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Stock-based Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2021
Allocation of Stock-Based Compensation by Functional Category The following details the allocation of stock-based compensation to functional expense categories (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Direct operating expense

 

$

319

 

 

$

(74

)

 

$

986

 

 

$

810

 

Brokered natural gas and marketing expense

 

 

446

 

 

 

324

 

 

 

1,339

 

 

 

905

 

Exploration expense

 

 

368

 

 

 

189

 

 

 

1,116

 

 

 

891

 

General and administrative expense

 

 

9,845

 

 

 

6,863

 

 

 

28,632

 

 

 

24,071

 

Termination costs

 

 

—

 

 

 

2,020

 

 

 

—

 

 

 

2,020

 

Total stock-based compensation expense

 

$

10,978

 

 

$

9,322

 

 

$

32,073

 

 

$

28,697

 
Restricted Stock and Restricted Stock Units Outstanding The following is a summary of the status of our non-vested restricted stock outstanding at September 30, 2021:

 

 

Restricted Stock
Equity Awards

 

 

Restricted Stock
Liability Awards

 

 

 

Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Outstanding at December 31, 2020

 

 

2,815,860

 

 

$

4.97

 

 

 

1,186,636

 

 

$

4.18

 

Granted

 

 

2,340,114

 

 

 

10.20

 

 

 

1,288,729

 

 

 

9.55

 

Vested

 

 

(1,820,011

)

 

 

7.37

 

 

 

(1,316,542

)

 

 

6.98

 

Forfeited

 

 

(79,732

)

 

 

6.30

 

 

 

—

 

 

 

—

 

Outstanding at September 30, 2021

 

 

3,256,231

 

 

$

7.36

 

 

 

1,158,823

 

 

$

6.98

 
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions The following assumptions were used to estimate the fair value of TSR-PSUs granted during first nine months 2021 and 2020:

 

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

Risk-free interest rate

 

 

0.2

%

 

 

1.4

%

Expected annual volatility

 

 

75

%

 

 

65

%

Grant date fair value per unit

 

$

12.58

 

 

$

3.85

 
Performance-based Internal Performance Awards  
Summary of Non-Vested Awards Activities The following is a summary of our non-vested internal performance awards outstanding at September 30, 2021:

 

 

Number of
Units

 

 

Weighted
Average Grant
Date Fair Value

 

Outstanding at December 31, 2020

 

 

1,099,102

 

 

$

5.92

 

Units granted (a)

 

 

303,231

 

 

 

9.81

 

Vested and issued (b)

 

 

(306,978

)

 

 

12.20

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at September 30, 2021

 

 

1,095,355

 

 

$

7.80

 
Performance Based TSR - PSUs  
Summary of Non-Vested Awards Activities

The following is a summary of our non-vested TSR-PSUs award activities:

 

 

 

Number of
Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2020

 

 

1,249,524

 

 

$

9.55

 

Units granted (a)

 

 

223,687

 

 

 

12.58

 

Vested and issued (b)

 

 

(325,217

)

 

 

18.51

 

Forfeited

 

 

—

 

 

 

—

 

Outstanding at September 30, 2021

 

 

1,147,994

 

 

$

7.60

 

 

(a)

These amounts reflect the number of performance units granted. The actual payout of shares may be between zero and 200% of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date.

(b)

Includes TSR-PSUs awards issued related to the 2018 performance period where the return on our common stock was negative and therefore, the performance multiple and actual payout was reduced to 100%.