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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2013
Share-based Compensation [Abstract] |
Stock-Based Compensation |
| STOCK-BASED COMPENSATION
During the three and nine months ended September 30, 2013, the Company’s stock-based compensation cost was $1.6 million and $4.6 million, respectively, of which the Company capitalized $0.6 million and $1.8 million, respectively, relating to its exploration and development efforts. During the three and nine months ended September 30, 2012, the Company's stock-based compensation cost was $1.2 million and $3.4 million, respectively, of which the Company capitalized $0.5 million and $1.4 million, respectively, relating to its exploration and development efforts. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. Expected volatilities are based on the historical volatility of the market price of Gulfport’s common stock over a period of time ending on the grant date. Based upon the historical experience of the Company, the expected term of options granted is equal to the vesting period plus one year. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The 2005 Plan provides that all options must have an exercise price not less than the fair value of the Company’s common stock on the date of the grant. No stock options were issued during the nine months ended September 30, 2013 and 2012. The Company has not declared dividends and does not intend to do so in the foreseeable future, and thus did not use a dividend yield. In each case, the actual value that will be realized, if any, depends on the future performance of the common stock and overall stock market conditions. There is no assurance that the value an optionee actually realizes will be at or near the value estimated using the Black-Scholes model. A summary of the status of stock options and related activity for the nine months ended September 30, 2013 is presented below:
| Shares |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value (In thousands)
Options outstanding at December 31, 2012 | 335,241 |  |  | $ | 6.37 |  |  | 2.39 |  | $ | 10,678 |
Granted | — |  |  | — |  |  |  |  |
Exercised | (125,000 | ) |  | 11.20 |  |  |  |  | $ | 4,797 |
Forfeited/expired | — |  |  | — |  |  |  |  |
Options outstanding at September 30, 2013 | 210,241 |  |  | $ | 3.50 |  |  | 1.32 |  | $ | 12,792 |
Options exercisable at September 30, 2013 | 210,241 |  |  | $ | 3.50 |  |  | 1.32 |  | $ | 12,792 |
The following table summarizes information about the stock options outstanding at September 30, 2013:
Exercise Price |  | Number Outstanding |  | Weighted Average Remaining Life (in years) |  | Number Exercisable
$ | 3.36 |  |  | 205,241 |  |  | 1.31 |  | 205,241 |
$ | 9.07 |  |  | 5,000 |  |  | 1.94 |  | 5,000 |
|  | 210,241 |  |  |  |  | 210,241 |
The following table summarizes restricted stock activity for the nine months ended September 30, 2013:
| Number of Unvested Restricted Shares |  | Weighted Average Grant Date Fair Value
Unvested shares as of December 31, 2012 | 245,831 |  |  | $ | 31.88 |
Granted | 209,500 |  |  | 38.98 |
Vested | (119,519 | ) |  | 35.58 |
Forfeited | (8,500 | ) |  | 38.54 |
Unvested shares as of September 30, 2013 | 327,312 |  |  | $ | 34.90 |
Unrecognized compensation expense as of September 30, 2013 related to outstanding stock options and restricted shares was $10.0 million. The expense is expected to be recognized over a weighted average period of 1.66 ye ars.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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