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Share Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Share-Based Compensation    

Omnibus Incentive Plan. The Omnibus Incentive Plan became effective on October 4, 2016 and authorizes the issuance of up to 4.6 million shares of SandRidge common stock.

Persons eligible to receive awards under the Omnibus Incentive Plan include non-employee directors of the Company, employees of the Company or any of its affiliates, and certain consultants and advisors 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 common stock, as well as certain cash-based awards. At December 31, 2023, the Company had restricted stock awards, restricted stock units, performance share units and stock options outstanding under the Omnibus Incentive Plan. Forfeitures for these awards are recognized as they occur.
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. Outstanding restricted shares at December 31, 2023 will generally vest over either a one-year period or three-year period with a remaining weighted average contractual period of 0.45 years and have $0.3 million of associated unrecognized compensation cost.
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 January 1, 2021
114 $3.26 
Granted56 $5.26 
Vested(111)$2.99 
Forfeited / Canceled(2)$16.25 
Unvested restricted shares outstanding at December 31, 2021
57 $5.26 
Granted18 $18.93 
Vested(57)$5.26 
Forfeited / Canceled— $— 
Unvested restricted shares outstanding at December 31, 2022
18 $18.93 
Granted54 $13.85 
Vested (1)(18)$18.93 
Forfeited / Canceled— $— 
Unvested restricted shares outstanding at December 31, 2023
54 $13.85 
____________________
(1)     The aggregate intrinsic value of restricted stock that vested during 2023 was approximately $0.3 million based on the stock price at the time of vesting.

Restricted Stock Units. The Company’s restricted stock units awards are equity-classified awards and are valued based upon the market value of the Company’s common stock on the date of grant. Outstanding restricted stock units at December 31, 2023 will generally vest over a three-year period with a remaining weighted average contractual period of 2.13 years and have $1.3 million associated unrecognized compensation cost at December 31, 2023.

The following table presents a summary of the Company’s unvested restricted stock units:

Number of
Units
Weighted-
Average Grant
Date Fair Value
(In thousands)
Unvested restricted stock units outstanding at January 1, 2021
1,410 $1.10 
Granted178 $7.58 
Vested(477)$1.14 
Forfeited / Canceled(705)$0.94 
Unvested restricted stock units outstanding at December 31, 2021
406 $4.18 
Granted39 $13.51 
Vested(175)$3.61 
Forfeited / Canceled(18)$5.51 
Unvested restricted stock units outstanding at December 31, 2022
252 $5.93 
Granted79 $15.13 
Vested (1)(175)$4.33 
Forfeited / Canceled(18)$11.50 
Unvested restricted stock units outstanding at December 31, 2023
138 $12.51 
____________________
(1)     The aggregate intrinsic value of restricted stock units that vested during 2023 was approximately $2.8 million based on the stock price at the time of vesting.
Performance Share Units. The Company’s performance share units awards are equity-classified awards and are valued based upon the market value of the Company’s common stock on the date of grant. Outstanding performance share units at December 31, 2023 will generally vest over a one year period with a remaining weighted average contractual period of 0.26 years and an $0.1 million amount of unrecognized compensation cost at December 31, 2023.

The following table presents a summary of the Company's performance share units:
Number of
Units
Weighted-
Average Grant
Date Fair Value
(In thousands)
Unvested performance share units outstanding at January 1, 2021
205 $1.66 
Granted39 $5.01 
Vested(197)$1.70 
Forfeited / Canceled(13)$2.38 
Unvested performance share units outstanding at December 31, 2021
34 $5.01 
Granted19 $13.51 
Vested(34)$5.01 
Forfeited / Canceled(2)$13.51 
Unvested performance share units outstanding at December 31, 2022
17 $13.51 
Granted19 $15.31 
Vested (1)(17)$13.51 
Forfeited / Canceled(3)$15.31 
Unvested performance share units outstanding at December 31, 2023
16 $15.31 
____________________
(1)     The aggregate intrinsic value of performance share units that vested during 2023 was approximately $0.2 million.

Stock Options

The fair value of stock options is estimated on the date of the grant using a Black-Scholes valuation model that uses the weighted average assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s common stock and other factors. The Company uses historical data on the exercise of stock options, post-vesting forfeitures and other factors to estimate the expected term of the stock-based payments granted. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Generally, stock options granted to employees and directors vest ratably over three years from the grant date and expire seven years from the date of grant. There were no stock options granted during the years ended December 31, 2023 or 2022.

AssumptionsFor the Year Ended December 31, 2021
Risk-free interest rate0.79 %
Expected dividend yield— %
Expected volatility78.2 %
Expected term5 years
The following table presents a summary of the Company's stock option activity for the years ended December 31, 2023, 2022 and 2021:
Number of SharesWeighted Average Exercise Price per ShareWeighted Average Remaining Contractual Term(years)Aggregate Intrinsic Value (in millions)
(In thousands)
Outstanding at January 1, 2021
91 $— 2.68$0.24 
Granted250 — — — 
Exercised(9)6.43 
Expired(1)— 
Forfeited / Canceled(7)— — — 
Outstanding at December 31, 2021
324 $— 7.80$0.80 
Exercisable at December 31, 2021
24 $— 1.59$0.19 
Outstanding at December 31, 2021
324 $— 7.80$0.80 
Granted— — — — 
Exercised(31)$17.53 — — 
Expired— — — — 
Forfeited / Canceled(7)— — — 
Outstanding at December 31, 2022
286 $— 7.64$2.38 
Exercisable at December 31, 2022
68 $— 6.49$0.64 
Outstanding at December 31, 2022
286 $— 7.64$2.38 
Granted— — — — 
Exercised(36)$15.68 — — 
Expired— — — 
Forfeited / Canceled— — — — 
Outstanding at December 31, 2023 (1)
250 $— 7.66$1.02 
Exercisable at December 31, 2023
100 $— 7.66$0.41 
____________________
(1)     All outstanding stock options as of December 31, 2023 are expected to vest.
In August 2021, the Company granted nonqualified stock options. As of December 31, 2023, the total unrecognized compensation expense was $0.8 million and will be recognized over a weighted average period of 2.65 years. The Company issues new shares upon stock option exercises.
The following tables summarize the Company's share and incentive-based compensation for the years ended December 31, 2023, 2022 and 2021 (in thousands):
Recurring Compensation Expense (1)Reduction in Force (2)Total
Year Ended December 31, 2023
Equity-classified awards:
Restricted stock awards and units$1,415 $— $1,415 
Performance share units229 — 229 
Stock options301 — 301 
Total share-based compensation expense1,945 — 1,945 
Year Ended December 31, 2022
Equity-classified awards:
Restricted stock awards and units$997 $— $997 
Performance share units215 — 215 
Stock options314 — 314 
Total share-based compensation expense1,526 — 1,526 
Year Ended December 31, 2021
Equity-classified awards:
Restricted stock awards and units$773 $11 $784 
Performance share units476 6 482 
Stock options128 — 128 
Total share-based compensation expense1,377 17 1,394 
____________________
(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.