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v3.19.3.a.u2

Stock-based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Allocation of Stock-Based Compensation by Functional Category | The following table details the amount of stock-based compensation that is allocated to functional expense categories for each of the years in the three-year period ended December 31, 2019 (in thousands):
| 2019 |  |  | 2018 |  |  | 2017(1) |  |
Direct operating expense | $ | 1,928 |  |  | $ | 2,109 |  |  | $ | 2,060 |
Brokered natural gas and marketing expense |  | 1,856 |  |  |  | 1,452 |  |  |  | 1,437 |
Exploration expense |  | 1,566 |  |  |  | 1,921 |  |  |  | 2,742 |
General and administrative expense |  | 35,061 |  |  |  | 43,806 |  |  |  | 74,873 |
Termination costs |  | 1,971 |  |  |  | — |  |  |  | 1,664 |
Total | $ | 42,382 |  |  | $ | 49,288 |  |  | $ | 82,776 |
| (1) | Includes $30.8 million accelerated vesting of equity grants.
Restricted Stock and Restricted Stock Units Outstanding | The following is a summary of the status of our non-vested restricted stock outstanding at December 31, 2019:
| Restricted Stock Equity Awards |  |  | Restricted Stock Liability Awards |
| Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2016 |  | 765,971 |  |  | $ | 33.62 |  |  |  | 425,018 |  |  | $ | 43.48 |
Granted |  | 888,326 |  |  |  | 32.61 |  |  |  | 543,438 |  |  |  | 25.91 |
Vested |  | (698,563 | ) |  |  | 34.82 |  |  |  | (908,912 | ) |  |  | 33.71 |
Forfeited |  | (122,676 | ) |  |  | 32.91 |  |  |  | (4,342 | ) |  |  | 31.10 |
Outstanding at December 31, 2017 |  | 833,058 |  |  |  | 31.64 |  |  |  | 55,202 |  |  |  | 32.26 |
Granted |  | 1,834,883 |  |  |  | 16.98 |  |  |  | 891,350 |  |  |  | 15.30 |
Vested |  | (1,037,501 | ) |  |  | 23.57 |  |  |  | (738,073 | ) |  |  | 16.34 |
Forfeited |  | (244,352 | ) |  |  | 21.59 |  |  |  | (23,900 | ) |  |  | 19.76 |
Outstanding at December 31, 2018 |  | 1,386,088 |  |  |  | 20.04 |  |  |  | 184,579 |  |  |  | 15.65 |
Granted |  | 2,792,438 |  |  |  | 10.59 |  |  |  | 1,214,038 |  |  |  | 10.16 |
Vested |  | (1,608,075 | ) |  |  | 15.72 |  |  |  | (987,491 | ) |  |  | 10.86 |
Forfeited |  | (568,212 | ) |  |  | 13.03 |  |  |  | — |  |  |  | — |
Outstanding at December 31, 2019 |  | 2,002,239 |  |  | $ | 12.32 |  |  |  | 411,126 |  |  | $ | 10.94 |
Schedule of Share Based Payment Award TSR - Performance Stock Awards Valuation Assumptions | The following assumptions were used to estimate the fair value of the TSR-PSUs granted during the years ended December 31, 2019, 2018 and 2017:
|  | Year Ended December 31, 2019 |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Risk-free interest rate |  |  | 2.44 | % |  |  | 2.42 | % |  |  | 1.49 | %
Expected annual volatility |  |  | 46 | % |  |  | 48 | % |  |  | 44 | %
Grant date fair value per unit |  | $ | 11.34 |  |  | $ | 18.51 |  |  | $ | 26.26 |
Summary of Change in Post Retirement Benefit Obligation | The change in our post-retirement benefit obligation is as follows (in thousands):
Change in Benefit Obligation: |  | 2019 |  |  | 2018 |
Benefit obligation at beginning of year |  | $ | 1,355 |  |  | $ | 1,769 |
Prior service cost |  |  | — |  |  |  | — |
Service cost |  |  | 88 |  |  |  | 94 |
Interest cost |  |  | 68 |  |  |  | 58 |
Actuarial loss (gain) |  |  | 532 |  |  |  | (526 | )
Benefits paid |  |  | (86 | ) |  |  | (40 | )
Benefit obligation at end of year |  | $ | 1,957 |  |  | $ | 1,355 |
Amounts recognized in the consolidated balance sheet: |  |  |  |  |  |  |  |
Long-term liabilities |  | $ | 1,957 |  |  | $ | 1,355 |
Components of Net Periodic Post Retirement Benefit Cost: |  |  |  |  |  |  |  |
Service cost |  | $ | 88 |  |  | $ | 94 |
Interest cost |  |  | 68 |  |  |  | 58 |
Amortization of prior service cost |  |  | 369 |  |  |  | 369 |
Net periodic post retirement costs (recognized in general and administrative expense) |  | $ | 525 |  |  | $ | 521 |
Other Changes in Benefit Obligations in Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |
Net loss (gain) |  | $ | 532 |  |  | $ | (526 | )
Prior service cost |  |  | — |  |  |  | — |
Amortization of prior service cost |  |  | (369 | ) |  |  | (369 | )
Total recognized in other comprehensive income (loss) |  | $ | 163 |  |  | $ | (895 | )
Total recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | 688 |  |  | $ | (374 | )
Summary of Assumptions Used to Determine Benefit Obligation | The following summarizes the assumptions used to determine the benefit obligation at December 31, 2019 and 2018:
|  | December 31, 2019 |  |  |  | December 31, 2018 |
Weighted average assumptions used to determine benefit obligation: |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.9 | % |  |  |  | 4.0 | %
Assumed weighted average healthcare cost trend rates: |  |  |  |  |  |  |  |  |
Initial healthcare trend rate |  |  | 6.5 | % |  |  |  | 6.5 | %
Ultimate trend rate |  |  | 4.5 | % |  |  |  | 5.0 | %
Year ultimate trend rate reached |  |  | 2023 |  |  |  |  | 2028 |
Performance-based PG-PSUs and RG-PSUs |
Summary of Non-Vested Awards Activities | The following is a summary of our non-vested PG/RG-PSUs awards outstanding at December
| Number of Units |  |  |  | Weighted Average Grant Date Fair Value of Range Stock |
Outstanding at December 31, 2016 |  | — |  |  | $ | — |
Units granted |  | 122,921 |  |  |  | 25.53 |
Outstanding at December 31, 2017 |  | 122,921 |  |  |  | 25.53 |
Units granted (a) |  | 440,938 |  |  |  | 15.22 |
Forfeited (b) |  | (27,061 | ) |  |  | 23.03 |
Outstanding at December 31, 2018 |  | 536,798 |  |  |  | 15.61 |
Units granted (a) |  | 345,202 |  |  |  | 10.32 |
Forfeited |  | (427 | ) |  |  | 15.65 |
Outstanding at December 31, 2019 |  | 881,573 |  |  | $ | 11.70 |
(a) Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 200% depending on achievement of specifically identified performance targets. (b) The first of three tranches of PG-PSUs granted in 2017 was forfeited as the performance metric was not met.
Performance Based TSR - PSUs |
Summary of Non-Vested Awards Activities | The following is a summary of our non-vested TSR – PSUs award activities:
|  | Number of Units |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2016 |  |  | 871,299 |  |  | $ | 55.29 |
Granted (a) |  |  | 358,519 |  |  |  | 26.26 |
Vested and issued (b) |  |  | (85,461 | ) |  |  | 86.23 |
Forfeited |  |  | (134,515 | ) |  |  | 85.24 |
Outstanding at December 31, 2017 |  |  | 1,009,842 |  |  |  | 38.38 |
Granted (a) |  |  | 329,486 |  |  |  | 18.51 |
Vested and issued (c) |  |  | (73,985 | ) |  |  | 56.81 |
Forfeited |  |  | (197,457 | ) |  |  | 55.46 |
Outstanding at December 31, 2018 |  |  | 1,067,886 |  |  |  | 27.81 |
Granted (a) |  |  | 314,152 |  |  |  | 11.34 |
Vested and issued (d) |  |  | (12,283 | ) |  |  | 30.47 |
Forfeited |  |  | (376,303 | ) |  |  | 37.25 |
Outstanding at December 31, 2019 |  |  | 993,452 |  |  | $ | 19.00 |
(a) These amounts reflect the number of performance units granted. The actual payout of shares may be between zero and 150% (for TSR-PSUs granted in 2017) and may be between zero and 200% (for TSR-PSUs granted in 2018 and 2019) of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date. (b) Includes 85,461 TSR-PSU awards issued related to the 2014 performance period where the return on our common stock was the 67th percentile for the February 2014 grant and 56th percentile for the May 2014 grant. The remaining 2014 awards are considered to be forfeited. (c) Includes 73,985 TSR-PSUs awards issued related to the 2015 performance period where the return on our common stock was the 46th percentile for the February 2015 grant and the 36th percentile for the May 2015 grant. The remaining 2015 awards are considered to be forfeited. (d) Includes 12,283 TSR-PSUs awards issued related to 2016 performance where the return on our common stock was in the 20th percentile for the February 2016 grant. The remaining February 2016 awards are considered to be forfeited. The May 2016 awards were 100% forfeited as the performance was not achieved.

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