XML 34 R23.htm IDEA: XBRL DOCUMENT v3.24.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchase Program
On November 10, 2021, the Board authorized and approved a share repurchase program for up to $50 million of shares of our common stock with no specified end date. On August 2, 2023, the Board expanded the share repurchase authorization from $50 million to $250 million. During the three and nine months ended September 30, 2024, 0.9 million and 4.0 million shares were repurchased under this share repurchase program for $22.1 million and $121.6 million, respectively. The repurchased shares were retired by the Company upon receipt. During the three and nine months ended September 30, 2023, 778 thousand and 889 thousand shares were repurchased under this share repurchase program for $27.3 million and $29.9 million, respectively. As of September 30, 2024, there was $61.3 million of authorization remaining under this share repurchase program.
Incentive Plans
The following table summarizes our compensation costs recognized in General and administrative expense (excluding depreciation) and Operating expense (excluding depreciation) under the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-term Incentive Plan and Stock Purchase Plan (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Restricted Stock Awards$2,080 $2,049 $8,381 $6,100 
Restricted Stock Units512 475 3,730 1,460 
Stock Option Awards391 350 10,163 1,287 
On February 27, 2024, William Pate, Chief Executive Officer (“CEO”), announced that he would retire from his CEO role effective May 1, 2024. During the first quarter of 2024, the Board approved the acceleration of unvested equity awards and the modification of vested stock options granted to him. For the nine months September 30, 2024, we recorded a total of $13.1 million stock-based compensation expenses resulting from the equity awards modifications.
During the three and nine months ended September 30, 2024, we granted 17 thousand and 286 thousand shares of restricted stock and restricted stock units with a fair value of approximately $0.4 million and $10.9 million, respectively. As of September 30, 2024, there were approximately $14.1 million of total unrecognized compensation costs related to restricted stock awards and restricted stock units, which are expected to be recognized on a straight-line basis over a weighted-average period of 1.4 years.
During the nine months ended September 30, 2024, we granted 350 thousand stock option awards with a weighted-average exercise price of $30.80 per share; we did not grant any stock option awards during the three months ended September 30, 2024. As of September 30, 2024, there were approximately $6.2 million of total unrecognized compensation costs related to stock option awards, which are expected to be recognized on a straight-line basis over a weighted-average period of 4.5 years.
During the nine months ended September 30, 2024, we granted 64 thousand performance restricted stock units to executive officers; no grants were made for the three months ended September 30, 2024. These performance restricted stock units had a fair value of approximately $2.5 million and are subject to certain annual performance targets based on three-year-performance periods as defined by our Board of Directors. As of September 30, 2024, there were approximately $2.7 million of total unrecognized compensation costs related to the performance restricted stock units, which are expected to be recognized on a straight-line basis over a weighted-average period of 2.1 years.