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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We have an equity incentive plan (“2013 Incentive Plan”) and an employee stock purchase plan (“ESPP”). The 2013 Incentive Plan authorizes the grant of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units and other stock-based awards (restricted stock awards, restricted stock units, performance shares and performance units are collectively referred to as restricted stock units and awards for purposes of this footnote). During 2018, the 2013 Incentive Plan was amended to authorize an additional 7.4 million shares for issuance under the plan. At December 31, 2019, 15 million shares of our common stock were reserved for issuance pursuant to existing and future stock awards, of which 8 million shares were available for future grants. The 2013 Incentive Plan is administered by either the full Board of Directors or a committee as designated by the Board of Directors, determined by the grant. Our employees, officers and non-employee directors are eligible to receive awards under the 2013 Incentive Plan.
Total stock-based compensation expense was $34 million, $32 million and $28 million for of the years ended December 31, 2019, 2018 and 2017, respectively, and is reflected in general and administrative expense. Measured but unrecognized stock-based compensation expense related to restricted stock units and awards at December 31, 2019 was $44 million and is expected to be recognized over a weighted-average period of 2.6 years. There was no unrecognized stock-based compensation expense related to stock options at December 31, 2019.
The ESPP allows employees the option to purchase WPX common stock at a 15 percent discount through after-tax payroll deductions. The purchase price of the stock is the lower of either the first or last day of the biannual offering periods, followed with the 15 percent discount. The maximum number of shares that shall be made available under the purchase plan is 1 million shares, subject to adjustment for stock splits and similar events. During 2018, the ESPP was amended to replenish the number of shares of our common stock that may be issued under the ESPP by 750 thousand. Offering periods are from January through June and from July through December. Employees purchased 106 thousand shares at an average price of $9.82 per share during 2019.
Nonvested Restricted Stock Units and Awards
The following summary reflects nonvested restricted stock unit activity and related information for the year ended December 31, 2019.
Restricted Stock UnitsShares
Weighted-
Average
Fair Value(a)
 (Millions) 
Nonvested at December 31, 20185.4  $15.01  
Granted3.8  $13.16  
Forfeited(0.1) $13.12  
Vested(3.2) $13.92  
Nonvested at December 31, 20195.9  $14.78  
__________
(a) Performance-based shares are valued utilizing a Monte Carlo valuation method using measures of total shareholder return. All other shares are valued at the grant-date market price.
Other restricted stock unit information
 201920182017
Weighted-average grant date fair value of restricted stock units granted during the year, per share
$13.16  $16.74  $13.76  
Total fair value of restricted stock units vested during the year (millions)$45  $26  $33  
Performance-based shares granted represent 35 percent of nonvested restricted stock units outstanding at December 31, 2019. These grants may be earned at the end of a three year period based on actual performance against a performance target. Expense associated with these performance-based grants is recognized in periods after performance targets are established. Based on the extent to which certain financial targets are achieved, vested shares may range from zero to 200 percent of the original grant amount.
Stock Options
The following summary reflects stock option activity and related information for the year ended December 31, 2019.
Stock OptionsOptions
Weighted-
Average
Exercise
Price
Weighted-Average Remaining Contractual Life
Aggregate
Intrinsic
Value
 (Millions) (Years)(Millions)
Outstanding at December 31, 20181.1  $16.00  $0.3  
Granted—  $—  
Exercised(0.1) $7.29  
Forfeited(0.3) $16.40  
Outstanding at December 31, 20190.7  $16.84  2.2$0.2  
Exercisable at December 31, 20190.7  $16.84  2.2$0.2  

The total intrinsic value of options exercised was $468 thousand, $4.3 million and $224 thousand for the years ended December 31, 2019, 2018 and 2017, respectively.
Cash received from stock option exercises was $0.5 million, $9.2 million and $0.4 million during 2019, 2018 and 2017, respectively.
The Company did not grant stock options during the years ended 2019, 2018 and 2017.