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Equity Incentive Plan (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Schedule of activity for restricted stock awards, performance units and shares and stock options
The following table presents activity for equity-based compensation awards for the nine months ended September 30, 2022:
Equity AwardsLiability Awards
(in thousands)Restricted Stock AwardsStock Option Awards
Performance Share Awards(1)(2)
Performance Unit Awards
Phantom Unit Awards(3)
Outstanding as of December 31, 2021
350 7 72 209 33 
Granted246 — 62 — — 
Forfeited(57)— (16)(59)— 
Vested(180)— (70)— (15)
Expired or canceled— (2)— — — 
Outstanding as of September 30, 2022
359 5 48 150 18 
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(1)The performance share awards granted on February 28, 2019 had a performance period of January 1, 2019 to December 31, 2021 and, as their market and performance criteria were satisfied, resulted in a 107% payout. As such, the granted awards vested and were converted into 75,107 shares of the Company's common stock during the nine months ended September 30, 2022 based on this 107% payout.
(2)On February 22, 2022, the Company granted performance share awards with a performance period of January 1, 2022 through December 31, 2024. The market criteria consists of: (i) annual relative total shareholder return comparing the Company's shareholder return to the shareholder return of the exploration and production companies listed in the Russell 2000 Index and (ii) annual absolute total shareholder return. The performance criteria for these awards consists of: (i) earnings before interest, taxes, depreciation, amortization and exploration expense and three-year total debt reduction, (ii) growth in inventory and (iii) emissions reduction targets. Any shares earned are expected to be paid in equity during the first quarter following the completion of the requisite service period, based on the achievement of market and performance criteria, and the payout can range from 0% to 225%.
(3)On March 1, 2022 and March 5, 2022, the vested phantom unit awards were settled and paid out in cash at a fair value of $76.60 and $83.00 based on the Company's closing stock price on the respective vesting dates.
Schedule of allocated share-based compensation costs
The following table reflects equity-based compensation expense for the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
Equity awards:
Restricted stock awards$1,818 $1,810 $6,428 $5,630 
Performance share awards241 410 1,202 1,093 
Stock option awards— — — 7 
Total share-settled equity-based compensation, gross$2,059 $2,220 $7,630 $6,730 
Less amounts capitalized(421)(409)(1,335)(1,121)
Total share-settled equity-based compensation, net$1,638 $1,811 $6,295 $5,609 
Liability awards:
Performance unit awards$(4,311)$1,380 $1,595 $8,552 
Phantom unit awards199 269 1,078 1,202 
Total cash-settled equity-based compensation, gross$(4,112)$1,649 $2,673 $9,754 
Less amounts capitalized (45)(60)(247)(353)
Total cash-settled equity-based compensation, net$(4,157)$1,589 $2,426 $9,401 
Total equity-based compensation, net$(2,519)$3,400 $8,721 $15,010