Stock-Based Compensation Plans

As of March 31, 2020, we had outstanding stock option and restricted stock awards with vesting based on time of service conditions; restricted stock unit awards with vesting based on time of service conditions, and in certain cases, subject to performance and market conditions; and phantom stock unit awards with vesting based on time of service, performance and market conditions, which are classified as liability awards under ASC Topic 718, Compensation—Stock Compensation since we granted these awards with the expectation to settle them in cash once vested. However, we temporarily discontinued the grants of any new equity-based incentive awards until after our emergence from the Chapter 11 Cases.

The following table summarizes the stock-based compensation expense recognized, by award type, and the compensation expense (benefit) recognized for phantom stock unit awards during the three months ended March 31, 2020 and 2019 (amounts in thousands):



	Three months ended March 31,
	2020			2019
Stock option awards	$	9		$	51
Restricted stock awards	133			114
Restricted stock unit awards	186			702
	$	328		$	867
Phantom stock unit awards	$	(3	)	$	848

Upon our emergence from the Chapter 11 Cases in May 2020, all unvested equity-based incentive compensation awards vested in full, and settled in shares of our new post-emergence common stock.

Pursuant to the terms of the Plan, we adopted the Pioneer Energy Services Corp. 2020 Employee Incentive Plan (the “Employee Incentive Plan”) providing for the issuance from time to time, as approved by the Company’s new board of directors, of equity and equity-based awards with respect to the Common Stock in the aggregate and on a fully-diluted basis, of up to 1,198,074 shares of Common Stock, representing approximately 114% of the shares of Common Stock issued on the Effective Date, but representing 10% of the shares of Common Stock issued on the Effective Date on a fully-diluted basis. The shares of Common Stock issued under the Employee Incentive Plan in the future will dilute all of the shares of Common Stock issued on the Effective Date and all shares of Common Stock issued upon conversion of the Convertible Notes equally.