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Stock-Based Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2014
Allocation of Stock-Based Compensation by Functional Category | The following table details the allocation of stock-based compensation that is allocated to functional expense categories (in thousands):
|  | Three Months Ended March 31, |
|  | 2014 |  |  | 2013 |
Operating expense |  | $ | 852 |  |  | $ | 661 |
Brokered natural gas and marketing expense |  |  | 528 |  |  |  | 249 |
Exploration expense |  |  | 1,153 |  |  |  | 1,070 |
General and administrative expense |  |  | 11,604 |  |  |  | 10,306 |
Total |  | $ | 14,137 |  |  | $ | 12,286 |
SARs Activities | Information with respect to SARs activity is summarized below:
|  | Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2013 |  |  | 2,582,074 |  |  | $ | 56.36 |
Granted |  |  | 1,104 |  |  |  | 81.74 |
Exercised |  |  | (137,271 | ) |  |  | 45.45 |
Expired/forfeited |  |  | — |  |  |  | — |
Outstanding at March 31, 2014 |  |  | 2,445,907 |  |  | $ | 56.98 |
Weighted Average Grant Date Fair Value of SARs | During first three months 2014, we granted SARs to our non-executive chairman in conjunction with his retirement from Range as an employee. The weighted average grant date fair value of these SARs, based on our Black-Scholes-Merton assumptions, is shown below:
|  | Three Months Ended March 31, 2014 |
Weighted average exercise price per share |  | $ | 81.74 |
Expected annual dividends per share |  |  | 0.20 | %
Expected life in years |  |  | 4.3 |
Expected volatility |  |  | 33 | %
Risk-free interest rate |  |  | 1.4 | %
Weighted average grant date fair value |  | $ | 23.17 |
Summary of Performance Share Unit Awards Activity | A summary of our performance share unit awards (“PSUs”) outstanding at March 31, 2014 is summarized below:
|  | Number of Units (a) |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2013 |  |  | — |  |  | $ | — |
Units granted |  |  | 57,421 |  |  |  | 82.60 |
Outstanding at March 31, 2014 |  |  | 57,421 |  |  | $ | 82.60 |
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions | The following assumptions were used to estimate the fair value of PSUs granted during the first three months 2014:
|  | Three Months Ended March 31, 2014 |
Risk-free interest rate |  |  | 0.71 | %
Expected annual volatility |  |  | 34 | %
Grant date fair value per unit |  | $ | 82.60 |
Restricted Stock and Restricted Stock Units Outstanding | A summary of the status of our non-vested restricted stock and restricted stock units outstanding at March 31, 2014 is summarized below:
|  | Equity Awards |  |  | Liability Awards |
|  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2013 |  |  | 385,063 |  |  | $ | 68.24 |  |  |  | 389,013 |  |  | $ | 71.02 |
Granted |  |  | 350,594 |  |  |  | 84.89 |  |  |  | 77,435 |  |  |  | 84.98 |
Vested |  |  | (93,241 | ) |  |  | 69.86 |  |  |  | (77,142 | ) |  |  | 69.55 |
Forfeited |  |  | (1,418 | ) |  |  | 79.41 |  |  |  | (90 | ) |  |  | 71.03 |
Outstanding at March 31, 2014 |  |  | 640,998 |  |  | $ | 77.09 |  |  |  | 389,216 |  |  | $ | 74.09 |

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