Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Allocation of Stock-Based Compensation by Functional Category

The following details the allocation of stock-based compensation to functional expense categories for each of the years in the three-year period ended December 31, 2024 (in thousands):

	2024		2023		2022
Direct operating expense	$	1,922	$	1,723	$	1,459
Brokered natural gas and marketing expense		2,465		2,095		2,439
Exploration expense		1,354		1,250		1,578
General and administrative expense		38,004		35,850		42,023
Total stock-based compensation expense	$	43,745	$	40,918	$	47,499

The mark-to-market adjustment of the liability related to the vested restricted stock Liability Awards held in our deferr

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 the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
	2024			2023			2022
Risk-free interest rate		4.1	%		3.8	%		1.4	%
Expected annual volatility		56	%		61	%		68	%
Grant date fair value per unit	$	31.84		$	30.37		$	27.90

Time Based and Performance Based Restricted Stock Awards Outstanding

The following is a summary of the activity for our time-based and performance-based restricted stock awards for the two years ended December 31, 2024 and 2023:

	Time-Based Equity Awards					Time-Based Liability Awards					Performance-Based Stock 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, 2022		1,736,688		$	14.44		379,633		$	14.71		1,950,632		$	9.02
Granted		1,629,816			25.11		21,170			25.41		145,747			26.86
Vested		(1,863,153	)		17.10		(307,687	)		14.01		(1,158,797	)		4.80
Forfeited		(29,546	)		17.73		—			—		—			—
Outstanding at December 31, 2023		1,473,805		$	22.82		93,116		$	19.44		937,582		$	17.01
Granted		1,275,533			30.41		24,186			34.14		254,195			31.84
Vested		(1,455,086	)		24.53		(98,810	)		21.25		(526,918	)		10.99
Forfeited		(18,290	)		29.07		—			—		—			—
Outstanding at December 31, 2024		1,275,962		$	28.37		18,492		$	28.98		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 (TSR awards) or on the achievement of internal performance targets (internal performance metric awards).