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Common Stock Common Stock (Notes)
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] COMMON STOCK
Stock-Based Compensation Plans

2018 Equity Incentive Plan. In May 2020, our stockholders approved an amendment to increase the number of shares of our common stock reserved for issuance pursuant to our long-term equity compensation plan for employees and non-employee directors (the “2018 Plan”) from 1,800,000 to 7,050,000. The 2018 Plan was approved in May 2018 and expires in March 2028. Shares issued may be authorized but unissued shares, treasury shares or any combination thereof. Additionally, the 2018 Plan permits the reuse or reissuance of shares of common stock which were canceled, expired, forfeited or paid out in the form of cash. However, shares tendered or withheld to satisfy the exercise price of options or tax withholding obligations, and shares covering the portion of exercised stock-settled stock appreciation rights ("SARs") (regardless of the number of shares actually delivered), count against the share limit. Awards may be issued in the form of options, SARs, restricted stock, restricted stock units ("RSUs"), performance stock units ("PSUs") and other stock-based awards. Awards may vest over periods of continued service or upon the satisfaction of performance conditions set at the discretion of the Compensation Committee of the Board (the "Compensation Committee"), with a minimum one-year vesting period applicable to most awards. With regard to SARs and options, awards have a maximum exercisable period of ten years. As of September 30, 2020, there were 5,244,358 shares available for grant under the 2018 Plan.
    
2010 Long-Term Equity Compensation Plan. Our Amended and Restated 2010 Long-Term Equity Compensation Plan, which was approved by stockholders in 2013 (as the same has been amended and restated from time to time, the "2010 Plan"), remains outstanding and we may continue to use the 2010 Plan to grant awards. No awards may be granted under the 2010 Plan on or after June 5, 2023. As of September 30, 2020, there were 159,237 shares available for grant under the 2010 Plan. 

2015 SRC Equity Incentive Plan. Pursuant to the closing of the SRC Acquisition, SRC granted 155,928 PSUs to certain SRC executives under the 2015 SRC Equity Incentive Plan (the “2015 SRC Plan”). These PSUs (the “SRC PSUs”) were granted prior to the consummation of the merger, were assumed and converted into PDC PSUs at a rate of 0.158 per share and remain subject to the same terms and conditions (including performance-vesting terms) that applied immediately prior to the closing of the SRC Acquisition. The PSUs will result in a payout between zero and 200 percent of the target PSUs awarded. As of September 30, 2020, there were no shares available for grant under the 2015 SRC Plan.

Stock-based Compensation. The impact of our stock-based compensation plans on our results of operations was $5.4 million and $17.4 million for the three and nine months ended September 30, 2020, respectively, and $5.9 million and $18.1 million for the three and nine months ended September 30, 2019, respectively.
    
Restricted Stock Units

Time-Based Awards. The fair value of the time-based RSUs is amortized ratably over the requisite service period, primarily three years. The time-based RSUs generally vest ratably on each anniversary following the grant date provided that a participant is continuously employed.
The following table presents the changes in non-vested time-based RSUs to all employees, including executive officers, for the nine months ended September 30, 2020:
SharesWeighted-Average
Grant Date
Fair Value per Share
Non-vested at December 31, 2019795,926 $45.51 
Granted1,151,273 12.00 
Vested(444,611)41.87 
Forfeited(300,841)22.87 
Non-vested at September 30, 20201,201,747 20.42 

The following table presents the weighted-average grant date fair value per share and related information as of/for the periods presented:
As of/Nine Months Ended September 30,
20202019
(in thousands, except per share data)
Total intrinsic value of time-based awards vested$6,124 $11,251 
Total intrinsic value of time-based awards non-vested14,896 22,673 
Market price per share as of September 3012.40 27.75 
Weighted-average grant date fair value per share12.00 40.38 

Total compensation cost related to non-vested time-based awards and not yet recognized in our condensed consolidated statements of operations as of September 30, 2020 was $15.7 million. This cost is expected to be recognized over a weighted-average period of 2.0 years.

Performance Stock Units

Market-Based Awards. The fair value of the market-based PSUs is amortized ratably over the requisite service period, primarily three years. The market-based shares vest if the participant is continuously employed throughout the performance period and the market-based performance measure is achieved, with a maximum vesting period of three years. All compensation cost related to the market-based awards will be recognized if the requisite service period is fulfilled, even if the market condition is not achieved.
    
The Compensation Committee awarded a total of 368,077 market-based PSUs to our executive officers during the nine months ended September 30, 2020. In addition to continuous employment, the vesting of these PSUs is contingent on a combination of absolute stock performance and our total stockholder return ("TSR"), which is essentially our stock price change, including any dividends over a three-year period ending on December 31, 2022, as compared to the TSR of a group of peer companies over the same period. The PSUs will result in a payout between zero and 250 percent of the target PSUs awarded. The weighted-average grant date fair value per PSU granted was computed using the Monte Carlo pricing model using the following assumptions:
Nine Months Ended September 30,
20202019
Expected term of award (in years)33
Risk-free interest rate1.4%2.5%
Expected volatility46.6%41.4%
Weighted-average grant date fair value per share$33.52 $56.68 

The expected term of the awards was based on the requisite service period. The risk-free interest rate was based on the U.S. Treasury yields in effect at the time of grant and extrapolated to approximate the life of the award. The expected volatility was based on our historical volatility.
SRC Performance Stock Units. The terms of the SRC PSUs are substantially the same as those of the PDC PSUs, except that the SRC PSUs do not require continuous employment and the performance period associated with the awards of January 1, 2019 through December 31, 2021 predates the grant date. The fair value of the SRC PSU awards was determined on the grant date of January 13, 2020 using the Monte Carlo pricing model using the following assumptions:
Nine Months Ended September 30,
2020
Expected term of awards (in years)2
Risk-free interest rate1.6%
Expected volatility56.9%
Weighted-average grant date fair value per share$33.35 

The expected term of the awards is based on the number of years from the grant date through the end of the performance period. The risk-free interest rate was based on the U.S. Treasury yields in effect at the time of grant, extrapolated to approximate the life of the awards. The expected volatility was based on our historical volatility, as well as that of our peer group.

The following table presents the change in non-vested market-based awards, including SRC PSUs, during the nine months ended September 30, 2020:
SharesWeighted-Average
Grant Date
Fair Value per Share
Non-vested at December 31, 2019221,142 $61.61 
Granted 524,005 30.29 
Vested(10,196)12.44 
Forfeited(89,597)46.43 
Non-vested at September 30, 2020645,354 39.06 

The following table presents the weighted-average grant date fair value per share and related information as of/for the periods presented:
As of/Nine Months Ended September 30,
20202019
(in thousands, except per share data)
Total intrinsic value of market-based awards non-vested$7,999 $6,719 
Market price per common share as of September 30,12.40 27.75 
Weighted-average grant date fair value per share30.29 56.68 

Total compensation cost related to non-vested market-based awards not yet recognized in our condensed consolidated statements of operations as of September 30, 2020 was $9.3 million. This cost is expected to be recognized over a weighted-average period of 1.7 years.
Stock Appreciation Rights

The SARs vest ratably over a three-year period and may generally be exercised at any point after vesting through ten years from the date of issuance. Pursuant to the terms of the awards, upon exercise, the executive officers will receive, in shares of common stock, the excess of the market price of the award on the date of exercise over the market price of the award on the date of issuance. The following table presents the change in SARs during the nine months ended September 30, 2020:
SharesWeighted-Average
Grant Date
Fair Value per Share
Outstanding at December 31, 2019290,258 $46.64 
Exercised(7,807)24.44 
Expired(71,776)40.83 
Outstanding at September 30, 2020210,675 49.45 

All outstanding SARs as of September 30, 2020 have vested and the related compensation cost has been fully recognized.

Preferred Stock

We are authorized to issue 50,000,000 shares of preferred stock, par value $0.01 per share, which may be issued in one or more series, with such rights, preferences, privileges and restrictions as shall be fixed by the Board from time to time. Through September 30, 2020, no shares of preferred stock have been issued.

Stock Repurchase Program

In April 2019, the Board approved the acquisition of up to $200 million of our outstanding common stock, depending on market conditions (the "Stock Repurchase Program"). Effective upon the closing of the SRC Acquisition, our Board approved an increase and extension to the Stock Repurchase Program from $200 million to $525 million. Repurchases under the Stock Repurchase Program can be made in open markets at our discretion and in compliance with safe harbor provisions, or in privately negotiated transactions. The Stock Repurchase Program does not require any specific number of shares to be acquired, and can be modified or discontinued by the Board at any time. During the nine months ended September 30, 2020, we repurchased 1.3 million shares of our outstanding common stock at a cost of $23.8 million. We suspended the program in March 2020. Approximately $346.8 million of our outstanding common stock remains available for repurchase under the program. If the program is reactivated, we expect repurchases made pursuant to the Stock Repurchase Program to extend beyond December 31, 2021, given current market conditions.