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v3.24.2

Stock-Based Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2024
Allocation of Stock-Based Compensation by Functional Category | The following details the allocation of stock-based compensation to functional expense categories (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Direct operating expense | $ | 471 |  |  | $ | 426 |  |  | $ | 968 |  |  | $ | 841 |
Brokered natural gas and marketing expense |  | 583 |  |  |  | 460 |  |  |  | 1,291 |  |  |  | 1,121 |
Exploration expense |  | 335 |  |  |  | 303 |  |  |  | 659 |  |  |  | 623 |
General and administrative expense |  | 8,482 |  |  |  | 8,415 |  |  |  | 18,460 |  |  |  | 18,015 |
Total stock-based compensation expense | $ | 9,871 |  |  | $ | 9,604 |  |  | $ | 21,378 |  |  | $ | 20,600 |
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions | The following assumptions were used to estimate the fair value of the TSR Awards granted during first six months 2024 and 2023:
|  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |
Risk-free interest rate |  |  | 4.1 | % |  |  | 3.8 | %
Expected annual volatility |  |  | 56 | % |  |  | 61 | %
Grant date fair value per unit |  | $ | 31.84 |  |  | $ | 30.37 |
Restricted Stock and Restricted Stock Units and performance awards Outstanding | The following is a summary of the activity for our restricted stock and performance awards for the six months ended June 30, 2024 and 2023:
| Restricted Stock Equity Awards |  |  | Restricted Stock Liability Awards |  |  | Stock-Based Performance Awards |
| Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Number of Units (a) |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2023 |  | 1,473,805 |  |  | $ | 22.82 |  |  |  | 93,116 |  |  | $ | 19.44 |  |  |  | 937,582 |  |  | $ | 17.01 |
Granted |  | 1,267,971 |  |  |  | 30.41 |  |  |  | 13,442 |  |  |  | 32.85 |  |  |  | 254,195 |  |  |  | 31.84 |
Vested |  | (751,188 | ) |  |  | 24.20 |  |  |  | (53,504 | ) |  |  | 18.93 |  |  |  | (526,918 | ) |  |  | 10.99 |
Forfeited |  | (3,654 | ) |  |  | 25.82 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at June 30, 2024 |  | 1,986,934 |  |  | $ | 27.14 |  |  |  | 53,054 |  |  | $ | 23.34 |  |  |  | 664,859 |  |  | $ | 27.45 |
Outstanding at December 31, 2022 |  | 1,736,688 |  |  | $ | 14.44 |  |  |  | 379,633 |  |  | $ | 14.71 |  |  |  | 1,950,632 |  |  | $ | 9.02 |
Granted |  | 1,608,170 |  |  |  | 25.01 |  |  |  | 18,732 |  |  |  | 24.86 |  |  |  | 145,747 |  |  |  | 26.86 |
Vested |  | (955,354 | ) |  |  | 16.49 |  |  |  | (193,483 | ) |  |  | 14.20 |  |  |  | (1,158,797 | ) |  |  | 4.80 |
Forfeited |  | (25,090 | ) |  |  | 17.64 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at June 30, 2023 |  | 2,364,414 |  |  | $ | 20.77 |  |  |  | 204,882 |  |  | $ | 16.11 |  |  |  | 937,582 |  |  | $ | 17.01 |
(a) | Amounts granted reflect performance units initially granted. The actual payout will be between zero and 200% depending on achievement of either total stockholder return ranking compared to our peers over the performance period or on the achievement of internal performance targets.

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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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