Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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, 2023	16	$	362.76
Expired	(1)		897.34
Options outstanding as of December 31, 2024	15	$	317.82	3.50	years	$	—
Options exercisable as of December 31, 2024	15	$	317.82	3.50	years	$	—

Schedule of changes in unvested restricted stock

A summary of our restricted shares as of December 31, 2024, 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, 2023	185	$	140.56
Granted	96		83.32
Vested	(67)		131.64
Forfeited	(14)		122.85
Unvested as of December 31, 2024	200	$	117.20

Employee Stock Option

Share-Based Compensation

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

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

	2022
Weighted average fair value of options granted	$	111.23
Weighted average risk free interest rate		3.69%
Dividend yield		0.00%
Volatility (1)		111.5%
Expected life (in years)		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.

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, 2024:

		Weighted-Average
		Grant-Date Fair
Restricted Stock Units	Outstanding	Value
	(In thousands, except fair value)
Outstanding as of December 31, 2023	103	$	92.84
Granted	93		81.36
Vested	(44)		81.14
Forfeited	(4)		38.37
Outstanding as of December 31, 2024	148	$	73.36

Restricted shares based on market conditions

Share-Based Compensation

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

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

		Year Ended December 31,
	2024		2023		2022
Risk free interest rate		4.01%		4.13%		1.03%
Expected volatility		65.00%		94.00%		92.00%
Closing stock price at grant date	$	81.63	$	154.87	$	81.09
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, 2024:

		Weighted-Average
		Grant-Date Fair
Market based restricted shares	Outstanding	Value
	(In thousands, except fair value)
Outstanding as of December 31, 2023	77	$	65.62
Granted	53		50.51
Forfeited	(48)		49.00
Outstanding as of December 31, 2024	82	$	65.52