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Stock-Based Compensation
3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
Note 12 - Stock-Based Compensation
As of March 31, 2026, 3.0 million shares of common stock were available for grant under the Company’s 2025 Equity Incentive Compensation Plan and 3.7 million shares were available for grant under the 2024 Long Term Incentive Plan acquired by the Company as part of the Civitas Merger.
In connection with the closing of the Civitas Merger on January 30, 2026, the Company converted outstanding Civitas equity awards into RSUs of the Company. The converted awards were measured at fair value as of the Closing Date in accordance with ASC 805, and the portion attributable to post-combination service will be recognized as stock-based compensation in accordance with ASC Topic 718, Compensation-Stock Compensation.
In total, 2.5 million RSUs were issued in the conversion, with an aggregate fair value of $49 million. Of this amount, $20 million is attributable to future service and was recorded as unrecognized stock-based compensation, which will be recognized over the remaining requisite service periods of the awards. Other than the impact of the converted awards, there were no material changes to the Company’s stock-based compensation arrangements during the three months ended March 31, 2026.