XML 51 R38.htm IDEA: XBRL DOCUMENT v3.19.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of the changes in unvested restricted stock
A summary of the changes in unvested restricted stock during the Current Quarter is presented below:
 
 
Shares of
Unvested
Restricted Stock
 
Weighted Average
Grant Date
Fair Value Per Share
 
 
(in thousands)
 
 
Unvested restricted stock as of January 1, 2019
 
11,858

 
$
4.43

Granted
 
4,272

 
$
2.97

Vested
 
(3,937
)
 
$
4.49

Forfeited
 
(93
)
 
$
5.54

Unvested restricted stock as of March 31, 2019
 
12,100

 
$
3.89
Weighted average assumptions to estimate grant date fair value of the stock options granted
We used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Quarter:
Expected option life – years
 
6.0

Volatility
 
65.61
%
Risk-free interest rate
 
2.47
%
Dividend yield
 
—
%
We utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value and the reporting date fair value of the 2017 awards.
Grant Date Assumptions
Assumption
 
2017 Awards
Volatility
 
80.65
%
Risk-free interest rate
 
1.54
%
Dividend yield for value of awards
 
—
%

Reporting Period Assumptions
Assumption
 
2017 Awards
Volatility
 
66.62
%
Risk-free interest rate
 
2.41
%
Dividend yield for value of awards
 
—
%
Schedule of stock option activity
The following table provides information related to stock option activity in the Current Quarter: 
 
 
Number of
Shares
Underlying  
Options
 
Weighted
Average
Exercise Price Per Share
 
Weighted  
Average
Contract Life in Years
 
Aggregate  
Intrinsic
Value(a)
 
 
(in thousands)
 
 
 
 
 
($ in millions)
Outstanding as of January 1, 2019
 
18,096

 
$
7.20

 
7.15
 
$
—

Granted
 
1,000

 
$
2.97

 
 
 
 
Exercised
 
—

 
$
—

 
 
 
$
—

Expired
 
(87
)
 
$
11.23

 
 
 
 
Forfeited
 
(79
)
 
$
5.45

 
 
 
 
Outstanding as of March 31, 2019
 
18,930

 
$
6.97

 
7.03
 
$
—

Exercisable as of March 31, 2019
 
13,355

 
$
8.23

 
6.33
 
$
—

___________________________________________
(a)
The intrinsic value of a stock option is the amount by which the current market value or the market value upon exercise of the underlying stock exceeds the exercise price of the option.
Restricted stock and stock option compensation
We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter and the Prior Quarter:
 
 
Three Months Ended
March 31,
 
 
2019
 
2018
 
 
($ in millions)
General and administrative expenses
 
$
6

 
$
7

Oil and natural gas properties
 
1

 
2

Oil, natural gas and NGL production expenses
 
1

 
2

Exploration expenses
 
—

 
—

Total restricted stock and stock option compensation
 
$
8

 
$
11
Summary of liability classified awards
The following table presents a summary of our liability-classified awards:
 
 
 
 
Grant Date
Fair Value
 
March 31, 2019
 
 
Units
 
 
Fair Value
 
Vested Liability
 
 
 
 
($ in millions)
 
($ in millions)
2019 PSU Awards:
 
 
 
 
 
 
 
 
Payable 2020, 2021 and 2022
 
5,359,249

 
$
16

 
$
17

 
$
—

2018 PSU Awards:
 
 
 
 
 
 
 
 
Payable 2020 and 2021
 
2,639,765

 
$
8

 
$
8

 
$
—

2017 PSU Awards:
 
 
 
 
 
 
 
 
Payable 2020
 
1,217,774

 
$
8

 
$
4

 
$
2

2018 CRSU Awards:
 
 
 
 
 
 
 
 
Payable 2020 and 2021
 
9,732,557

 
$
29

 
$
30

 
$
—