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Stock-based Compensation Plans (Tables)
3 Months Ended
Mar. 31, 2020
Allocation of Stock-Based Compensation by Functional Category The following details the allocation of stock-based compensation to functional expense categories (in thousands):

 

 

Three Months Ended

March 31,

 

 

 

 

2020

 

 

 

2019

 

 

Direct operating expense

$

450 

 

 

$

591

 

 

Brokered natural gas and marketing expense

 

413 

 

 

 

385

 

 

Exploration expense

 

330 

 

 

 

373

 

 

General and administrative expense

 

8,029 

 

 

 

8,815

 

 

Total stock-based compensation

$

9,222 

 

 

$

10,164

 

 

 

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, 2020:

 

 

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, 2019

 

2,002,239

 

 

 $

12.32

  

  

 

411,126

 

 

 $

10.94

  

Granted

 

4,462,711

 

 

 

3.42

  

  

 

3,301,344

 

 

 

3.02

  

Vested

 

(811,670

)

 

 

8.95

  

  

 

(529,484

)

 

 

5.17

  

Forfeited

 

(86,865

)

 

 

11.75

  

  

 

 

 

 

  

Outstanding at March 31, 2020

 

5,566,415

 

 

5.69

  

  

 

3,182,986

 

 

$

3.69

  

 

Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions The following assumptions were used to estimate the fair value of TSR-PSUs granted during first quarter 2020 and 2019:

 

 

Three Months

Ended

March 31,

 

 

 

  

2020

 

  

2019

 

 

Risk-free interest rate

 

 

1.4

%

 

 

2.4

%

 

Expected annual volatility

 

 

65

%

 

 

46

%

 

Grant date fair value per unit

 

$

3.85

 

 

$

11.34

 

 

Performance-based PS-PSUs and RS-PSUs  
Summary of Non-Vested Awards Activities The following is a summary of our non-vested PG/RG-PSUs awards outstanding at March 31,

 

 

 

 

 

 

Number of

Units

 

 

 

Weighted

Average Grant Date Fair Value

 

Outstanding at December 31, 2019

 

881,573

 

 

$

11.70

 

Units granted (a)

 

777,847

 

 

 

2.33

 

Outstanding at March 31, 2020

 

1,659,420

 

 

$

5.50

 

(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.

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, 2019

 

 

993,452

 

 

$

19.00

 

 

Units granted (a)

 

 

610,155

 

 

 

3.85

 

 

Outstanding at March 31, 2020

 

 

1,603,607

 

 

$

13.23

 

 

(a)

These amounts reflect the number of performance units granted. The actual payout of shares may be between zero and 200% of the performance units granted depending on the total shareholder return ranking compared to our peer companies at the vesting date.