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Equity Incentive Compensation Plans and Other Long-term Incentive Programs
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Equity Incentive Compensation Plans and Other Long-term Incentive Programs Equity Incentive Compensation Plans and Other Long-term Incentive Programs
The Company maintains various stock-based compensation plans and other employee benefits as discussed below. Stock-based compensation is measured at the grant date based on the value of the awards, and the fair value is recognized on a straight-line basis over the requisite service period (usually the vesting period). Nonvested shares of common stock generally vest ratably over a three year service period, and nonvested shares of common stock units vest over a one year service period. Cash-based compensation is measured at fair value at each reporting date and is recognized on a straight-line basis over the requisite service period (usually the vesting period). Cash-based awards generally have a cliff vest of three years.

The following table presents the long-term equity and cash incentive compensation related to awards for the periods indicated:

 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (in thousands)
Nonvested common stock (1)
$996 $1,992 $3,296 $5,321 
Nonvested common stock units (1)
30 283 512 895 
Nonvested performance cash units (2)(3)
(55)(130)(831)947 
Total$971 $2,145 $2,977 $7,163 

(1)Unrecognized compensation expense as of September 30, 2020 was $4.0 million, which related to grants of nonvested shares of common stock that are expected to be recognized over a weighted-average period of 1.6 years.
(2)The nonvested performance-based cash units are accounted for as liability awards with $0.3 million and $1.2 million in other noncurrent liabilities as of September 30, 2020 and December 31, 2019, respectively, in the Unaudited Consolidated Balance Sheets.
(3)Liability awards are fair valued at each reporting date. The expense for the period will increase or decrease based on updated fair values of these awards at each reporting date.

Nonvested Equity and Cash Awards. The following tables present the equity and cash awards granted pursuant to the Company’s various stock compensation plans. A summary of the Company’s nonvested common stock awards for the three and nine months ended September 30, 2020 and 2019 is presented below:
Three Months Ended September 30, 2020Three Months Ended September 30, 2019
Nonvested Common Stock Awards
Shares (1)
Weighted Average
Grant Date
Fair Value (1)
Shares (1)
Weighted Average
Grant Date
Fair Value (1)
Outstanding at July 1,63,374 $103.45 68,122 $194.11 
Granted— — 120 62.50 
Vested(2,384)208.62 (7,120)209.45 
Forfeited or expired(2,034)61.09 (1,462)239.81 
Outstanding at September 30,58,956 100.60 59,660 190.90 
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
Nonvested Common Stock Awards
Shares (1)
Weighted Average
Grant Date
Fair Value (1)
Shares (1)
Weighted Average
Grant Date
Fair Value (1)
Outstanding at January 1,59,369 $190.74 58,243 $263.50 
Granted40,572 57.00 36,954 131.95 
Vested(33,754)212.35 (33,711)249.29 
Forfeited or expired(7,231)74.39 (1,826)241.44 
Outstanding at September 30,58,956 100.60 59,660 190.90 
(1)All share and per share information has been retroactively adjusted to reflect a 1-for-50 reverse stock split effective October 30, 2020. See Note 12 for additional information.

A summary of the Company’s nonvested common stock unit awards for the three and nine months ended September 30, 2020 and 2019 is presented below:

Three Months Ended September 30, 2020Three Months Ended September 30, 2019
Nonvested Common Stock Unit Awards
Units (1)
Weighted Average
Grant Date
Fair Value (1)
Units (1)
Weighted Average
Grant Date
Fair Value (1)
Outstanding at July 1,12,185 $86.22 15,922 $163.61 
Outstanding at September 30,12,185 86.22 15,922 163.61 
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
Nonvested Common Stock Unit Awards
Units (1)
Weighted Average
Grant Date
Fair Value (1)
Units (1)
Weighted Average
Grant Date
Fair Value (1)
Outstanding at January 1,15,922 $163.61 6,224 $362.97 
Granted10,618 13.48 12,862 93.78 
Vested(12,767)131.38 (3,164)271.99 
Forfeited or expired(1,588)12.69 — — 
Outstanding at September 30,12,185 86.22 15,922 163.61 

(1)All unit and per unit information has been retroactively adjusted to reflect a 1-for-50 reverse stock split effective October 30, 2020. See Note 12 for additional information.

A summary of the Company’s nonvested performance-based cash unit awards for the three and nine months ended September 30, 2020 and 2019 is presented below:
Three Months Ended September 30, 2020Three Months Ended September 30, 2019
Nonvested Performance-Based Cash Unit Awards
Units (1)
Weighted Average
Fair Value (1)
Units (1)
Weighted Average
Fair Value (1)
Outstanding at July 1,108,796 57,372 
Forfeited or expired(7,714)(5,851)
Outstanding at September 30,101,082 $11.50 51,521 $79.50 
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
Nonvested Performance-Based Cash Unit Awards
Units (1)
Weighted Average
Fair Value (1)
Units (1)
Weighted Average
Fair Value (1)
Outstanding at January 1,51,521 18,191 
Granted71,388 40,530 
Forfeited or expired(21,827)(7,200)
Outstanding at September 30,101,082 $11.50 51,521 $79.50 

(1)All unit and per unit information has been retroactively adjusted to reflect a 1-for-50 reverse stock split effective October 30, 2020. See Note 12 for additional information.

Performance Cash Program
2020 Program. In February 2020, the Compensation Committee of the Board of Directors of the Company approved a performance cash program (the “2020 Program”) granting performance cash units that will settle in cash and are accounted for as liability awards. The performance-based awards contingently vest in February 2023, depending on the level at which the performance goal is achieved. The performance goal, which will be measured over the three-year period ending December 31, 2022, will be the Company’s total shareholder return (“TSR”) based on a matrix measurement of (1) the Company’s absolute performance and (2) the Company’s ranking relative to a defined peer group’s individual TSRs (“Relative TSR”). The Company’s absolute performance is measured against the December 31, 2019 closing share price of $84.50, which has been retroactively adjusted to reflect a 1-for-50 reverse stock split. For the portion of the program based on absolute performance, the payout will be equal to the Company’s absolute TSR up to 100%, which is the maximum payout for this portion. For the portion of the program based on relative performance (i) if the Company’s Relative TSR is less than 30%, the payout is zero and (ii) if the Company’s Relative TSR is 30% or greater, the payout is equal to the Company’s percentile rank up to 100% of the original grant. The Company’s combined absolute performance and Relative TSR have a maximum vest of up to 200% of the original grant.