Employee Benefits Plans and Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Restricted Stock Units Activity

The following table summarizes RSU activity for the three months ended March 31, 2021:

	RSUs			Weighted Average Grant Date Fair Value
Unvested RSUs at December 31, 2020		1,652,988		$	13.73
Granted		1,067,141		$	13.11
Vested		(623,400	)	$	14.07
Forfeited		—		$	—
Unvested RSUs at March 31, 2021(1)		2,096,729		$	13.31

⁽¹⁾ As of March 31, 2021, 1,045,703 of the unvested RSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet.

Summary of Performance Share Units Activity

The following table summarizes PSU activity for the three months ended March 31, 2021:

	PSUs		Weighted Average Grant Date Fair Value
Unvested PSUs at December 31, 2020		834,172	$	25.46
Granted		586,984	$	18.96
Vested		—	$	—
Forfeited		—	$	—
Unvested PSUs at March 31, 2021(1)		1,421,156	$	22.77

⁽¹⁾As of March 31, 2021, 586,984 of the unvested PSUs were accounted for as liability awards in “Accrued liabilities” on the Condensed Consolidated Balance Sheet.

Summary of Assumptions Used to Calculate the Grant Date Fair Value of PSUs Granted

The following table summarizes the assumptions used to calculate the grant date fair value of the PSUs granted:

	2021 Grant Date
	March 8
Number of simulations		100,000
Expected term (in years)		2.8
Expected volatility		78.3	%
Risk-free interest rate		0.3	%
Dividend yield		—	%

Schedule of Recognized Share Based Compensation Expense, Net

The Company recognized the following share-based compensation expense, net (in thousands):

	Three Months Ended March 31,
	2021			2020
Share-based compensation expense	$	4,915		$	3,212
Less: amounts capitalized to oil and gas properties		(2,251	)		(1,585	)
Total share-based compensation expense, net	$	2,664		$	1,627