Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Program

On November 10, 2021, the Board authorized and approved a share repurchase program for up to $50 million of the outstanding shares of the Company’s common stock, with no specified end date. During the three months ended March 31, 2022, 362 thousand shares were repurchased under this share repurchase program for $5 million. During the three months ended March 31, 2023, no shares were repurchased under this share repurchase program. As of March 31, 2023, there was $43.5 million of authorization remaining under this share repurchase program.

Incentive Plans

The following table summarizes our compensation costs recognized in General and administrative expense (excluding depreciation) and Operating expense (excluding depreciation) under the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-term Incentive Plan and Stock Purchase Plan (in thousands):

	Three Months Ended March 31,
	2023		2022
Restricted Stock Awards	$	1,395	$	1,749
Restricted Stock Units	508		673
Stock Option Awards	414		1,236

The following table summarizes our grant activity related to our stock based incentive plan during the period, including the number of granted shares, options, awards, or units; the fair value as of the grant date; total unrecognized compensation costs as of the period end; and the weighted-average period in years over which the compensation costs are expected to be recognized (in thousands except weighted average period):

	Three Months Ended March 31, 2023
	Awards granted	Fair value		Unrecognized compensation costs		Weighted average period
Restricted Stock Awards and Restricted Stock Units	303	$	8,269	$	15,432	1.8 years
Stock Option Awards (1)	—	—		3,297		1.7 years
Performance Restricted Stock Units (2)	90	2,476		2,968		2.6 years

_________________________________________________________

(1)There were no stock option awards granted for the period.

(2)Performance restricted stock units are subject to certain annual performance targets based on three-year-performance periods as defined by our Board of Directors.