Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Compensation Plans

Our share-based compensation plans at December 31, 2023 are as follows:

	Shares		Shares Underlying		Shares
	Authorized		Awards		Available
Plan Name	for Grant		Outstanding		for Grant
2021 Plan		28,963,412		5,004,289		13,910,294
NexTier Plan		—		2,660,633		—
Former C&J Energy Plan		—		789,337		—
2014 Plan		—		2,571,965		—

Stock Option Activity

Stock option activity for the year ended December 31, 2023 follows:

				Weighted Average
	Shares			Exercise Price Per Share
Outstanding at beginning of year		2,905,150		$	22.19
Assumed (1)		652,573		$	27.97
Exercised		—		$	—
Expired		(692,500	)	$	22.82
Outstanding at end of year		2,865,223		$	23.36
Exercisable at end of year		2,865,223		$	23.36

(1)Awards assumed in connection with the NexTier merger. All of these assumed awards had been previously granted by NexTier under the NexTier Plan or the Former C&J Energy Plan, in periods prior to the NexTier merger.

Additional Information with Respect to Non-vested Options

Additional information with respect to options granted, vested and exercised during the years ended December 31, 2023, 2022 and 2021 follows (in thousands, except per share data):

	2023		2022		2021
Weighted-average grant date fair value of stock options granted (per share)	NA		NA		NA
Aggregate grant date fair value of stock options vested during the year	$	—	$	—	$	89
Aggregate intrinsic value of stock options exercised	$	—	$	410	$	—

Restricted Stock Activity

Restricted stock unit activity for the year ended December 31, 2023 follows:

							Weighted Average
	Time			Performance			Grant Date Fair
	Based			Based			Value Per Share
Non-vested restricted stock units outstanding at beginning of year		3,090,846			359,315		$	12.71
Granted		1,840,861			165,276		$	11.60
Assumed (1)		7,438,031			—		$	5.62
Vested		(6,379,970	)		—		$	5.95
Forfeited		(162,100	)		(3,058	)	$	13.78
Non-vested restricted stock units outstanding at end of year		5,827,668			521,533		$	10.60

(1)Awards assumed in connection with the NexTier merger. All of these assumed awards had been previously granted by NexTier under the NexTier Plan or the Former C&J Energy Plan, in periods prior to the NexTier merger.

Restricted Stock Unit Activity

Additional information as of December 31, 2023 with respect to these non-vested restricted stock units follows (dollars in thousands):

Aggregate intrinsic value	$	65,937
Weighted-average remaining vesting period	1.63 years
Unrecognized compensation cost	$	51,434

Performance Units

The total target number of shares granted with respect to the Performance Units for the years 2018-2023 is set forth below:

	2023		2022		2021		2020		2019		2018
	Performance		Performance		Performance		Performance		Performance		Performance
	Unit Awards		Unit Awards		Unit Awards		Unit Awards		Unit Awards		Unit Awards
Target number of shares		631,700		414,000		843,000		500,500		489,800		310,700

Fair Value of Performance Units

The fair value of the Performance Units is set forth below (in thousands):

	2023		2022		2021		2020		2019		2018
	Performance		Performance		Performance		Performance		Performance		Performance
	Unit Awards		Unit Awards		Unit Awards		Unit Awards		Unit Awards		Unit Awards
Aggregate fair value at date of grant	$	8,440	$	10,743	$	7,225	$	826	$	9,958	$	8,004

Schedule of Weighted Average Assumptions Used to Estimate Fair Value of Options

The weighted-average fair value calculations for performance units granted during the years ended December 31, 2023, 2022 and 2021 were based on the following weighted-average assumptions set forth below:

	2023			2022			2021
Risk-free interest rate (1)		3.6	%		2.9	%		0.4	%
Expected stock volatility (2)		72.1	%		86.5	%		83.2	%
Expected dividend yield (3)		3.0	%		1.0	%		1.3	%
Expected term (in years)		3			3			3

(1)The risk-free interest rate is based on U.S. Treasury securities for the expected term of the performance units.

(2)Expected volatilities are based on the daily closing price of our stock based upon historical experience over a three-year period.

(3)Expected dividend yield is based on the annualized dividend in effect on the measurement date and the stock price on the grant date.

Compensation Expense Associated with Performance Units

Compensation expense associated with the Performance Units is set forth below (in thousands):

	2023		2022		2021		2020		2019		2018
	Performance		Performance		Performance		Performance		Performance		Performance
	Unit Awards		Unit Awards		Unit Awards		Unit Awards		Unit Awards		Unit Awards
Year ended December 31, 2023	$	2,248	$	3,749	$	2,426	$	69	NA		NA
Year ended December 31, 2022	NA		$	2,686	$	2,408	$	275	$	830	NA
Year ended December 31, 2021	NA		NA		$	1,806	$	275	$	3,319	$	667