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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Stockholders' Equity | Stockholders’ Equity Share Repurchase Program On February 21, 2025, the Board authorized a share repurchase program for up to $250 million of common stock, with no specified end date. This repurchase program terminated and replaced the prior authorization to repurchase up to $250 million of common stock. During the three months ended March 31, 2025, 3.6 million shares were repurchased under this share repurchase program for $51.2 million. The repurchased shares were retired by the Company upon receipt. During the three months ended March 31, 2024, 906 thousand shares were repurchased under the prior share repurchase program for $32.4 million. As of March 31, 2025, there was $209.1 million of authorization remaining under the current 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 March 31, |  |
| 2025 |  | 2024 |  |  |  |
Restricted Stock Awards | $ | 2,498 |  |  | $ | 4,196 |  |  |  |  |
Restricted Stock Units | 678 |  |  | 2,721 |  |  |  |  |
Stock Option Awards | 370 |  |  | 9,493 |  |  |  |  |
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 three months ended March 31, 2025, and 2024, we recorded $0.3 million and $13.1 million stock-based compensation expenses resulting from this and other equity awards modifications, respectively. During the three months ended March 31, 2025, we granted 683 thousand shares of restricted stock and restricted stock units with a fair value of approximately $10.7 million. As of March 31, 2025, there were approximately $20.0 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 1.6 years. During the three months ended March 31, 2025, we granted no stock option awards. As of March 31, 2025, there were approximately $5.5 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 4.0 years. During the three months ended March 31, 2025, we granted 213 thousand performance restricted stock units to executive officers. These performance restricted stock units had a fair value of approximately $3.3 million and are subject to certain annual performance targets based on three-year-performance periods as defined by our Board of Directors. As of March 31, 2025, there were approximately $5.2 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 2.4 years.

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