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Stock-Based Compensation Plans (Tables)
9 Months Ended
Sep. 30, 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
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Direct operating expense

$

525

 

 

$

486

 

 

$

1,566

 

 

$

1,454

 

Brokered natural gas and marketing expense

 

626

 

 

 

571

 

 

 

2,268

 

 

 

1,862

 

Exploration expense

 

285

 

 

 

346

 

 

 

998

 

 

 

1,005

 

General and administrative expense

 

9,448

 

 

 

8,639

 

 

 

28,885

 

 

 

27,099

 

Total stock-based compensation expense

$

10,884

 

 

$

10,042

 

 

$

33,717

 

 

$

31,420

 

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 nine months 2025 and 2024:

 

 

 

Nine Months Ended September 30,

 

 

 

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 nine months ended September 30, 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

 

1,055,576

 

 

 

40.28

 

 

 

5,815

 

 

 

38.89

 

 

 

220,266

 

 

 

44.39

 

Vested

 

(900,678

)

 

 

31.30

 

 

 

(15,443

)

 

 

29.02

 

 

 

(264,917

)

 

 

23.55

 

Forfeited

 

(35,575

)

 

 

31.68

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2025

 

1,395,285

 

 

$

35.40

 

 

 

8,864

 

 

$

35.39

 

 

 

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.