Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Summarized Information Related to Restricted Stock

The following table summarizes information related to restricted stock held by the Company’s employees and directors for the periods presented:

	Shares	Weighted Average Grant Date Fair Value per Share
Non-vested shares outstanding December 31, 2019	5,736,167	$	8.77
Granted	3,516,579	3.06
Vested	(3,332,604)	6.64
Forfeited(1)	(3,174,094)	3.17
Non-vested shares outstanding June 30, 2020	2,746,048	$	9.47

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(1)On June 12, 2020, all restricted stock awards issued to employees and non-employee directors in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information.

Summarized Information Related to Performance Share Units

The following table summarizes information related to PSUs held by the Company’s officers for the periods presented:

	Units	Weighted Average Grant Date Fair Value per Unit
Non-vested PSUs at December 31, 2019	3,027,224	$	9.12
Granted	2,429,747	2.56
Vested	(672,606)	8.61
Forfeited(1)	(2,396,524)	3.12
Non-vested PSUs at June 30, 2020	2,387,841	$	8.17

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(1)On June 12, 2020, all PSUs issued to the Company’s officers in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information.

Equity-based compensation expense recorded for PSUs was $1.9 million and $4.1 million for the three and six months ended June 30, 2020, respectively, and $2.5 million and $5.0 million for the three and six months ended June 30, 2019, respectively. Equity-based compensation expense is included in general and administrative expenses on the Company’s Condensed Consolidated Statements of Operations.

Summary of Stock Based Compensation Assumptions

The following assumptions were used for the Monte Carlo model to determine the grant date fair value and associated equity-based compensation expense of the PSUs granted during the six months ended June 30, 2020:

Forecast period (years)	2 - 4
Risk-free interest rates	1.53% - 1.55%
Oasis stock price volatility	68.56	%
Oasis initial value	$3.19
Oasis stock price on date of grant	$2.77

Summarized Information Related to Phantom Units

The following table summarizes information related to OMP Phantom Units held by certain employees of Oasis for the periods presented:

	Phantom Units	Weighted Average Grant Date Fair Value per Unit
Non-vested units outstanding December 31, 2019	362,002	$	19.09
Granted	242,500	8.65
Vested	(93,005)	14.17
Forfeited(1)	(313,089)	8.64
Non-vested units outstanding June 30, 2020	198,408	$	11.14

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(1)On June 12, 2020, all OMP Phantom Units issued to certain employees of Oasis in 2020 were forfeited and concurrently replaced with cash incentives under the 2020 Incentive Compensation Program. Refer to “2020 Incentive Compensation Program” above for more information.

Summarized Information Related to Restricted Units

The following table summarizes information related to restricted units held by certain directors of OMP for the periods presented:

	Restricted Units	Weighted Average Grant Date Fair Value per Unit
Non-vested units outstanding December 31, 2019	16,170	$	18.57
Granted	16,170	16.69
Vested	(16,170)	18.57
Forfeited	—	—
Non-vested units outstanding June 30, 2020	16,170	$	16.69