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INCENTIVE COMPENSATION
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
INCENTIVE COMPENSATION INCENTIVE COMPENSATIONThe table below summarizes incentive compensation expense recorded in the General and administrative line item of the consolidated statements of operations for the periods presented:
 Three Months Ended March 31,
20222021
 (in thousands)
Cash—short and long-term incentive plans$996 $1,385 
Equity-based compensation—restricted common units927 949 
Equity-based compensation—restricted performance units3,093 2,161 
Board of Directors incentive plan531 352 
 Total incentive compensation expense
$5,547 $4,847 
In the first quarter of 2022, the board of directors of the Partnership's general partner (the "Board") approved a grant of awards to all employees dependent on the achievement of an aspirational production target to be measured in the fourth quarter of 2025 (the "Aspirational Awards"). The Aspirational Awards include performance cash awards and performance equity awards in the form of restricted performance units. To the extent earned, each performance unit represents the right to receive one common unit. The performance cash awards and performance units are eligible to become earned at the end of the requisite service period on December 31, 2025 if the minimum performance metrics are achieved. The minimum performance metrics are at least 42 Mboe per day of average daily royalty production in either the fourth quarter or the month of December of 2025 while maintaining a net debt to EBITDA ratio less than or equal to 1.0 on December 31, 2025. Average daily royalty production does not include production attributable to acquisitions consummated during the performance period. Compensation expense related to the Aspirational Awards will be recorded over the service period when achievement of the performance condition is probable. Total compensation expense to be recognized over the life of the Aspirational Awards consists of $4.7 million for the performance cash awards and $16.9 million for the performance equity awards (1,463,202 performance units with a weighted-average grant date fair value of $11.55 per unit). As of March 31, 2022, the Partnership determined achievement of the performance condition was not yet probable and no expense was recognized.