ALLIANCE RESOURCE PARTNERS LP
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
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Sep 30, 2025 · Filed Nov 7, 2025
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13. 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, 2025 | | 1,458,564 | | $17.60 | | $38,346 | | ||
| Granted (1) | 376,853 | | | 26.92 | | | | | |
| Vested (2) | (625,649) | | 13.62 | | | | | ||
| Forfeited | (17,525) | | 21.39 | | | | | ||
| Non-vested grants at September 30, 2025 | 1,192,243 | | 22.58 | | | 30,140 | | ||
| (1) | The restricted units granted during 2025 have certain minimum-value guarantees per unit, regardless of whether the awards vest. |
| (2) | During the nine months ended September 30, 2025, we issued 366,043 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 and$2.4 million for the three months ended September 30, 2025 and 2024, respectively, and$6.5 million and$6.8 million for the nine months ended September 30, 2025 and 2024, respectively. The total obligation associated with LTIP grants of restricted units as of September 30, 2025 was$14.9 million and is included in the partners’ capitalLimited partners-common unitholders line item on our condensed consolidated balance sheets. As of September 30, 2025, there was$12.1 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 1.2 years.
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