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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
In connection with the Company’s initial public offering (the “IPO”), the Company adopted the Parsley Energy, Inc. 2014 Long Term Incentive Plan (the “Parsley Plan”) for employees, directors and consultants of the Company. Refer to “Compensation Discussion and Analysis—Elements of Compensation—Incentive Compensation” in the Company’s Proxy Statement filed on Schedule 14A for the 2020 Annual Meeting of Stockholders for additional information related to this equity-based compensation plan.
On January 10, 2020, in connection with the Jagged Peak Acquisition, the Company assumed all rights and obligations under the Jagged Peak Energy Inc. 2017 Long Term Incentive Plan (the “Jagged Peak Plan”) and each outstanding share of Jagged Peak common stock remaining available for issuance under the Jagged Peak Plan. A portion of these shares, after adjustment to reflect the 0.447 exchange ratio for the Jagged Peak Acquisition, are issuable by the Company upon settlement of the outstanding Jagged Peak restricted stock unit awards granted under the Jagged Peak Plan and assumed by the Company in connection with the Jagged Peak Acquisition. The remaining shares, after adjustment to reflect the exchange ratio for the transaction, are issuable by the Company under the Parsley Plan.
Stock-based compensation expense recorded for each type of stock-based compensation award activity for the three months ended March 31, 2020 and 2019 is as follows (in thousands):
Three Months Ended March 31,
20202019
Time-based restricted stock$660  $1,406  
Time-based restricted stock units3,968  2,311  
Performance-based restricted stock(1)
530  1,193  
Performance-based restricted stock units1,232  412  
Restructuring and other termination costs4,750  —  
Total stock-based compensation$11,140  $5,322  

(1)  Includes stock-based compensation expense related to historical PSUs that were converted to PSAs.
For the three months ended March 31, 2020 and 2019, respectively, $6.4 million and $5.3 million of stock-based compensation is included in General and administrative expenses in the Company’s condensed consolidated statements of operations. For the three months ended March 31, 2020, as a result of the Jagged Peak Acquisition, the Company incurred $4.8 million related to accelerated vesting of stock-based compensation, which is included in Restructuring and other termination costs in the Company’s condensed consolidated statements of operations. The Company incurred no such costs during the three months ended March 31, 2019. There was approximately $44.8 million of unamortized compensation expense relating to outstanding shares of time-based restricted stock awards
(“RSAs”), time-based restricted stock units (“RSUs”), PSAs and PSUs at March 31, 2020. The unrecognized compensation expense will be recognized on a straight-line basis over the remaining vesting periods of the awards, which is a period of less than three years on a weighted average basis.
The following table summarizes the Company’s stock-based compensation award activity for the three months ended March 31, 2020:
Time-Based Restricted Stock Awards (RSAs)Time-Based Restricted Stock Units
(RSUs)		Performance-Based Restricted Stock Awards
(PSAs)		Performance-Based Restricted Stock Units (PSUs)
Outstanding at January 1, 2020386,390  1,240,458  790,507  358,240  
Granted(1)
—  1,179,778  —  440,926  
Vested(158,737) (229,257) (236,944) —  
Forfeited—  (31,029) (101,556) —  
Outstanding at March 31, 2020227,653  2,159,950  452,007  799,166  
(1) Weighted average grant date fair value$—  $16.50  $—  $22.17