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Stock-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Option Activity | Stock option activity from January 1, 2023 to September 30, 2023 follows:
|  |  |  | Weighted |
|  |  |  | Average |
| Underlying |  |  | Exercise Price |
| Shares |  |  | Per Share |
Outstanding at January 1, 2023 |  | 2,905,150 |  |  | $ | 22.19 |
Granted |  | — |  |  | $ | — |
Assumed (1) |  | 652,573 |  |  | $ | 27.97 |
Exercised |  | — |  |  | $ | — |
Expired |  | (662,500 | ) |  | $ | 22.70 |
Outstanding at September 30, 2023 |  | 2,895,223 |  |  | $ | 23.38 |
Exercisable at September 30, 2023 |  | 2,895,223 |  |  | $ | 23.38 |
(1) Awards assumed in connection with the NexTier merger.
Restricted Stock Unit Activity | Restricted stock unit activity from January 1, 2023 to September 30, 2023 follows:
|  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  | Average Grant |
| Time |  |  | Performance |  |  | Date Fair Value |
| Based |  |  | Based |  |  | Per Share |
Non-vested restricted stock units outstanding at January 1, 2023 |  | 3,090,846 |  |  |  | 359,315 |  |  | $ | 12.71 |
Granted |  | 1,675,657 |  |  |  | — |  |  | $ | 11.32 |
Assumed (1) |  | 7,438,031 |  |  |  | — |  |  | $ | 5.62 |
Vested |  | (5,396,107 | ) |  |  | — |  |  | $ | 6.48 |
Forfeited |  | (84,739 | ) |  |  | — |  |  | $ | 13.82 |
Non-vested restricted stock units outstanding at September 30, 2023 |  | 6,723,688 |  |  |  | 359,315 |  |  | $ | 9.47 |
(1) Awards assumed in connection with the NexTier merger.
Performance Units | The total target number of shares with respect to the Performance Units for the awards granted in 2019-2023 is set forth below:
| 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
| Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
| Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Target number of shares |  | 631,700 |  |  |  | 414,000 |  |  |  | 843,000 |  |  |  | 500,500 |  |  |  | 489,800 |
Fair Value of Performance Units | The fair value of the Performance Units is set forth below (in thousands):
| 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
| Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
| Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Aggregate fair value at date of grant | $ | 8,440 |  |  | $ | 10,743 |  |  | $ | 7,225 |  |  | $ | 826 |  |  | $ | 9,958 |
Compensation Expense Associated with Performance Units | Compensation expense associated with the Performance Units is shown below (in thousands):
| 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
| Performance |  |  | Performance |  |  | Performance |  |  | Performance |  |  | Performance |
| Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |  |  | Unit Awards |
Three months ended September 30, 2023 | $ | 903 |  |  | $ | 990 |  |  | $ | 617 |  |  | N/A |  |  | N/A |
Three months ended September 30, 2022 | N/A |  |  | $ | 895 |  |  | $ | 602 |  |  | $ | 69 |  |  | N/A |
Nine months ended September 30, 2023 | $ | 1,372 |  |  | $ | 2,781 |  |  | $ | 1,821 |  |  | $ | 69 |  |  | N/A |
Nine months ended September 30, 2022 | N/A |  |  | $ | 1,791 |  |  | $ | 1,806 |  |  | $ | 206 |  |  | $ | 830 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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