ALLIANCE RESOURCE PARTNERS LP
For the period ended Mar 31, 2025. Filed May 9, 2025.
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Mar 31, 2025 · Filed May 9, 2025
Contents
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) | 353,028 | | | 26.92 | | | | | |
| Vested (2) | (625,649) | | 13.62 | | | | | ||
| Forfeited | (6,222) | | 20.66 | | | | | ||
| Non-vested grants at March 31, 2025 | 1,179,721 | | 22.49 | | | 32,183 | | ||
| (1) | The restricted units granted during 2025 have certain minimum-value guarantees per unit, regardless of whether the awards vest. |
| (2) | During the three months ended March 31, 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$2.0 million for each of the three months ended March 31, 2025 and 2024. The total obligation associated with LTIP grants of restricted units as of March 31, 2025 was$10.3 million and is included in the partners’ capitalLimited partners-common unitholders line item on our condensed consolidated balance sheets. As of March 31, 2025, there was$16.2 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 1.7 years.
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