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Stock-Based Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2015
Allocation of Stock-Based Compensation by Functional Category | The following table details the allocation of stock-based compensation to functional expense categories (in thousands):
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2015 |  |  |  | 2014 |  |  |  | 2015 |  |  |  | 2014 |
Direct operating expense | $ | 609 |  |  | $ | 720 |  |  | $ | 2,149 |  |  | $ | 3,509 |
Brokered natural gas and marketing expense |  | 618 |  |  |  | 656 |  |  |  | 1,743 |  |  |  | 2,314 |
Exploration expense |  | 688 |  |  |  | 1,033 |  |  |  | 2,171 |  |  |  | 3,408 |
General and administrative expense |  | 11,512 |  |  |  | 11,556 |  |  |  | 38,545 |  |  |  | 43,856 |
Termination costs |  | (1 | ) |  |  | — |  |  |  | 1,720 |  |  |  | — |
Total stock-based compensation | $ | 13,426 |  |  | $ | 13,965 |  |  | $ | 46,328 |  |  | $ | 53,087 |
Stock Option and SARs Activities | Information with respect to SARs activity is summarized below:
|  | Shares |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2014 |  |  | 1,966,549 |  |  | $ | 59.80 |
Exercised |  |  | (427,598 | ) |  |  | 45.67 |
Expired/forfeited |  |  | (9,469 | ) |  |  | 65.04 |
Outstanding at September 30, 2015 |  |  | 1,529,482 |  |  | $ | 63.71 |
Summary of Performance Share Unit Awards Activity | The following is a summary of our non-vested PSU awards outstanding at September 30, 2015:
|  | Units |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2014 |  |  | 134,341 |  |  | $ | 86.11 |
Units granted (a) |  |  | 276,204 |  |  |  | 56.78 |
Units vested |  |  | (103,397 | ) |  |  | 69.67 |
Units forfeited |  |  | (2,679 | ) |  |  | 82.60 |
Outstanding at September 30, 2015 |  |  | 304,469 |  |  | $ | 65.12 |
(a) Amounts granted reflect the number of performance units granted; however, the actual payout of shares will 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 end of the three-year performance period.
Restricted Stock and Restricted Stock Units Outstanding | The following is a summary of the status of our non-vested restricted stock outstanding at September 30, 2015:
|  | Equity Awards |  |  | Liability Awards |
|  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2014 |  |  | 360,415 |  |  | $ | 79.60 |  |  |  | 304,504 |  |  | $ | 80.33 |
Granted |  |  | 586,311 |  |  |  | 52.35 |  |  |  | 342,495 |  |  |  | 56.01 |
Vested |  |  | (338,327 | ) |  |  | 66.30 |  |  |  | (260,622 | ) |  |  | 68.39 |
Forfeited |  |  | (28,994 | ) |  |  | 64.88 |  |  |  | (8,294 | ) |  |  | 74.22 |
Outstanding at September 30, 2015 |  |  | 579,405 |  |  | $ | 60.53 |  |  |  | 378,083 |  |  | $ | 66.67 |
Performance Shares |
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 first nine months 2015 and 2014:
|  | Nine Months Ended September 30, |
|  | 2015 |  |  | 2014 |
Risk-free interest rate |  |  | 1.0 | % |  |  | 0.77 | %
Expected annual volatility |  |  | 33 | % |  |  | 33 | %
Weighted average grant date fair value per unit |  | $ | 56.78 |  |  | $ | 86.14 |

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