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Stock-based Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2017
Allocation of Stock-Based Compensation by Functional Category

The following table details the allocation of stock-based compensation to functional expense categories (in thousands):

 

 

 

Three Months Ended
September 30,

 

 

 

Nine Months Ended
September 30,

 

 

2017

 

 

 

2016

 

 

 

2017

 

 

 

2016

 

Direct operating expense

$

517

 

 

$

497

 

 

$

1,563

 

 

$

1,781

 

Brokered natural gas and marketing expense

 

389

 

 

 

455

 

 

 

1,040

 

 

 

1,349

 

Exploration expense

 

561

 

 

 

608

 

 

 

1,596

 

 

 

1,669

 

General and administrative expense

 

9,959

 

 

 

11,126

 

 

 

35,156

 

 

 

37,682

 

Termination costs

 

(31

)

 

 

—

 

 

 

1,665

 

 

 

—

 

Total stock-based compensation

$

11,395

 

 

$

12,686

 

 

$

41,020

 

 

$

42,481

 

 
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The following assumptions were used to estimate the fair value of TSRs granted during first nine months 2017 and 2016:

 

 

Nine Months
Ended September 30,

 

 

2017

 

 

 

2016

 

Risk-free interest rate

 

1.49

%

 

 

0.94

%

Expected annual volatility

 

44

%

 

 

49

%

Weighted average grant date fair value per unit

$

26.26

 

 

$

36.64

 

 
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, 2017:

 

 

 

Equity Awards

 

 

Liability Awards

 

 

 

Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Outstanding at December 31, 2016

 

 

765,971

 

 

$

33.62

 

 

 

425,018

 

 

$

43.48

 

Granted

 

 

882,826

 

 

 

32.81

 

 

 

540,878

 

 

 

25.96

 

Vested

 

 

(546,565

)

 

 

35.10

 

 

 

(325,629

)

 

 

37.45

 

Forfeited

 

 

(90,850

)

 

 

32.85

 

 

 

(4,342

)

 

 

31.10

 

Outstanding at September 30, 2017

 

 

1,011,382

 

 

$

32.18

 

 

 

635,925

 

 

$

31.75

 

 
Stock Option and SARs Activities

Information with respect to SARs activity is summarized below:

 

 

 

Shares

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2016

 

 

1,003,600

 

 

$

69.08

 

Exercised

 

 

—

 

 

 

—

 

Expired/forfeited

 

 

(620,821

)

 

 

62.29

 

Outstanding at September 30, 2017

 

 

382,779

 

 

$

76.54

 

 
Market-based TSR  
Summary of Non-Vested Awards Activities

The following is a summary of our non-vested TSR awards outstanding at September 30, 2017:

 

 


Number of

Units

 

 

Weighted
Average
Grant Date Fair Value

 

Outstanding at December 31, 2016

 

 

395,908

 

 

$

44.39

 

Units granted (a)

 

 

358,519

 

 

 

26.26

 

Units vested

 

 

(221,274

)

 

 

43.01

 

Units forfeited

 

 

(3,679

)

 

 

44.21

 

Outstanding at September 30, 2017

 

 

529,474

 

 

$

32.69

 

(a) Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 150% of the performance units granted depending on the total shareholder return ranking compared to the peer companies at the end of the three-year performance period.

Performance-based PGPS/RGPS  
Summary of Non-Vested Awards Activities

The following is a summary of our non-vested PGPS/RGPS awards outstanding at September 30, 2017:

 

 

 

 

 

Number of
Units

 

 

 

Weighted
Average
Grant Date Fair
Value
of Range Stock

 

Outstanding at December 31, 2016

 

—

 

 

 

—

 

Units granted (a)

 

122,921

 

 

$

25.53

 

Units vested

 

(20,231

)

 

 

25.64

 

Outstanding at September 30, 2017

 

102,690

 

 

$

25.51

 

(a) Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 150% depending on achievement of specifically identified performance targets.