Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Direct operating expense	$	497	$	415
Brokered natural gas and marketing expense		708		661
Exploration expense		324		320
General and administrative expense		9,978		9,600
Total stock-based compensation expense	$	11,507	$	10,996

Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The following assumptions were used to estimate the fair value of the TSR Awards granted during first three months 2024 and 2023:

	Three Months Ended March 31,
	2024			2023
Risk-free interest rate		4.1	%		3.8	%
Expected annual volatility		56	%		61	%
Grant date fair value per unit	$	31.84		$	30.37

Restricted Stock and Restricted Stock Units and performance awards Outstanding

The following is a summary of the activity for our restricted stock and performance awards at March 31, 2024:

	Restricted Stock Equity Awards					Restricted Stock Liability Awards					Stock-Based Performance Awards
	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value		Number of Units (a)			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023		1,473,805		$	22.82		93,116		$	19.44		937,582		$	17.01
Granted		1,233,483			30.23		7,932			30.02		254,195			31.84
Vested		(399,671	)		23.54		(33,141	)		16.94		(526,918	)		10.99
Forfeited		(2,603	)		25.81		—			—		—			—
Outstanding at March 31, 2024		2,305,014		$	26.66		67,907		$	21.89		664,859		$	27.45

(a) Amounts granted reflect performance units initially granted. The actual payout will be between zero and 200% depending on achievement of either total stockholder return ranking compared to our peers at the vesting date or on the achievement of internal performance targets.