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Share and Incentive-Based Compensation
 6 Months Ended
Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share and Incentive-Based Compensation Share and Incentive-Based Compensation
Share-Based Compensation

Omnibus Incentive Plan. The Company's Omnibus Incentive Plan became effective in October 2016. The Omnibus Incentive Plan authorizes the issuance of up to 4.6 million shares of SandRidge common stock to eligible persons including non-employee directors of the Company, employees of the Company or any of its affiliates, and certain consultants and advisers to the Company or any of its affiliates. The types of awards that may be granted under the Omnibus Incentive Plan include stock options, restricted stock, performance awards and other forms of awards granted or denominated in shares of the Company’s common stock, as well as certain cash-settled awards. At June 30, 2018, the Company had restricted stock awards outstanding under the Omnibus Incentive Plan.

Restricted Stock Awards. The Company’s restricted stock awards are equity-classified awards and are valued based upon the market value of the Company’s common stock on the date of grant. Vesting for certain restricted stock awards was accelerated in connection with executive terminations and a reduction in force in the first quarter of 2018 with the majority of the remaining restricted stock awards vesting in June 2018 as a result of the accelerated vesting upon change in control event discussed in Note 3. The remaining outstanding restricted shares at June 30, 2018 will generally vest over either a one-year period or three-year period. The following table presents a summary of the Company’s unvested restricted stock awards:

Number of
Shares
Weighted Average Grant Date Fair Value
(In thousands)
Unvested restricted shares outstanding at December 31, 20171,105 $22.62 
Granted5 $15.15 
Vested(1,049)$22.71 
Forfeited / Canceled(36)$22.11 
Unvested restricted shares outstanding at June 30, 201825 $18.34 

The aggregate intrinsic value of restricted stock that vested during the three and six-month periods ended June 30, 2018 was approximately $12.5 million and $15.9 million, respectively, based on the stock price at the time of vesting.

Performance Share Units. In February 2017, the Company granted equity-classified awards in the form of performance share units. The vesting for certain performance share units was accelerated in connection with executive terminations and a reduction in force in the first quarter of 2018 with all remaining units vesting in June 2018 as a result of the accelerated vesting upon change in control event discussed in Note 3. All performance share units for which vesting was accelerated were settled in shares of the Company’s common stock with one share of common stock being issued per performance share unit. The following table presents a summary of the Company’s performance share units:

Number of
Units
Fair Value per Unit at June 30, 2018
(In thousands)
Unvested performance share units outstanding at December 31, 2017183 
Granted— 
Vested(177)
Forfeited / Canceled(6)
Unvested performance share units outstanding at June 30, 2018— $— 

The aggregate intrinsic value of performance share units that vested during the three and six-month periods ended June 30, 2018 was approximately $2.2 million and $2.7 million, respectively, based on the stock price at the time of vesting.
Incentive-Based Compensation

Performance Units. In October 2016, the Company granted liability-classified awards in the form of performance units. The vesting for certain performance units was accelerated in connection with executive terminations and a reduction in force in the first quarter of 2018 with all remaining units vesting in June 2018 as a result of the accelerated vesting upon change in control event discussed in Note 3. The accelerated performance units were paid at the issuance value of $100 each. The value for previous vestings was determined by annual scorecard results. The following table presents a summary of the Company’s performance units:

Number of
Units
Fair Value per Unit at June 30, 2018
(In thousands)
Unvested performance units outstanding at December 31, 201749 
Granted— 
Vested(48)
Forfeited / Canceled(1)
Unvested performance units outstanding at June 30, 2018— $— 

The aggregate intrinsic value of performance units that vested during the three and six-month periods ended June 30, 2018 was approximately $3.7 million and $4.8 million, respectively.
The following tables summarize share and incentive-based compensation for the three and six-month periods ended June 30, 2018, and 2017 (in thousands):

Recurring Compensation Expense(1) Executive Terminations(2)(3) Reduction in Force(2)(3) Change in Control(4) Total 
Three Months Ended June 30, 2018
Equity-classified awards:
Restricted stock awards$603 $— $92 $5,181 $5,876 
Performance share units31 82 7 610 730 
Total share-based compensation expense 634 82 99 5,791 6,606 
Liability-classified awards:
Performance units227 (216)(31)1,309 1,289 
Total share and incentive-based compensation expense 861 (134)68 7,100 7,895 
Less: Capitalized compensation expense(124)— — (555)(679)
Share and incentive-based compensation expense, net $737 $(134)$68 $6,545 $7,216 
Three Months Ended June 30, 2017
Equity-classified awards:
Restricted stock awards$4,986 $1,825 $— $— $6,811 
Performance share units411 — — — 411 
Total share-based compensation expense 5,397 1,825 — — 7,222 
Liability-classified awards:
Performance units972 — — — 972 
Total share and incentive-based compensation expense 6,369 1,825 — — 8,194 
Less: Capitalized compensation expense(967)— — — (967)
Share and incentive-based compensation expense, net $5,402 $1,825 $— $— $7,227 
____________________

1. Recorded in general and administrative expense in the accompanying consolidated statements of operations.
2. Recorded in employee termination benefits in the accompanying consolidated statements of operations.
3. Three-month period ended June 30, 2018, includes adjustment to first quarter 2018 accrued share and incentive-based compensation to reflect actuals paid.
4. Recorded in accelerated vesting upon change in control in the accompanying consolidated statements of operations.

The Board is re-examining the compensation practices of the Company.
Recurring Compensation Expense(1) Executive Terminations(2)(3) Reduction in Force(2)(3) Change in Control(4) Total 
Six Months Ended June 30, 2018
Equity-classified awards:
Restricted stock awards$3,379 $8,140 $3,777 $5,181 $20,477 
Performance share units359 1,056 158 610 2,183 
Total share-based compensation expense 3,738 9,196 3,935 5,791 22,660 
Liability-classified awards:
Performance units776 2,151 558 1,309 4,794 
Total share and incentive-based compensation expense 4,514 11,347 4,493 7,100 27,454 
Less: Capitalized compensation expense(334)— — (555)(889)
Share and incentive-based compensation expense, net $4,180 $11,347 $4,493 $6,545 $26,565 
Six Months Ended June 30, 2017
Equity-classified awards:
Restricted stock awards$8,615 $1,825 $— $— $10,440 
Performance share units610 — — — 610 
Total share-based compensation expense 9,225 1,825 — — 11,050 
Liability-classified awards:
Performance units1,562 — — — 1,562 
Total share and incentive-based compensation expense 10,787 1,825 — — 12,612 
Less: Capitalized compensation expense(1,629)— — — (1,629)
Share and incentive-based compensation expense, net $9,158 $1,825 $— $— $10,983 
____________________
1. Recorded in general and administrative expense in the accompanying consolidated statements of operations.
2. Recorded in employee termination benefits in the accompanying consolidated statements of operations.
3. Six-month period ended June 30, 2018, includes adjustment to first quarter 2018 accrued share and incentive-based compensation to reflect actuals paid.
4. Recorded in accelerated vesting upon change in control in the accompanying consolidated statements of operations.

The Board is re-examining the compensation practices of the Company.