XML 28 R13.htm IDEA: XBRL DOCUMENT v3.23.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2023
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 is administered by the Compensation Committee 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, 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, 903,266 shares of New Common Stock were 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 following table presents the stock-based compensation expense activity recognized during the periods indicated:

Three Months Ended March 31,
20232022
(In thousands)
Stock-based compensation expense$1,408 $1,038 
Tax benefit on stock-based compensation$331 $254 

The table below summarizes activity pertaining to outstanding stock options during the periods indicated:

Three Months Ended March 31,
20232022
Number
of Shares
Weighted
Average Grant Date
Fair Value
Number
of Shares
Weighted
Average Grant Date
Fair Value
Nonvested RSUs, beginning of period170,313 $27.15 315,529 $26.71 
Granted (1)
— — 7,850 30.50 
Vested(6,359)33.57 (524)30.50 
Forfeited(15,059)34.00 — — 
Nonvested RSUs, end of period148,895 $26.18 322,855 $26.80 
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.
2.The aggregate compensation cost related to nonvested RSUs not yet recognized as of March 31, 2023 was $3.0 million with a weighted average remaining service period of 1.0 years.
The table below summarizes activity pertaining to outstanding stock options during the periods indicated:

Three Months Ended March 31,
20232022
Number
of Shares
Weighted Average
Exercise Price (4)
Number
of Shares
Weighted Average
Exercise Price
Outstanding stock options, beginning of period319,166 $45.00 361,418 $45.00 
Granted (1)
— — 13,416 45.00 
Exercised(18,093)45.00 — — 
Forfeited or expired(29,373)35.00 — — 
Outstanding stock options, end of period (2)
271,700 $35.00 374,834 $45.00 
Exercisable stock options, end of period (3)
84,460 $35.00 — $45.00 
1.Stock options granted in January 2022 had an aggregate grant date fair value of $0.1 million and 100% vested on the first anniversary of the grant date.
2.Stock options outstanding as of March 31, 2023 had a weighted average remaining contractual term of 3.5 years and an aggregate intrinsic value of $2.4 million. The aggregate compensation cost related to outstanding options not yet recognized as of March 31, 2023 was $2.1 million with a weighted average remaining service period of 1.0 years.
3.Stock options exercisable as of March 31, 2023 had a weighted average remaining contractual term of 3.1 years and an aggregate intrinsic value of $0.7 million.
4.On January 6, 2023, in accordance with the provisions allowed under the LTIP, the Compensation Committee adjusted the exercise price of all outstanding stock options to $35.00 per share effective January 31, 2023 to account for the special dividend paid on that date.