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Stock-Based Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  |  | Six Months Ended June 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Operating expense | $ | 1,937 |  |  | $ | 696 |  |  | $ | 2,789 |  |  | $ | 1,357 |
Brokered natural gas and marketing expense |  | 1,130 |  |  |  | 530 |  |  |  | 1,658 |  |  |  | 779 |
Exploration expense |  | 1,222 |  |  |  | 960 |  |  |  | 2,375 |  |  |  | 2,030 |
General and administrative expense |  | 20,696 |  |  |  | 13,263 |  |  |  | 32,300 |  |  |  | 23,569 |
Total | $ | 24,985 |  |  | $ | 15,449 |  |  | $ | 39,122 |  |  | $ | 27,735 |
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 |  |  | (576,806 | ) |  |  | 45.17 |
Expired/forfeited |  |  | (66 | ) |  |  | 46.44 |
Outstanding at June 30, 2014 |  |  | 2,006,306 |  |  | $ | 59.59 |
Weighted Average Grant Date Fair Value of SARs | During first six 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:
|  | Six Months Ended June 30, 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 | The following is a summary of our non-vested PSU awards outstanding at June 30, 2014:
|  | Units (a) |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2013 |  |  | — |  |  |  | $ | — |
Units granted |  |  | 227,929 |  |  |  |  | 86.14 |
Units vested (b) |  |  | (53,792 | ) |  |  |  | 86.40 |
Outstanding at June 30, 2014 |  |  | 174,137 |  |  |  | $ | 86.06 |
(a) | Amounts granted reflect the number of performance units granted. The actual payout of shares may be between zero percent and 150% of the performance units granted depending on the total shareholder return ranking compared to the peer companies at the vesting date.
(b) | Primarily represents PSU awards granted to our prior executive chairman for the 2013 calendar year while he was a Range officer.
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 six months 2014:
|  | Six Months Ended June 30, 2014 |
Risk-free interest rate |  |  | 0.77 | %
Expected annual volatility |  |  | 32.5 | %
Grant date fair value per unit |  | $ | 86.14 |
Restricted Stock and Restricted Stock Units Outstanding |
|  | 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 |  |  | 355,094 |  |  |  | 84.96 |  |  |  | 268,385 |  |  |  | 87.54 |
Vested |  |  | (196,227 | ) |  |  | 72.11 |  |  |  | (203,227 | ) |  |  | 75.81 |
Forfeited |  |  | (16,005 | ) |  |  | 75.16 |  |  |  | (90 | ) |  |  | 71.03 |
Outstanding at June 30, 2014 |  |  | 527,925 |  |  | $ | 77.84 |  |  |  | 454,081 |  |  | $ | 78.64 |

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