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Stockholders' equity, Equity Incentive Plan and 401(k) plan (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of restricted stock award activity
The following table reflects the restricted stock award activity for the years presented:
(in thousands, except for weighted-average grant-date fair value)
 
Restricted
stock
awards
 
Weighted-average
grant-date
fair value
(per award)
Outstanding as of December 31, 2016
 
3,878

 
$
12.88

  Granted
 
1,237

 
$
13.87

  Forfeited
 
(302
)
 
$
12.87

  Vested
 
(1,644
)
 
$
13.75

Outstanding as of December 31, 2017
 
3,169

 
$
12.81

  Granted
 
3,328

 
$
8.34

  Forfeited
 
(367
)
 
$
10.13

  Vested
 
(1,934
)
 
$
11.92

Outstanding as of December 31, 2018
 
4,196

 
$
9.91

  Granted
 
7,613

 
$
3.26

  Forfeited
 
(3,559
)
 
$
5.11

  Vested(1)
 
(2,752
)
 
$
8.92

Outstanding as of December 31, 2019
 
5,498

 
$
4.29

_____________________________________________________________________________
(1)
The aggregate intrinsic value of vested restricted stock awards for the year ended December 31, 2019 was $10.0 million.
Schedule of stock option award activity
The following table reflects the stock option award activity for the years presented:
(in thousands, except for weighted-average exercise price and weighted-average remaining contractual term)

Stock
option
awards

Weighted-average
exercise price
(per award)

Weighted-average
remaining contractual term
(years)
Outstanding as of December 31, 2016
 
2,370

 
$
12.54

 
7.71
Granted
 
391

 
$
14.12

 
 
Exercised
 
(54
)
 
$
7.43

 
 
Expired or canceled
 
(60
)
 
$
20.41

 
 
Outstanding as of December 31, 2017
 
2,647

 
$
12.70

 
7.12
Exercised
 
(21
)
 
$
4.10

 
 
Expired or canceled
 
(53
)
 
$
18.92

 
 
Forfeited
 
(40
)
 
$
9.23

 
 
Outstanding as of December 31, 2018
 
2,533

 
$
12.69

 
5.99
Exercised(1)
 
(18
)
 
$
4.10

 
 
Expired or canceled
 
(1,842
)
 
$
13.55

 
 
Forfeited
 
(333
)
 
$
8.61

 
 
Outstanding as of December 31, 2019
 
340

 
$
12.56

 
5.00
Vested and exercisable as of December 31, 2019(2)

303


$
12.91


4.79
Expected to vest as of December 31, 2019(3)
 
37

 
$
9.65

 
6.69
_____________________________________________________________________________
(1)
The exercised stock option awards for the year ended December 31, 2019 had de minimis intrinsic value.
(2)
The vested and exercisable stock option awards as of December 31, 2019 had no intrinsic value.
(3)
The stock option awards expected to vest as of December 31, 2019 had no intrinsic value.
Schedule of fair value of stock option awards granted assumptions
The assumptions used to estimate the fair value of stock option awards granted as of the date presented is as follows:
 
 
February 17, 2017
Risk-free interest rate(1)
 
2.14
%
Expected option life(2)
 
6.25 years

Expected volatility(3)
 
60.84
%
Fair value per stock option award
 
$
8.22

_____________________________________________________________________________
(1)
U.S. Treasury yields as of the grant date were utilized for the risk-free interest rate assumption, correlating the treasury yield terms to the expected life of the stock option award.
(2)
As the Company had limited or no exercise history at the time of valuation relating to terminations and modifications, expected stock option award life assumptions were developed using the simplified method in accordance with GAAP.
(3)
The Company utilized its own volatility in order to develop the expected volatility.
Schedule of vesting rights options
Stock option awards granted to employees vest and become exercisable in four equal installments on each of the four anniversaries of the grant date, in accordance with the following schedule:
Full years of continuous employment following grant date
 
Incremental percentage of
option exercisable
 
Cumulative percentage of
option exercisable
Less than one
 
—
%
 
—
%
One
 
25
%
 
25
%
Two
 
25
%
 
50
%
Three
 
25
%
 
75
%
Four
 
25
%
 
100
%
Schedule of performance share/unit award activity
The following table reflects the performance share award activity for the years presented:
(in thousands, except for weighted-average grant-date fair value)
 
Performance
share
awards
 
Weighted-average
grant-date fair value
(per award)
Outstanding as of December 31, 2016
 
2,325

 
$
18.35

Granted
 
696

 
$
18.96

Forfeited
 
(76
)
 
$
18.12

Vested(1)
 
(200
)
 
$
28.56

Outstanding as of December 31, 2017
 
2,745

 
$
17.77

Granted(2)
 
1,389

 
$
9.22

Forfeited
 
(244
)
 
$
14.93

Vested(3)
 
(454
)
 
$
16.23

Outstanding as of December 31, 2018

 
3,436

 
$
13.74

Granted(2)
 
588

 
$
2.52

Converted from performance unit awards(2)(4)
 
1,558

 
$
3.74

Forfeited
 
(1,737
)
 
$
10.48

Vested(5)
 
(1,545
)
 
$
17.31

Outstanding as of December 31, 2019
 
2,300

 
$
5.34

_____________________________________________________________________________
(1)
These performance share awards had a performance period of January 1, 2014 to December 31, 2016 and, as their vesting and market criteria were satisfied, each award converted into 0.75 shares representing 150,388 shares of common stock issued during the first quarter of 2017.
(2)
The amounts potentially payable in the Company's common stock at the end of the requisite service period for the performance share awards granted on February 16, 2018, February 28, 2019 and June 3, 2019 will be determined based on three criteria: (i) RTSR Performance Percentage, (ii) ATSR Appreciation and (iii) ROACE Percentage. The RTSR Performance Percentage, ATSR Appreciation and ROACE Percentage will be used to identify the "RTSR Factor," the "ATSR Factor" and the "ROACE Factor," respectively, which are used to compute the "Performance Multiple" and ultimately to determine the number of shares to be delivered on the payment date. In computing the Performance Multiple, the RTSR Factor is given a 25% weight, the ATSR Factor a 25% weight and the ROACE Factor a 50% weight. The performance share awards granted on February 16, 2018 have a performance period of January 1, 2018 to December 31, 2020. The performance share awards granted on February 28, 2019 and June 3, 2019 have a performance period of January 1, 2019 to December 31, 2021.
(3)
The performance share awards granted on February 27, 2015 had a performance period of January 1, 2015 to December 31, 2017 and, as their market criteria were not satisfied, resulted in a TSR modifier of 0% based on the Company finishing in the 36th percentile of its peer group for relative TSR. As such, the units were not converted into the Company's common stock during the first quarter of 2018.
(4)
On May 16, 2019, the board of directors elected to change the form of payment from cash to common stock for the awards granted on February 28, 2019. This change in election triggered modification accounting, and the awards, formerly accounted for as liability awards, were converted to equity awards and, accordingly, new fair values were determined based on the May 16, 2019 modification date.
(5)
The performance share awards granted on May 25, 2016 had a performance period of January 1, 2016 to December 31, 2018 and, as their market criteria were not satisfied, resulted in a TSR modifier of 0% based on the Company finishing in the ninth percentile of its peer group for relative TSR. As such, the units were not converted into the Company's common stock during the first quarter of 2019.
The following table reflects the performance unit award activity for the year ended December 31, 2019:
(in thousands)
 
Performance unit awards
Outstanding as of December 31, 2018
 
—

Granted
 
2,813

Forfeited
 
(1,255
)
Converted to performance share awards
 
(1,558
)
Outstanding as of December 31, 2019
 
—
Schedule of fair value of performance share awards granted assumptions
The following table presents (i) the fair values per performance share award and the assumptions used to estimate these fair values per performance share award and (ii) the expense per performance share award, which is the fair value per performance share award adjusted for the estimated payout of the performance criteria, for the outstanding performance share awards as of December 31, 2019 for the grant dates presented:
 
 
June 3, 2019
 
February 28, 2019(1)
 
February 16, 2018
 
February 17, 2017
 
 
 
 
 
 
 
 
 
Market criteria:
 
(.25) RTSR Factor + (.25) ATSR Factor
 
TSR
Fair value assumptions:
 
 
 
 
 
 
 
 
Remaining performance period on grant date
 
2.58 years

 
2.63 years

 
2.87 years

 
2.87 years

Risk-free interest rate(2)
 
1.78
%
 
2.14
%
 
2.34
%
 
1.44
%
Dividend yield
 
—
%
 
—
%
 
—
%
 
—
%
Expected volatility(3)
 
55.45
%
 
55.01
%
 
65.49
%
 
74.00
%
Closing stock price on grant date
 
$
2.59

 
$
3.49

 
$
8.36

 
$
14.12

Grant-date fair value per performance share award
 
$
2.45

 
$
3.98

 
$
10.08

 
$
18.96

Expense per performance share award as of December 31, 2019
 
$
2.45

 
$
3.98

 
$
10.08

 
$
18.96

 
 
 
 
 
 
 
 
 
Performance criteria:
 
(.50) ROACE Factor
 
Not applicable
Fair value assumptions:
 
 
 
 
 
 
 
 
Closing stock price on grant date
 
$
2.59

 
$
3.49

 
$
8.36

 
Not applicable

Grant-date fair value per performance share award
 
$
2.59

 
$
3.49

 
$
8.36

 
Not applicable

Estimated payout for expense as of December 31, 2019
 
200.00
%
 
200.00
%
 
75.00
%
 
Not applicable

Expense per performance share award as of December 31, 2019(4)
 
$
5.18

 
$
6.98

 
$
6.27

 
Not applicable

 
 
 
 
 
 
 
 
 
Combined:
 
 
 
 
 
 
 
 
Grant-date fair value per performance share award(5)
 
$
2.52

 
$
3.74

 
$
9.22

 
$
18.96

Expense per performance share award as of December 31, 2019(6)
 
$
3.82

 
$
5.48

 
$
8.18

 
$
18.96

______________________________________________________________________________
(1)
The fair value assumptions of the performance share awards granted on February 28, 2019 are based on the May 16, 2019 modification date. The total incremental compensation expense resulting from the modification of $1.0 million, which will be recognized over the life of the awards, is calculated utilizing (i) the difference between the March 31, 2019 fair value and the May 16, 2019 fair value and (ii) the outstanding quantity of the converted performance share awards as of June 30, 2019. Such expense excludes the estimated payout component for expense for the (.50) ROACE Factor as this is redetermined at each reporting period and the expense will fluctuate accordingly.
(2)
The remaining performance period matched zero-coupon risk-free interest rate was derived from the U.S. Treasury constant maturities yield curve on the grant date for each respective award, with the exception of the awards granted on February 28, 2019, which used the modification date of May 16, 2019.
(3)
The Company utilized its own remaining performance period matched historical volatility in order to develop the expected volatility.
(4)
As the (.50) ROACE Factor is based on performance criteria, the expense fluctuates based on the estimated payout and is redetermined each reporting period and the life-to-date recognized expense for the respective awards is adjusted accordingly.
(5)
The combined grant-date fair value per performance share award is the combination of the fair value per performance share award weighted for the market and performance criteria for the respective awards.
The total fair value of the outperformance share award and the assumptions used to estimate the fair value of the outperformance share award as of the grant date presented are as follows:
 
 
June 3, 2019
Performance period
 
3.00 years

Risk-free interest rate(1)
 
1.77
%
Dividend yield
 
—
%
Expected volatility(2)
 
55.77
%
Closing stock price on grant date
 
$
2.59

Total fair value of outperformance share award (in thousands)
 
$
670

_____________________________________________________________________________
(1)
The performance period matched zero-coupon risk-free interest rate was derived from the U.S. Treasury constant maturities yield curve on the grant date.
(2)
The Company utilized its own performance period matched historical volatility in order to develop the expected volatility.
Schedule of stock-based compensation expense
The following has been recorded to stock-based compensation expense for the years presented:
 
 
Years ended December 31,
(in thousands)
 
2019
 
2018
 
2017
Restricted stock award compensation
 
$
13,169

 
$
25,271

 
$
22,223

Stock option award compensation
 
740

 
3,862

 
4,762

Performance share award compensation
 
(1,250
)
 
15,192

 
16,312

Outperformance share award compensation
 
101

 
—

 
—

Total stock-based compensation, gross
 
12,760

 
44,325

 
43,297

Less amounts capitalized in evaluated oil and natural gas properties
 
(4,470
)
 
(7,929
)
 
(7,563
)
Total stock-based compensation, net
 
$
8,290

 
$
36,396

 
$
35,734
Schedule of costs recognized for defined contribution plan
The following table presents the contributions expense recognized for the Company's 401(k) plan for the years presented:
 
 
Years ended December 31,
(in thousands)
 
2019
 
2018
 
2017
Contributions
 
$
1,742

 
$
2,156

 
$
1,929