Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Compensation

Schedule of stock option transactions

Stock option transactions under our various stock-based employee compensation plans are presented below:

				Weighted-
		Weighted-		Average
		Average		Remaining		Aggregate
		Exercise		Contractual		Intrinsic
Options	Shares	Price		Term		Value
	(In thousands, except exercise price and term)
Options outstanding as of December 31, 2021	16	$	419.22
Granted	1		147.66
Expired	(1)		734.90
Options outstanding as of December 31, 2022	16	$	391.76	4.91	years	$	211
Options exercisable as of December 31, 2022	16	$	391.76	4.91	years	$	211

Schedule of valuation assumptions used to estimate the fair value of stock options

The fair value of stock options granted during 2022 and 2021 was calculated using the Black-Scholes option pricing model and the following weighted-average assumptions:

	2022		2021
Weighted average fair value of options granted	$	111.23	$	72.69
Weighted average risk free interest rate		3.69%		0.72%
Dividend yield		0.00%		0.00%
Volatility (1)		111.50%		102.50%
Expected life (in years)		4.0		4.0

(1) Expected volatilities are based on implied volatilities from publicly traded options to purchase Nabors’ common shares, historical volatility of Nabors’ common shares and other factors.

Schedule of changes in unvested restricted stock

A summary of our restricted shares as of December 31, 2022, and the changes during the year then ended, is presented below:

		Weighted-Average
		Grant-Date Fair
Restricted shares	Outstanding	Value
	(In thousands, except fair value)
Unvested as of December 31, 2021	102	$	127.00
Granted	112		132.30
Vested	(45)		142.59
Forfeited	(6)		120.59
Unvested as of December 31, 2022	163	$	126.26

Performance based restricted shares

Share-Based Compensation

Schedule of changes in restricted shares

The following table sets forth information regarding outstanding restricted shares based on performance conditions as of December 31, 2022:

		Weighted-Average
		Grant-Date Fair
Performance based restricted shares	Outstanding	Value
	(In thousands, except fair value)
Outstanding as of December 31, 2021	56	$	150.02
Vested	(36)		151.13
Outstanding as of December 31, 2022	20	$	148.00

Performance based restricted stock units

Share-Based Compensation

Schedule of changes in restricted shares

The following table sets forth information regarding outstanding PSUs based on performance conditions as of December 31, 2022:

		Weighted-Average
		Grant-Date Fair
Restricted Stock Units	Outstanding	Value
	(In thousands, except fair value)
Outstanding as of December 31, 2021	107	$	94.26
Granted	49		81.09
Vested	(43)		102.94
Outstanding as of December 31, 2022	113	$	85.31

Restricted shares based on market conditions

Share-Based Compensation

Schedule of valuation assumptions used to estimate the fair value of restricted stock

The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions:

		Year Ended December 31,
	2022		2021		2020
Risk free interest rate		1.03%		0.18%		1.57%
Expected volatility		92.00%		108.00%		74.00%
Closing stock price at grant date	$	81.09	$	60.62	$	148.00
Expected term (in years)		3.0		3.0		3.0

Schedule of changes in restricted shares

The following table sets forth information regarding outstanding restricted shares based on market conditions as of December 31, 2022:

		Weighted-Average
		Grant-Date Fair
Market based restricted shares	Outstanding	Value
	(In thousands, except fair value)
Outstanding as of December 31, 2021	85	$	55.29
Granted	48		49
Outstanding as of December 31, 2022	133	$	53.03