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Stock-based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Allocation of Stock-Based Compensation by Functional Category The following table details the amount of stock-based compensation that is allocated to functional expense categories for each of the years in the three-year period ended December 31, 2019 (in thousands):

 

 

2019

 

 

2018

 

  

2017(1)

 

Direct operating expense

$

1,928

  

 

$

2,109

  

  

$

2,060

  

Brokered natural gas and marketing expense

 

1,856

 

 

 

1,452

 

  

 

1,437

 

Exploration expense

 

1,566

 

 

 

1,921

 

  

 

2,742

 

General and administrative expense

 

35,061

  

 

 

43,806

 

  

 

74,873

 

Termination costs

 

1,971

 

 

 

—

 

 

 

1,664

 

Total

$

42,382

  

 

$

49,288

  

  

$

82,776

  

 

(1)

Includes $30.8 million accelerated vesting of equity grants.
Restricted Stock and Restricted Stock Units Outstanding The following is a summary of the status of our non-vested restricted stock outstanding at December 31, 2019:

 

 

Restricted Stock
Equity Awards

 

  

Restricted Stock
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

 

888,326

 

 

 

32.61

 

  

 

543,438

 

 

 

25.91

 

Vested

 

(698,563

)

 

 

34.82

 

  

 

(908,912

)

 

 

33.71

 

Forfeited

 

(122,676

)

 

 

32.91

  

  

 

(4,342

)

 

 

31.10

  

Outstanding at December 31, 2017

 

833,058

 

 

 

31.64

 

 

 

55,202

 

 

 

32.26

  

Granted

 

1,834,883

 

 

 

16.98

 

 

 

891,350

 

 

 

15.30

 

Vested

 

(1,037,501

)

 

 

23.57

 

 

 

(738,073

)

 

 

16.34

 

Forfeited

 

(244,352

)

 

 

21.59

 

 

 

(23,900

)

 

 

19.76

 

Outstanding at December 31, 2018

 

1,386,088

 

 

 

20.04

 

 

 

184,579

 

 

 

15.65

 

Granted

 

2,792,438

 

 

 

10.59

 

 

 

1,214,038

 

 

 

10.16

 

Vested

 

(1,608,075

)

 

 

15.72

 

 

 

(987,491

)

 

 

10.86

 

Forfeited

 

(568,212

)

 

 

13.03

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2019

 

2,002,239

 

 

$

12.32

 

 

 

411,126

 

 

$

10.94

 
Schedule of Share Based Payment Award TSR - Performance Stock Awards Valuation Assumptions The following assumptions were used to estimate the fair value of the TSR-PSUs granted during the years ended December 31, 2019, 2018 and 2017:

 

  

Year Ended December 31, 2019

 

 

  

2019

 

  

2018

 

 

2017

 

Risk-free interest rate

 

 

2.44

%

 

 

2.42

%

 

 

1.49

%

Expected annual volatility

 

 

46

%

 

 

48

%

 

 

44

%

Grant date fair value per unit

 

$

11.34

 

 

$

18.51

 

 

$

26.26

 
Summary of Change in Post Retirement Benefit Obligation The change in our post-retirement benefit obligation is as follows (in thousands):

 Change in Benefit Obligation:

 


2019

 

 


2018

 

Benefit obligation at beginning of year

 

 $

1,355

 

 

 $

1,769

 

Prior service cost

 

 

—

 

 

 

—

 

Service cost

 

 

88

 

 

 

94

 

Interest cost

 

 

68

 

 

 

58

 

Actuarial loss (gain)

 

 

532

 

 

 

(526

)

Benefits paid

 

 

(86

)

 

 

(40

)

Benefit obligation at end of year

 

$

1,957

 

 

$

1,355

 

 

 

 

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet:

 

 

 

 

 

 

 

 

Long-term liabilities

 

$

1,957

 

 

$

1,355

 

 

 

 

 

 

 

 

 

 

Components of Net Periodic Post Retirement Benefit Cost:

 

 

 

 

 

 

 

 

Service cost

 

$

88

 

 

$

94

 

Interest cost

 

 

68

 

 

 

58

 

Amortization of prior service cost

 

 

369

 

 

 

369

 

Net periodic post retirement costs (recognized in general and administrative expense)

 

$

525

 

 

$


521

 

 

 

 

 

 

 

 

 

 

Other Changes in Benefit Obligations in Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

Net loss (gain)

 

$

532

 

 

$

(526

)

Prior service cost

 

 

—

 

 

 

—

 

Amortization of prior service cost

 

 

(369

)

 

 

(369

)

Total recognized in other comprehensive income (loss)

 

$

163

 

 

$

(895

)

Total recognized in net periodic benefit cost and other comprehensive income (loss)

 

$

688

 

 

$

(374

)
Summary of Assumptions Used to Determine Benefit Obligation

 

The following summarizes the assumptions used to determine the benefit obligation at December 31, 2019 and 2018:

 

 

December 31,

2019

 

 

 

December 31,

2018

 

Weighted average assumptions used to determine benefit obligation:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.9

%

 

 

 

4.0

%

Assumed weighted average healthcare cost trend rates:

 

 

 

 

 

 

 

 

 

Initial healthcare trend rate

 

 

6.5

%

 

 

 

6.5

%

Ultimate trend rate

 

 

4.5

%

 

 

 

5.0

%

Year ultimate trend rate reached

 

 

2023

 

 

 

 

2028

 
Performance-based PG-PSUs and RG-PSUs  
Summary of Non-Vested Awards Activities The following is a summary of our non-vested PG/RG-PSUs awards outstanding at December

 

 

 

 

 

Number of
Units

 

 

 

Weighted
Average
Grant Date Fair
Value
of Range Stock

 

Outstanding at December 31, 2016

 

—

 

 

$

—

 

Units granted

 

122,921

 

 

 

25.53

 

Outstanding at December 31, 2017

 

122,921

 

 

 

25.53

 

Units granted (a)

 

440,938

 

 

 

15.22

 

Forfeited (b)

 

(27,061

)

 

 

23.03

 

Outstanding at December 31, 2018

 

536,798

 

 

 

15.61

 

Units granted (a)

 

345,202

 

 

 

10.32

 

Forfeited

 

(427

)

 

 

15.65

 

Outstanding at December 31, 2019

 

881,573

 

 

$

11.70

 

(a) Amounts granted reflect the number of performance units granted; however, the actual payout of shares will be between zero and 200% depending on achievement of specifically identified performance targets.

(b) The first of three tranches of PG-PSUs granted in 2017 was forfeited as the performance metric was not met.  

 
Performance Based TSR - PSUs  
Summary of Non-Vested Awards Activities

The following is a summary of our non-vested TSR – PSUs award activities:

 

 


Number of Units

 

 

Weighted
Average
Grant Date Fair Value

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

 

871,299

 

 

$

55.29

 

Granted (a)

 

 

358,519

 

 

 

26.26

 

Vested and issued (b)

 

 

(85,461

)

 

 

86.23

 

Forfeited

 

 

(134,515

)

 

 

85.24

 

Outstanding at December 31, 2017

 

 

1,009,842

 

 

 

38.38

 

Granted (a)

 

 

329,486

 

 

 

18.51

 

Vested and issued (c)

 

 

(73,985

)

 

 

56.81

 

Forfeited

 

 

(197,457

)

 

 

55.46

 

Outstanding at December 31, 2018

 

 

1,067,886

 

 

 

27.81

 

Granted (a)

 

 

314,152

 

 

 

11.34

 

Vested and issued (d)

 

 

(12,283

)

 

 

30.47

 

Forfeited

 

 

(376,303

)

 

 

37.25

 

Outstanding at December 31, 2019

 

 

993,452

 

 

$

19.00

 

(a) These amounts reflect the number of performance units granted. The actual payout of shares may be between zero and 150% (for TSR-PSUs granted in 2017) and may be between zero and 200% (for TSR-PSUs granted in 2018 and 2019) of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date.

(b) Includes 85,461 TSR-PSU awards issued related to the 2014 performance period where the return on our common stock was the 67th percentile for the February 2014 grant and 56th percentile for the May 2014 grant. The remaining 2014 awards are considered to be forfeited.

(c) Includes 73,985 TSR-PSUs awards issued related to the 2015 performance period where the return on our common stock was the 46th percentile for the February 2015 grant and the 36th percentile for the May 2015 grant. The remaining 2015 awards are considered to be forfeited.

(d) Includes 12,283 TSR-PSUs awards issued related to 2016 performance where the return on our common stock was in the 20th percentile for the February 2016 grant. The remaining February 2016 awards are considered to be forfeited. The May 2016 awards were 100% forfeited as the performance was not achieved.