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v3.25.1

Stock-Based Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, |
| 2025 |  |  | 2024 |
Direct operating expense | $ | 537 |  |  | $ | 497 |
Brokered natural gas and marketing expense |  | 840 |  |  |  | 708 |
Exploration expense |  | 347 |  |  |  | 324 |
General and administrative expense |  | 10,111 |  |  |  | 9,978 |
Total stock-based compensation expense | $ | 11,835 |  |  | $ | 11,507 |
The mark-to-market adjustment of the liability related to the restricted stock Liability Awards held in our deferr
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 three months 2025 and 2024:
|  | Three Months Ended March 31, |
|  | 2025 |  |  | 2024 |
Risk-free interest rate |  |  | 4.2 | % |  |  | 4.1 | %
Expected annual volatility |  |  | 46 | % |  |  | 56 | %
Grant date fair value per unit |  | $ | 44.39 |  |  | $ | 31.84 |
Time Based and Performance Based Stock Awards Outstanding | The following is a summary of the activity for our time-based and performance-based stock awards for the three months ended March 31, 2025:
| Time-Based Equity Awards |  |  | Time-Based Liability Awards |  |  | Performance-Based Stock 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, 2024 |  | 1,275,962 |  |  | $ | 28.37 |  |  |  | 18,492 |  |  | $ | 28.98 |  |  |  | 664,859 |  |  | $ | 27.45 |
Granted |  | 992,157 |  |  |  | 40.45 |  |  |  | 4,098 |  |  |  | 39.33 |  |  |  | 220,266 |  |  |  | 44.39 |
Vested |  | (316,360 | ) |  |  | 30.56 |  |  |  | (10,645 | ) |  |  | 27.09 |  |  |  | (264,917 | ) |  |  | 23.55 |
Forfeited |  | (17,875 | ) |  |  | 29.21 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Outstanding at March 31, 2025 |  | 1,933,884 |  |  | $ | 34.20 |  |  |  | 11,945 |  |  | $ | 34.21 |  |  |  | 620,208 |  |  | $ | 35.13 |
(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 Tabular disclosure of key assumptions used to estimate the performance share awards. + References No definition available. + Details
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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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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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