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Stock-based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2017
Allocation of Stock-Based Compensation by Functional Category

The following table details the allocation of stock-based compensation to functional expense categories (in thousands):

 

 

Three Months Ended
March 31,

 

 

 

 

2017

 

 

 

2016

 

 

 

Direct operating expense

$

524

 

 

$

588

 

 

 

Brokered natural gas and marketing expense

 

263

 

 

 

516

 

 

 

Exploration expense

 

507

 

 

 

690

 

 

 

General and administrative expense

 

10,918

 

 

 

11,113

 

 

 

Termination costs

 

1,742

 

 

 

—

 

 

 

Total stock-based compensation

$

13,954

 

 

$

12,907

 

 

 

 
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions

The following assumptions were used to estimate the fair value of TSR’s granted during first quarter 2017 and 2016:

 

 

Three Months
 Ended March 31,

 

 

2017

 

 

 

2016

 

Risk-free interest rate

 

1.52

%

 

 

0.85

%

Expected annual volatility

 

44.6

%

 

 

51.7

%

Weighted average grant date fair value per unit

$

28.31

 

 

$

30.47

 

 
Restricted Stock and Restricted Stock Units Outstanding

The following is a summary of the status of our non-vested restricted stock outstanding at March 31, 2017:

 

 

 

Equity Awards

 

 

Liability Awards

 

 

 

Shares

 

 

Weighted
Average Grant
Date Fair Value

 

 

Shares

 

 

Weighted
Average Grant
Date Fair Value

 

Outstanding at December 31, 2016

 

 

765,971

 

 

$

33.62

 

 

 

425,018

 

 

$

43.48

 

Granted

 

 

870,326

 

 

 

32.98

 

 

 

66,078

 

 

 

32.67

 

Vested

 

 

(162,647

)

 

 

36.88

 

 

 

(67,973

)

 

 

50.56

 

Forfeited

 

 

(52,069

)

 

 

33.74

 

 

 

—

 

 

 

—

 

Outstanding at March 31, 2017

 

 

1,421,581

 

 

$

32.85

 

 

 

423,123

 

 

$

40.65

 

 
Stock Option and SARs Activities

Information with respect to SARs activity is summarized below:

 

 

 

Shares

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2016

 

 

1,003,600

 

 

$

69.08

 

Exercised

 

 

—

 

 

 

—

 

Expired/forfeited

 

 

(95,877

)

 

 

62.91

 

Outstanding at March 31, 2017

 

 

907,723

 

 

$

69.70

 

 
Market-based TSR  
Summary of Non-Vested Awards Activities

The following is a summary of our non-vested TSR awards outstanding at March 31, 2017:

 

 


Number of

Units

 

 

Weighted
Average
Grant Date Fair Value

 

Outstanding at December 31, 2016

 

 

395,908

 

 

$

44.39

 

Units granted (a)

 

 

83,247

 

 

 

28.31

 

Units vested

 

 

(61,943

)

 

 

51.20

 

Units forfeited

 

 

(3,679

)

 

 

44.21

 

Outstanding at March 31, 2017

 

 

413,533

 

 

$

40.14

 

(a) Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 150% of the performance units granted depending on the total shareholder return ranking compared to the peer companies at the end of the three-year performance period.

Performance-based PGPS/RGPS  
Summary of Non-Vested Awards Activities

The following is a summary of our non-vested PGPS/RGPS awards outstanding at March 31, 2017:

 

 

 

 

 

Number of
Units

 

 

 

Weighted
Average
Grant Date Fair
Value
of Range Stock

 

Outstanding at December 31, 2016

 

—

 

 

 

—

 

Units granted (a)

 

28,851

 

 

$

27.23

 

Units vested

 

(1,079

)

 

 

27.23

 

Outstanding at March 31, 2017

 

27,772

 

 

$

27.23

 

(a) Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 150% depending on achievement of specifically identified performance targets.