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Stock-based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2021
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,

 

 

 

2021

 

 

 

2020

 

Direct operating expense

 

$

327

 

 

$

450

 

Brokered natural gas and marketing expense

 

 

450

 

 

 

413

 

Exploration expense

 

 

386

 

 

 

330

 

General and administrative expense

 

 

9,405

 

 

 

8,029

 

Total stock-based compensation

 

$

10,568

 

 

$

9,222

 

 
Restricted Stock and Restricted Stock Units Outstanding The following is a summary of the status of our non-vested restricted stock outstanding at March 31, 2021:

 

 

Restricted Stock

Equity Awards

 

  

Restricted Stock

Liability Awards

 

 

Shares

 

 

Weighted

Average Grant

Date Fair Value

 

  

Shares

 

 

Weighted

Average Grant

Date Fair Value

 

Outstanding at December 31, 2020

 

2,815,860

 

 

 $

4.97

  

  

 

1,186,636

 

 

 $

4.18

  

Granted                                             

 

2,340,114

 

 

 

10.20

  

  

 

1,185,000

 

 

 

9.29

  

Vested                                                 

 

(623,946

)

 

 

7.64

  

  

 

(565,689

)

 

 

5.71

  

Forfeited                                              

 

(26,334

)

 

 

7.26

  

  

 

—

 

 

 

—

  

Outstanding at March 31, 2021

 

4,505,694

 

 

$ 

7.30

  

  

 

1,805,947

 

 

$

7.06

  

 

 
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions The following assumptions were used to estimate the fair value of TSR-PSUs granted during first quarter 2021 and 2020:

 

 

Three Months Ended

March 31,

 

 

 

  

2021

 

  

2020

 

 

Risk-free interest rate

 

 

0.2

%

 

 

1.4

%

 

Expected annual volatility

 

 

75

%

 

 

65

%

 

Grant date fair value per unit

 

$

12.58

 

 

$

3.85

 

 
Performance-based Internal Performance Awards  
Summary of Non-Vested Awards Activities The following is a summary of our non-vested internal performance awards outstanding at March 31,

 

 

 

 

 

 

Number of

Units

 

 

 

Weighted

Average Grant Date Fair Value

 

Outstanding at December 31, 2020

 

1,099,102

 

 

$

5.92

 

Units granted (a)

 

303,231

 

 

 

9.81

 

Vested (b)

 

(306,978

)

 

 

12.20

 

Forfeited

 

—

 

 

 

—

 

Outstanding at March 31, 2021

 

1,095,355

 

 

$

7.80

 

(a)

Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 200% depending on achievement of specifically identified performance targets. Units granted in first quarter 2021 were to our CEO, CFO and COO only.

(b)

For certain of the PS-PSUs and RS-PSUs awards issued during 2018 the aggregate payout was approximately 137% of target for the March 2018 grants with a positive performance adjustment of 290,140 shares.
Performance Based TSR - PSUs  
Summary of Non-Vested Awards Activities

The following is a summary of our non-vested TSR-PSUs award activities:

 

 


Number of

Units

 

 

Weighted

Average
Grant Date

Fair Value

 

 

Outstanding at December 31, 2020

 

 

1,249,524

 

 

$

9.55

 

 

Units granted (a)

 

 

223,687

 

 

 

12.58

 

 

Vested (b)

 

 

(325,217

)

 

 

18.51

 

 

Forfeited

 

 

—

 

 

 

—

 

 

Outstanding at March 31, 2021

 

 

1,147,994

 

 

$

7.60

 

 

(a)

These amounts reflect the number of performance units granted. The actual payout of shares may be between zero and 200% of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date.

(b)

Includes TSR-PSUs awards issued related to the 2018 performance period where the return on our common stock was in the 133rd percentile for the March 2018 grant forfeited. The TSR was negative and therefore, the performance multiple and actual payout was reduced to 100%.