XML 48 R34.htm IDEA: XBRL DOCUMENT v3.25.4
Share Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary Of Non-Vested Share Award Related Compensation Expense Recognized The following table summarizes time-based share award compensation expense and the related income tax benefit recognized (in millions):
Years Ended December 31,
202520242023
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
$9.3 $8.8 $6.8 
General and administrative8.6 8.7 9.0 
17.9 17.5 15.8 
Tax benefit(0.5)(1.1)(1.6)
Total $17.4 $16.4 $14.2 
Summary Of Value Of Non-Vested Share Awards Granted And Vested
The following table summarizes the value of time-based share awards granted and vested:
Years Ended December 31,
202520242023
Weighted-average grant date fair value of share awards granted during the period (per share)
$43.58 $69.89 $63.22 
Total fair value of share awards vested during the period (in millions)
$13.4 $30.0 $25.2 
Summary Of Non-Vested Share Award Activity
The following table summarizes time-based share awards activity for the year ended December 31, 2025 (shares in thousands):
Share Awards
AwardsWeighted-Average
Grant Date
Fair Value
Share awards as of December 31, 2024
597 $60.58 
Granted494 $43.58 
Vested
(307)$56.80 
Forfeited(3)$58.00 
Share awards as of December 31, 2025
781 $51.32 
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The fair value of the performance awards is measured on the date of grant. The grant-date fair value per unit for the portion of the performance awards related to Performance-Based Objectives was equal to the closing price of the Company's stock on the grant date. The portion of these awards that were based on the Company's achievement of Market-based Objectives were valued at the date of grant using a Monte Carlo simulation with the following weighted average assumptions for the grants made in the years ended December 31, 2025, 2024 and 2023:

Years Ended December 31,
202520242023
Expected price volatility48 %49 %60 %
Expected dividend yield— — — 
Risk-free interest rate3.90 %4.31 %4.32 %
Schedule Of Summary Of Performance Award Activity
The following table summarizes the performance award activity for the year ended December 31, 2025 (shares in thousands):

Awards(2)
Weighted Average Grant Date Fair Value Price(2)
Balance as of December 31, 2024
271 $61.69 
Granted - Market-Based Objectives(1)
236 $28.92 
Balance as of December 31, 2025
507 $46.42 

(1)The number of awards granted reflects the shares that would be granted if the target level of performance were to be achieved. The number of shares actually issued after considering forfeitures may range from zero to 472,000.

(2)There were no forfeited or vested shares for the year ended December 31, 2025.