​

​

​

​

​

​

​

Non-vested grants at January 1, 2026

​

1,192,243

​

$

22.58

​

$

27,696

​

Granted (1)

 

431,501

​

​

25.80

​

​

​

​

Vested (2)

 

(400,722)

​

 

21.54

​

​

​

​

Forfeited

 

(91,086)

​

 

23.34

​

​

​

​

Non-vested grants at June 30, 2026

 

1,131,936

​

 

24.12

​

​

27,144

​

(1)The restricted units granted during 2026 have certain minimum-value guarantees per unit, regardless of whether the awards vest.
(2)During the six months ended June 30, 2026, we issued 230,777 unrestricted common units to the LTIP participants.  The remaining vested units were withheld to satisfy tax withholdings.

​

LTIP expense for grants of restricted units was $2.3 million for each of the three months ended June 30, 2026 and 2025 and $4.0 million and $4.2 million for the six months ended June 30, 2026 and 2025, respectively. The total obligation associated with LTIP grants of restricted units as of June 30, 2026 was $12.2 million and is included in the partners’ capital Limited partners-common unitholders line item on our condensed consolidated balance sheets.  As of June 30, 2026, there was $15.1 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.