Shares-based awards are granted under the 2020 Omnibus Incentive Plan (the “2020 Plan”), which replaced the 2018 Omnibus Incentive Plan (the “2018 Plan”). From the effective date of the 2020 Plan, no further awards may be granted under the 2018 Plan, however, awards previously granted under the 2018 Plan will remain outstanding in accordance with their terms. At December 31, 2021, there were 1,619,272 shares available for future share-based awards under the 2020 Plan.


	RSU Equity Awards (in thousands)	Weighted Average Grant-Date Fair Value per Share













Unvested at the beginning of the year	677	$34.57
Granted	643	$38.59
Vested	(224)	$43.97
Forfeited	(128)	$42.40
Unvested at the end of the year	968	$34.04

Grant activity for the year ended December 31, 2021, 2020 and 2019 primarily consisted of RSU Equity Awards granted to executives and employees as part of the annual grant of long-term equity incentive awards with a weighted average grant date fair value of $38.59, $21.07 and $85.96, respectively.

For outstanding performance-based RSU Equity Awards, the number of performance-based RSU Equity Awards that can vest is based on a calculation that compares the Company’s total shareholder return (“TSR”) to the same calculated return of a group of peer companies selected by the Company and can range between 0% and 300% of the target units for the awards granted in 2020 and between 0% and 200% of the target units for the awards granted in 2019. The increase in the maximum amount of performance-based RSU Equity Awards that can vest for the awards granted in 2020 is due to an absolute TSR modifier, which was added as a second factor in the calculation, in addition to the relative TSR multiplier. While the absolute TSR modifier could increase the number of

awards that vest, the number of awards that vest could also be reduced if the absolute TSR is less than 5% over the performance period. No performance-based RSU Equity Awards were granted during 2021.


	Years Ended December 31,
Performance-based Equity Awards	2021		2020	2019
Vesting Multiplier	50	%	50% - 100%	100	%
Target	28,356		21,920	8,878
Vested at end of performance period	14,177		11,372	8,878
Did not vest at end of performance period	14,179		10,548	—

The Company recognizes expense for performance-based RSU Equity Awards based on the fair value of the awards at the grant date. Awards with a performance-based provision do not allow for the reversal of previously recognized expense, even if the market metric is not achieved and no shares ultimately vest. For the years ended December 31, 2020 and 2019, the grant date fair value of the performance-based RSU Equity Awards, calculated using a Monte Carlo simulation, was $3.4 million and $4.3 million, respectively. The following table summarizes the assumptions used and the resulting grant date fair value per performance-based RSU Equity Award granted during the years ended December 31, 2020 and 2019:


Performance-based Awards	June 29, 2020		January 31, 2020		January 31, 2019
Expected term (in years)	2.5		2.9		2.9
Expected volatility	113.2	%	54.8	%	47.9	%
Risk-free interest rate	0.2	%	1.3	%	2.4	%
Dividend yield	—	%	—	%	—	%

The aggregate fair value of RSU Equity Awards that vested during the years ended December 31, 2021, 2020 and 2019 was $8.7 million, $1.6 million and $7.3 million, respectively. As of December 31, 2021, unrecognized compensation costs related to unvested RSU Equity Awards were $21.2 million and will be recognized over a weighted average period of 2.0 years.


	Cash-Settled RSU Awards (in thousands)	Weighted Average Grant-Date Fair Value per Share














Unvested at the beginning of the year	196	$47.56
Granted (1)	3	$36.71
Vested	(14)	$107.93
Did not vest at end of performance period	(14)	$107.93
Forfeited	(24)	$54.57
Unvested at the end of the year	147	$34.60

(1)Includes 3.2 thousand units associated with deferrals of certain non-employee director compensation pursuant to the terms of the Amended and Restated Deferred Compensation Plan for Outside Directors.

No Cash-Settled RSU Awards were granted to employees during the year ended December 31, 2021. Grant activity during the years ended December 31, 2020 and 2019 primarily consisted of Cash-Settled RSU Awards to executives as part of the annual grant of long-term equity incentive awards. These awards cliff vest after an approximate three-year performance period. The weighted average grant date fair value of Cash-Settled RSU Awards was $36.71, $26.84 and $105.08 for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company’s outstanding Cash-Settled RSU Awards include the same performance-based vesting conditions as the performance-based RSU Equity Awards, which are described above. Additionally, the assumptions used to calculate the grant date fair value per Cash-Settled RSU Award granted during the years ended December 31, 2020 and 2019 are the same as the performance-based RSU Equity Awards presented above.

For the years ended December 31, 2021, 2020 and 2019, Cash-Settled RSU Awards vested resulting in cash payments of $0.7 million, $0.2 million and $0.8 million, respectively. As of December 31, 2021, unrecognized compensation costs related to unvested Cash-Settled RSU Awards were $2.7 million and will be recognized over a weighted average period of 1.0 years.


	Stock Appreciation Rights (in thousands)	Weighted Average Exercise Prices	Weighted Average Remaining Life (In years)	Aggregate Intrinsic Value (In millions)





















Outstanding, beginning of the year	368	$100.34
Granted	—	$—
Exercised	—	$—
Forfeited	—	$—
Expired	(65)	$156.00
Outstanding, end of the year	303	$88.37	3.1	$—
Vested, end of the year	303	$88.37	—	$—
Vested and exercisable, end of the year	—	$—	—	$—

As all Cash SARs are vested, there is no unrecognized compensation costs as of December 31, 2021. The acquisition date fair value of the Cash SARs in 2019, calculated using the Black-Scholes-Merton option pricing model, was $4.6 million. The following table summarizes the assumptions used and the expiration date for the grants that occurred during the period presented below:


	December 31,
	2021	2020
	(In thousands)
Cash SARs	$7,884	$1,670
Cash-Settled RSU Awards	1,382	182
Other current liabilities	9,266	1,852

Cash-Settled RSU Awards	6,366	1,336
Other long-term liabilities	6,366	1,336
Total Cash-Settled RSU Awards	$15,632	$3,188

Share-based compensation expense associated with the RSU Equity Awards, Cash-Settled RSU Awards, and Cash SARs, net of amounts capitalized, is included in “General and administrative” in the consolidated statements of operations. The following table presents share-based compensation expense (benefit), net for each respective period:


	Years Ended December 31,
	2021	2020	2019
RSU Equity Awards	$13,230	$13,030	$14,322
Cash-Settled RSU Awards	6,412	(771)	1,021
Cash SARs	6,215	(3,344)	443
	25,857	8,915	15,786
Less: amounts capitalized to oil and gas properties	(12,934)	(6,252)	(4,704)
Total share-based compensation expense, net	$12,923	$2,663	$11,082