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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation | 4.Share-Based Compensation The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings. The vesting for certain share-based awards was accelerated in conjunction with the reduction of workforce described in Note 6 and is included in restructuring and transaction costs in the accompanying consolidated statements of comprehensive earnings.
|  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |
G&A |  | $ | 58 |  |  | $ | 58 |
Exploration expenses |  |  | 1 |  |  |  | 1 |
Restructuring and transaction costs |  |  | 21 |  |  |  | 11 |
Total |  | $ | 80 |  |  | $ | 70 |
Related income tax benefit |  | $ | 8 |  |  | $ | — |
Under its approved long-term incentive plan, Devon grants share-based awards to certain employees. The following table presents a summary of Devon’s unvested restricted stock awards and units, performance-based restricted stock awards and performance share units granted under the plan.
|  |  |  |  | Performance-Based |  |  | Performance |
|  | Restricted Stock Awards & Units |  |  | Restricted Stock Awards |  |  | Share Units |
|  | Awards/Units |  |  |  |  | Weighted Average Grant-Date Fair Value |  |  | Awards |  |  | Weighted Average Grant-Date Fair Value |  |  | Units |  |  |  |  | Weighted Average Grant-Date Fair Value |
|  | (Thousands, except fair value data) |
Unvested at 12/31/20 |  |  | 5,316 |  |  |  |  | $ | 25.82 |  |  |  | 44 |  |  | $ | 44.70 |  |  |  | 1,994 |  |  |  |  | $ | 31.89 |
Granted |  |  | 7,711 |  |  | (1 | ) | $ | 19.69 |  |  |  | — |  |  | $ | — |  |  |  | 861 |  |  |  |  | $ | 18.08 |
Vested |  |  | (5,006 | ) |  |  |  | $ | 22.35 |  |  |  | (44 | ) |  | $ | 44.70 |  |  |  | (754 | ) |  |  |  | $ | 37.40 |
Forfeited |  |  | (126 | ) |  |  |  | $ | 23.21 |  |  |  | — |  |  | $ | — |  |  |  | (25 | ) |  |  |  | $ | 36.04 |
Unvested at 9/30/21 |  |  | 7,895 |  |  |  |  | $ | 22.08 |  |  |  | — |  |  | $ | — |  |  |  | 2,076 |  |  | (2 | ) | $ | 24.12 |
| (1) | Due to the closing of the Merger, each share of WPX common stock was automatically converted into the right to receive 0.5165 of a share of Devon common stock. As a result, approximately 4.9 million awards relate to the conversion of WPX equity awards to Devon equity awards.
| (2) | A maximum of 4.2 million common shares could be awarded based upon Devon’s final TSR ranking.
The following table presents the assumptions related to the performance share units granted in 2021, as indicated in the previous summary table.
|  | 2021 |
Grant-date fair value |  | $ | 18.08 |
Risk-free interest rate |  | 0.18% |
Volatility factor |  | 67.8% |
Contractual term (years) |  | 2.89 |
The following table presents a summary of the unrecognized compensation cost and the related weighted average recognition period associated with unvested awards and units as of September 30, 2021.
|  | Restricted Stock |  |  | Performance |
|  | Awards/Units |  |  | Share Units |
Unrecognized compensation cost |  | $ | 97 |  |  | $ | 15 |
Weighted average period for recognition (years) |  |  | 2.5 |  |  |  | 1.9 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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