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Stock-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2025
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,

 

 

2025

 

 

2024

 

Direct operating expense

$

537

 

 

$

497

 

Brokered natural gas and marketing expense

 

840

 

 

 

708

 

Exploration expense

 

347

 

 

 

324

 

General and administrative expense

 

10,111

 

 

 

9,978

 

Total stock-based compensation expense

$

11,835

 

 

$

11,507

 
The mark-to-market adjustment of the liability related to the 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 first three months 2025 and 2024:

 

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

 

4.2

%

 

 

4.1

%

Expected annual volatility

 

 

46

%

 

 

56

%

Grant date fair value per unit

 

$

44.39

 

 

$

31.84

 

 
Time Based and Performance Based Stock Awards Outstanding

The following is a summary of the activity for our time-based and performance-based stock awards for the three months ended March 31, 2025:

 

 

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, 2024

 

1,275,962

 

 

$

28.37

 

 

 

18,492

 

 

$

28.98

 

 

 

664,859

 

 

$

27.45

 

Granted

 

992,157

 

 

 

40.45

 

 

 

4,098

 

 

 

39.33

 

 

 

220,266

 

 

 

44.39

 

Vested

 

(316,360

)

 

 

30.56

 

 

 

(10,645

)

 

 

27.09

 

 

 

(264,917

)

 

 

23.55

 

Forfeited

 

(17,875

)

 

 

29.21

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at March 31, 2025

 

1,933,884

 

 

$

34.20

 

 

 

11,945

 

 

$

34.21

 

 

 

620,208

 

 

$

35.13

 
(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.