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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
On the Effective Date, the Board adopted the Unit Corporation Long Term Incentive Plan (LTIP) to incentivize employees, officers, directors and other service providers of the Company and its affiliates. The LTIP will be administered by the Board or a committee thereof and provides for the grant, from time to time, at the discretion of the Board or a committee thereof, of stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), stock awards, dividend equivalents, other stock-based awards, cash awards, performance awards, substitute awards or any combination of the foregoing. Subject to adjustment in the event of certain transactions or changes of capitalization in accordance with the LTIP, 903,226 shares of New Common Stock have been reserved for issuance pursuant to awards under the LTIP. New Common Stock subject to an award that expires or is canceled, forfeited, exchanged, settled in cash, or otherwise terminated without delivery of shares and shares withheld to pay the exercise price of, or to satisfy the withholding obligations with respect to, an award will again be available for delivery pursuant to other awards under the LTIP.

The table below summarizes the stock-based compensation expense activity recognized during the following periods:

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(In thousands)
Stock-based compensation expense$1,872 $(81)$5,757 $135 
Capitalized stock compensation cost for our oil and natural gas properties
— — — — 
Tax benefit (loss) on stock-based compensation$459 $(20)$1,410 $33 
The tables below summarize the activity pertaining to nonvested RSUs during the three and nine months ended September 30, 2022 and 2021:

Three Months Ended September 30,
20222021
Number
of Shares
Weighted
Average Grant Date
Fair Value
Number
of Shares
Weighted
Average Grant Date
Fair Value
Nonvested RSUs, beginning of period294,818 $28.07 109,008 $12.90 
Granted— — — — 
Vested(65,705)25.21 — — 
Forfeited(1,725)34.00 — — 
Nonvested RSUs, end of period227,388 $28.85 109,008 $12.90 

Nine Months Ended September 30,
20222021
Number
of Shares
Weighted
Average Grant Date
Fair Value
Number
of Shares
Weighted
Average Grant Date
Fair Value
Nonvested RSUs, beginning of period315,529 $26.71 — $— 
Granted (1)
7,850 30.50 109,008 12.90 
Vested(94,266)21.72 — — 
Forfeited(1,725)34.00 — — 
Nonvested RSUs, end of period (2)
227,388 $28.85 109,008 $12.90 
1.RSUs granted in January 2022 had an aggregate grant date fair value of $0.2 million and vest equally each month for thirty months. RSUs granted in April 2021 had an aggregate grant date fair value of $1.4 million and vest 25% on each of the following dates: May 27, 2022, September 3, 2022, September 3, 2023, and September 3, 2024.
2.The aggregate compensation cost related to nonvested RSUs not yet recognized as of September 30, 2022 was $4.8 million with a weighted average remaining service period of 1.1 years.
The tables below summarize the activity pertaining to outstanding stock options during the three and nine months ended September 30, 2022 and 2021:

Three Months Ended September 30,
20222021
Number
of Shares
Weighted Average
Exercise Price
Number
of Shares
Weighted Average
Exercise Price
Outstanding stock options, beginning of period374,834 $45.00 — $— 
Granted— — — — 
Exercised— — — — 
Forfeited or expired— — — — 
Outstanding stock options, end of period374,834 $45.00 — $— 

Nine Months Ended September 30,
20222021
Number
of Shares
Weighted Average
Exercise Price
Number
of Shares
Weighted Average
Exercise Price
Outstanding stock options, beginning of period361,418 $45.00 — $— 
Granted (1)
13,416 45.00 — — 
Exercised— — — — 
Forfeited or expired— — — — 
Outstanding stock options, end of period (2)
374,834 $45.00 — $— 
Exercisable stock options, end of period (3)
65,920 $45.00 — $— 
1.Stock options granted in January 2022 had an aggregate grant date fair value of $0.1 million and 100% vest on the first anniversary of the grant date.
2.Stock options outstanding as of September 30, 2022 had a weighted average remaining contractual term of 4.0 years and an aggregate intrinsic value of $3.1 million. The aggregate compensation cost related to outstanding options not yet recognized as of September 30, 2022 was $3.1 million with a weighted average remaining service period of 1.0 years.
3.Stock options exercisable as of September 30, 2022 had a weighted average remaining contractual term of 4.1 years and an aggregate intrinsic value of $0.5 million.