Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Direct operating expense	$	486	$	439	$	1,454	$	1,280
Brokered natural gas and marketing expense		571		483		1,862		1,604
Exploration expense		346		312		1,005		935
General and administrative expense		8,639		8,446		27,099		26,461
Total stock-based compensation expense	$	10,042	$	9,680	$	31,420	$	30,280

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 nine months 2024 and 2023:

	Nine Months Ended September 30,
	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 for the nine months ended September 30, 2024 and 2023:

	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		1,282,971			30.45		15,609			32.74		254,195			31.84
Vested		(1,088,006	)		24.45		(73,678	)		19.88		(526,918	)		10.99
Forfeited		(13,424	)		27.24		—			—		—			—
Outstanding at September 30, 2024		1,655,346		$	27.63		35,047		$	24.42		664,859		$	27.45
Outstanding at December 31, 2022		1,736,688		$	14.44		379,633		$	14.71		1,950,632		$	9.02
Granted		1,626,670			25.09		21,170			25.41		145,747			26.86
Vested		(1,408,676	)		16.88		(251,063	)		14.11		(1,158,797	)		4.80
Forfeited		(29,546	)		17.73		—			—		—			—
Outstanding at September 30, 2023		1,925,136		$	21.60		149,740		$	17.22		937,582		$	17.01

(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 over the performance period or on the achievement of internal performance targets.