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Stock-based Compensation (Tables)
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity

Stock option activity from January 1, 2023 to September 30, 2023 follows:

 

 

 

 

Weighted

 

 

 

 

 

Average

 

 

Underlying

 

 

Exercise Price

 

 

Shares

 

 

Per Share

 

Outstanding at January 1, 2023

 

2,905,150

 

 

$

22.19

 

Granted

 

 

 

$

 

Assumed (1)

 

652,573

 

 

$

27.97

 

Exercised

 

 

 

$

 

Expired

 

(662,500

)

 

$

22.70

 

Outstanding at September 30, 2023

 

2,895,223

 

 

$

23.38

 

Exercisable at September 30, 2023

 

2,895,223

 

 

$

23.38

 

(1)
Awards assumed in connection with the NexTier merger.
Restricted Stock Unit Activity

Restricted stock unit activity from January 1, 2023 to September 30, 2023 follows:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

Average Grant

 

 

Time

 

 

Performance

 

 

Date Fair Value

 

 

Based

 

 

Based

 

 

Per Share

 

Non-vested restricted stock units outstanding at January 1, 2023

 

3,090,846

 

 

 

359,315

 

 

$

12.71

 

Granted

 

1,675,657

 

 

 

 

 

$

11.32

 

Assumed (1)

 

7,438,031

 

 

 

 

 

$

5.62

 

Vested

 

(5,396,107

)

 

 

 

 

$

6.48

 

Forfeited

 

(84,739

)

 

 

 

 

$

13.82

 

Non-vested restricted stock units outstanding at September 30, 2023

 

6,723,688

 

 

 

359,315

 

 

$

9.47

 

(1)
Awards assumed in connection with the NexTier merger.
Performance Units

The total target number of shares with respect to the Performance Units for the awards granted in 2019-2023 is set forth below:

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

Target number of shares

 

631,700

 

 

 

414,000

 

 

 

843,000

 

 

 

500,500

 

 

 

489,800

 

 

Fair Value of Performance Units The fair value of the Performance Units is set forth below (in thousands):

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

Aggregate fair value at date of grant

$

8,440

 

 

$

10,743

 

 

$

7,225

 

 

$

826

 

 

$

9,958

 

Compensation Expense Associated with Performance Units Compensation expense associated with the Performance Units is shown below (in thousands):

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Performance

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

 

Unit Awards

 

Three months ended September 30, 2023

$

903

 

 

$

990

 

 

$

617

 

 

N/A

 

 

N/A

 

Three months ended September 30, 2022

N/A

 

 

$

895

 

 

$

602

 

 

$

69

 

 

N/A

 

Nine months ended September 30, 2023

$

1,372

 

 

$

2,781

 

 

$

1,821

 

 

$

69

 

 

N/A

 

Nine months ended September 30, 2022

N/A

 

 

$

1,791

 

 

$

1,806

 

 

$

206

 

 

$

830