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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2018
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 Period 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, 2018 |  | 13,178 |  |  | $ | 6.37 |
Granted |  | 5,776 |  |  | $ | 3.77 |
Vested |  | (5,782 | ) |  | $ | 7.67 |
Forfeited |  | (1,376 | ) |  | $ | 6.09 |
Unvested restricted stock as of September 30, 2018 |  | 11,796 |  |  | $ | 4.49 |
Weighted average assumptions to estimate grant date fair value of the stock options granted | We utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value of the 2017 and 2016 PSU awards.
Grant Date Assumptions
Assumption |  | 2017 Awards |  | 2016 Awards
Volatility |  | 80.65 | % |  | 49.74 | %
Risk-free interest rate |  | 1.54 | % |  | 1.13 | %
Dividend yield for value of awards |  | — | % |  | — | %
Reporting Period Assumptions
Assumption |  | 2017 Awards |  | 2016 Awards
Volatility |  | 51.65 | % |  | 41.46 | %
Risk-free interest rate |  | 2.65 | % |  | 2.19 | %
Dividend yield for value of awards |  | — | % |  | — | %
We used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Period:
Expected option life – years |  | 6.0 |
Volatility |  | 63.55 | %
Risk-free interest rate |  | 2.72 | %
Dividend yield |  | — | %
Schedule of stock option activity | The following table provides information related to stock option activity in the Current Period:
|  | 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, 2018 |  | 16,285 |  |  | $ | 8.25 |  |  | 7.73 |  | $ | 1 |
Granted |  | 3,611 |  |  | $ | 3.01 |  |  |  |  |
Exercised |  | — |  |  | $ | — |  |  |  |  | $ | — |
Expired |  | (602 | ) |  | $ | 13.83 |  |  |  |  |
Forfeited |  | (1,067 | ) |  | $ | 5.45 |  |  |  |  |
Outstanding as of September 30, 2018 |  | 18,227 |  |  | $ | 7.19 |  |  | 7.44 |  | $ | 8 |
Exercisable as of September 30, 2018 |  | 8,250 |  |  | $ | 10.73 |  |  | 6.05 |  | $ | 2 |
___________________________________________
(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, the Prior Quarter, the Current Period and the Prior Period:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
|  | ($ in millions)
General and administrative expenses |  | $ | 6 |  |  | $ | 9 |  |  | $ | 21 |  |  | $ | 20 |
Oil and natural gas properties |  | 1 |  |  | 3 |  |  | 5 |  |  | 7 |
Oil, natural gas and NGL production expenses |  | 1 |  |  | 2 |  |  | 4 |  |  | 7 |
Total restricted stock and stock option compensation |  | $ | 8 |  |  | $ | 14 |  |  | $ | 30 |  |  | $ | 34 |
Assumptions and TSR performance measure to determine grant date fair value of PSUs | We utilized a Monte Carlo simulation for the TSR performance measure and the following assumptions to determine the grant date fair value of the 2017 and 2016 PSU awards.
Grant Date Assumptions
Assumption |  | 2017 Awards |  | 2016 Awards
Volatility |  | 80.65 | % |  | 49.74 | %
Risk-free interest rate |  | 1.54 | % |  | 1.13 | %
Dividend yield for value of awards |  | — | % |  | — | %
Reporting Period Assumptions
Assumption |  | 2017 Awards |  | 2016 Awards
Volatility |  | 51.65 | % |  | 41.46 | %
Risk-free interest rate |  | 2.65 | % |  | 2.19 | %
Dividend yield for value of awards |  | — | % |  | — | %
We used the following weighted average assumptions to estimate the grant date fair value of the stock options granted in the Current Period:
Expected option life – years |  | 6.0 |
Volatility |  | 63.55 | %
Risk-free interest rate |  | 2.72 | %
Dividend yield |  | — | %
Schedule of PSU awards | The following table presents a summary of our liability-classified awards:
|  |  |  | Grant Date Fair Value |  | September 30, 2018
|  | Units |  |  | Fair Value |  | Vested Liability
|  |  |  | ($ in millions) |  | ($ in millions)
2018 PSU Awards: |  |  |  |  |  |  |  |
Payable 2019, 2020 and 2021 |  | 3,992,358 |  |  | $ | 12 |  |  | $ | 18 |  |  | $ | — |
2017 PSU Awards: |  |  |  |  |  |  |  |
Payable 2020 |  | 1,217,774 |  |  | $ | 8 |  |  | $ | 6 |  |  | $ | 4 |
2016 PSU Awards: |  |  |  |  |  |  |  |
Payable 2019 |  | 2,348,893 |  |  | $ | 10 |  |  | $ | 11 |  |  | $ | 10 |
2018 CRSU Awards: |  |  |  |  |  |  |  |
Payable 2019, 2020 and 2021 |  | 16,034,295 |  |  | $ | 48 |  |  | $ | 72 |  |  | $ | — |
PSU compensation | We recognized the following compensation costs related to restricted stock and stock options for the Current Quarter, the Prior Quarter, the Current Period and the Prior Period:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
|  | ($ in millions)
General and administrative expenses |  | $ | 6 |  |  | $ | 9 |  |  | $ | 21 |  |  | $ | 20 |
Oil and natural gas properties |  | 1 |  |  | 3 |  |  | 5 |  |  | 7 |
Oil, natural gas and NGL production expenses |  | 1 |  |  | 2 |  |  | 4 |  |  | 7 |
Total restricted stock and stock option compensation |  | $ | 8 |  |  | $ | 14 |  |  | $ | 30 |  |  | $ | 34 |

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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