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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | 4. Share-Base d Compensation The table below presents the share-based compensation expense included in Devon’s accompanying consolidated statements of comprehensive earnings.
|  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |
G&A |  | $ | 74 |  |  | $ | 70 |
Exploration expenses |  |  | 1 |  |  |  | — |
Total |  | $ | 75 |  |  | $ | 70 |
Related income tax benefit |  | $ | 21 |  |  | $ | 31 |
Under its approved long-term incentive plan, Devon grants share-based awards to its employees. The following table presents a summary of Devon’s unvested restricted stock awards and units and performance share units granted under the plan.
|  | Restricted Stock Awards & Units |  |  | Performance Share Units |
|  | Awards/Units |  |  | Weighted Average Grant-Date Fair Value |  |  | Units |  |  | Weighted Average Grant-Date Fair Value |
|  | (Thousands, except fair value data) |
Unvested at 12/31/23 |  |  | 4,033 |  |  | $ | 42.10 |  |  |  | 1,547 |  |  | $ | 43.25 |
Granted |  |  | 1,936 |  |  | $ | 42.53 |  |  |  | 858 |  |  | $ | 40.41 |
Vested |  |  | (1,805 | ) |  | $ | 34.83 |  |  |  | (1,226 | ) |  | $ | 18.08 |
Forfeited |  |  | (79 | ) |  | $ | 45.44 |  |  |  | — |  |  | $ | — |
Unvested at 9/30/24 |  |  | 4,085 |  |  | $ | 45.45 |  |  |  | 1,179 |  | (1) | $ | 67.38 |
(1) A maximum of 2.4 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 2024, as indicated in the previous summary table. The grants in the previous summary table also include the impacts of performance share units granted in a prior year that vested higher than 100% of target due to Devon's TSR performance compared to our peers.
|  | 2024 |
Grant-date fair value |  | $ | 56.99 |
Risk-free interest rate |  |  | 4.28 | %
Volatility factor |  |  | 46.03 | %
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, 2024.
|  | Restricted Stock |  |  | Performance |
|  | Awards/Units |  |  | Share Units |
Unrecognized compensation cost |  | $ | 116 |  |  | $ | 26 |
Weighted average period for recognition (years) |  |  | 2.6 |  |  |  | 1.7 |

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