Stock-Based Compensation

Restricted Stock Units

Lonestar grants awards of restricted stock units ("RSUs") to employees and directors as part of its long-term compensation program. For the three months ended March 31, 2020 and 2019, the Company recognized $(1.3) million and $0.7 million, respectively, of stock-based compensation (benefit) expense for RSUs. The liability for RSUs on the accompanying consolidated balance sheet as of March 31, 2020 was $0.1 million.

As of March 31, 2020, there was $0.4 million of unrecognized compensation expense related to non-vested RSU grants. This unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.7 years. The fair value of RSU grants that vested during the three months ended March 31, 2020 and 2019 totaled 0.5 million and 0.9 million, respectively.

A summary of the status of the Company's non-vested RSU grants issued, and the changes during the three months ended March 31, 2020 is presented below:



	Shares		Weighted Average Fair Value per Share
Non-vested RSUs at December 31, 2019	1,849,676		$	4.04
Granted	—		—
Vested	(692,050	)	0.69
Forfeited	(24,200	)	—
Non-vested RSUs at March 31, 2020	1,133,426		$	3.62

Stock Appreciation Rights

In the past, Lonestar has granted awards of stock appreciation rights (“SARs”) to employees and directors as part of its long-term compensation program. For the three months ended March 31, 2020 and 2019, the Company recognized $(0.5) million and $0.2 million, respectively, of stock-based compensation (benefit) expense for SARs. The liability for SARs on the accompanying unaudited consolidated balance sheet as of March 31, 2020 was not material.

As of March 31, 2020, the total compensation cost to be recognized in future periods related to non-vested SAR grants was not material. The cost is expected to be recognized over a weighted-average period of 1.0 year.

The following is a summary of the Company's SAR activity:



	Shares	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)
Outstanding at December 31, 2019	1,010,000	$	6.30	2.5
SARs vested and exercisable at December 31, 2019	606,250	6.65		2.4
Granted	—	—		—
Exercised	—	—		—
Expired/forfeited	—	—		—
Outstanding at March 31, 2020	1,010,000	$	6.30	2.3
SARs vested and exercisable at March 31, 2020	805,000	$	6.79	2.1