Unit-Based Compensation

9 Months Ended

Sep. 30, 2020

Unit-Based Compensation [Abstract]

Unit-Based Compensation

6. UNIT-BASED COMPENSATION

The partnership has a long-term incentive plan (LTIP) intended to promote the interests of the partnership, its general partner and affiliates by providing unit-based incentive compensation awards to employees, consultants and directors to encourage superior performance. The LTIP reserves 2,500,000 common limited partner units for issuance in the form of options, restricted units, phantom units, distribution equivalent rights, substitute awards, unit appreciation rights, unit awards, profit interest units or other unit-based awards. The partnership measures unit-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The partnership records noncash compensation expense related to the awards over the requisite service period on a straight-line basis.

The non-vested unit-based activity for the nine months ended September 30, 2020, is as follows:

	Non-Vested Units		Weighted-Average Grant-Date Fair Value	Weighted-Average Remaining Vesting Term ‎(in years)
Non-vested at December 31, 2019	22,856	$	14.00
Granted	47,620		6.72
Vested	(22,856)		14.00
Non-vested at September 30, 2020	47,620	$	6.72	0.8

Compensation costs related to the unit-based awards of $81 thousand and $239 thousand were recognized during both the three and nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, there was $239 thousand of unrecognized compensation costs from unit-based compensation awards.