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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company has granted restricted stock to employees and directors pursuant to the Continental Resources, Inc. 2005 Long-Term Incentive Plan (“2005 Plan”) and 2013 Long-Term Incentive Plan ("2013 Plan") as discussed below. The Company’s associated compensation expense, which is included in the caption “General and administrative expenses” in the unaudited condensed consolidated statements of income, is reflected in the table below for the periods presented.
 
 
 
Three months ended September 30,
 
Nine months ended September 30,
In thousands
 
2014
 
2013
 
2014
 
2013
Non-cash equity compensation
 
$
13,402

 
$
10,462

 
$
39,419

 
$
29,460


In May 2013, the Company adopted the 2013 Plan and reserved a maximum of 19,680,072 shares of common stock (adjusted for stock split) that may be issued pursuant to the plan. The 2013 Plan replaced the Company's 2005 Plan as the instrument used to grant long-term incentive awards and no further awards will be granted under the 2005 Plan. However, restricted stock awards granted under the 2005 Plan prior to the adoption of the 2013 Plan will remain outstanding in accordance with their terms. As of September 30, 2014, the Company had a maximum of 18,220,078 shares of restricted stock (adjusted for stock split) available to grant to officers, directors and select employees under the 2013 Plan.
Restricted stock is awarded in the name of the recipient and constitutes issued and outstanding shares of the Company’s common stock for all corporate purposes during the period of restriction and, except as otherwise provided under the 2013 Plan or agreement relevant to a given award, includes the right to vote the restricted stock or to receive dividends, subject to forfeiture. Restricted stock grants generally vest over periods ranging from one to three years.
A summary of changes in non-vested restricted shares outstanding for the nine months ended September 30, 2014 is presented below. Share amounts and related grant-date fair values have been retroactively adjusted to reflect the Company's 2-for-1 stock split occurring in September 2014.
 
 
Number of
non-vested
shares
 
Weighted
average
grant-date
fair value
Non-vested restricted shares outstanding at December 31, 2013
 
2,714,312

 
$
37.50

Granted
 
1,251,264

 
61.69

Vested
 
(365,498
)
 
36.53

Forfeited
 
(404,900
)
 
44.04

Non-vested restricted shares outstanding at September 30, 2014
 
3,195,178

 
$
46.25


The grant date fair value of restricted stock represents the closing market price of the Company’s common stock on the date of grant. Compensation expense for a restricted stock grant is a fixed amount determined at the grant date fair value and is recognized ratably over the vesting period as services are rendered by employees and directors. The expected life of restricted stock is based on the non-vested period that remains subsequent to the date of grant. There are no post-vesting restrictions related to the Company’s restricted stock. The fair value of restricted stock that vested during the nine months ended September 30, 2014 at the vesting date was approximately $23.6 million. As of September 30, 2014, there was approximately $78 million of unrecognized compensation expense related to non-vested restricted stock. This expense is expected to be recognized ratably over a weighted average period of 1.3 years.