We account for unit-based compensation in accordance with ASC 718, which requires that compensation related to all unit-based awards be recognized in the consolidated financial statements. Unit-based compensation cost is valued at fair value at the date of grant, and that grant date fair value is recognized as expense over each award’s requisite service period with a corresponding increase to equity or liability based on the terms of each award and the appropriate accounting treatment under ASC 718.

Amounts recognized on the consolidated financial statements with respect to these plans are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of unit-based compensation charged to operating expense	$	1.1	$	1.3	$	2.7	$	4.1
Cost of unit-based compensation charged to general and administrative expense	4.6		10.1		11.5		19.6
Total unit-based compensation expense	$	5.7	$	11.4	$	14.2	$	23.7
Amount of related income tax benefit recognized in net income (1)	$	1.3	$	2.7	$	3.3	$	5.6

(1)The amount of related income tax benefit recognized in net income excluded book-to-tax differences recorded upon the vesting of unit-based awards. For additional information, see “Note 7—Income Taxes.”

The restricted incentive units were valued at their fair value at the date of grant, which is equal to the market value of ENLC common units on such date. A summary of the restricted incentive unit activity for the nine months ended September 30, 2023 is provided below:


	Nine Months Ended September 30, 2023
Restricted Incentive Units:	Number of Units		Weighted Average Grant-Date Fair Value
Unvested, beginning of period	6,775,186		$	5.89
Granted	1,575,905		11.02
Vested (1)	(2,413,511)		6.00
Forfeited	(333,050)		6.91
Unvested, end of period	5,604,530		$	7.22
Aggregate intrinsic value, end of period (in millions)	$	68.5

A summary of the restricted incentive units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the three and nine months ended September 30, 2023 and 2022 is provided below (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
Restricted Incentive Units:	2023		2022		2023		2022
Aggregate intrinsic value of units vested	$	2.1	$	11.1	$	29.6	$	19.3
Fair value of units vested	$	1.0	$	6.1	$	14.5	$	17.3

As of September 30, 2023, there were $20.8 million of unrecognized compensation costs that related to non-vested ENLC restricted incentive units. These costs are expected to be recognized over a weighted-average period of 1.9 years.

We grant performance awards under the 2014 Plan. The performance award agreements provide that the vesting of performance units (i.e., performance-based restricted incentive units) granted thereunder is dependent on the achievement of certain performance goals over the applicable performance period. At the end of the vesting period, recipients receive distribution equivalents, if any, with respect to the number of performance units vested. The vesting of such units ranges from zero to 200% of the units granted depending on the extent to which the related performance goals are achieved over the relevant performance period.

The following table presents a summary of the performance units:


	Nine Months Ended September 30, 2023
Performance Units:	Number of Units		Weighted Average Grant-Date Fair Value
Non-vested, beginning of period	2,979,154		$	6.44
Granted	420,128		11.67
Vested (1)	(1,091,523)		8.30
Forfeited	(81,827)		11.06
Non-vested, end of period	2,225,932		$	6.35
Aggregate intrinsic value, end of period (in millions)	$	27.2

A summary of the performance units’ aggregate intrinsic value (market value at vesting date) and fair value of units vested (market value at date of grant) for the nine months ended September 30, 2023 and 2022 is provided below (in millions).


	Three Months Ended September 30,				Nine Months Ended September 30,
Performance Units:	2023		2022		2023		2022
Aggregate intrinsic value of units vested	$	4.1	$	10.2	$	26.1	$	15.8
Fair value of units vested	$	1.0	$	4.5	$	9.1	$	15.5

As of September 30, 2023, there were $10.0 million of unrecognized compensation costs that related to non-vested ENLC performance units. These costs are expected to be recognized over a weighted-average period of 1.6 years.

The following table presents a summary of the grant-date fair value assumptions by performance unit grant date:


Performance Units:	March 2023
Grant-date fair value	$	11.67
Beginning TSR Price	$	10.40
Risk-free interest rate	3.76		%
Volatility factor	64.00		%