Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of Restricted Stock Units Activity |
The following table summarizes RSU Equity Award activity for the years ended December 31, 2019, 2018 and 2017:
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RSU Equity Awards (in thousands) |
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Weighted Average Grant-Date Fair Value per Share |
For the Year Ended December 31, 2017 |
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|
|
Unvested at the beginning of the period |
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1,448 |
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|
$10.81 |
|
Granted (1) (2)
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1,173 |
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$12.25 |
|
Vested (3)
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|
(797 |
) |
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$11.35 |
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Forfeited |
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(34 |
) |
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$9.57 |
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Unvested at the end of the period |
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1,790 |
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$11.54 |
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For the Year Ended December 31, 2018 |
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Unvested at the beginning of the period |
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1,790 |
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$11.54 |
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Granted (1)
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872 |
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$13.89 |
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Vested (3)
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(506 |
) |
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$9.56 |
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Forfeited |
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(53 |
) |
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$11.43 |
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Unvested at the end of the period |
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2,103 |
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$13.24 |
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For the Year Ended December 31, 2019 |
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Unvested at the beginning of the period |
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2,103 |
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$13.24 |
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Granted (1)
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1,881 |
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$8.60 |
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Vested (3)
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(1,062 |
) |
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$12.35 |
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Forfeited |
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(227 |
) |
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$10.59 |
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Unvested at the end of the period |
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2,695 |
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$10.57 |
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(1) |
Includes 399,425, 208,000 and 89,000 target performance-based RSU Equity Awards that will vest at a range of 0% - 200% for the years ended December 31, 2019, 2018 and 2017, respectively.
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(2) |
Includes 73,000 performance based RSU Equity Awards that were granted and subsequently vested at 142% of target at issuance in 2017.
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(3)
The fair value of shares vested was $7.3 million, $6.3 million and $9.0 million during the years ended December 31, 2019, 2018 and 2017, respectively.
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| Schedule of Shares that Vested and Did Not Vest |
The following table summarizes the shares that vested and did not vest as a result of the Company’s performance as compared to its peers.
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Years Ended December 31, |
Performance-based Equity Awards |
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2019 |
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2018 |
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2017 |
Vesting Multiplier |
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100 |
% |
|
142 |
% |
|
142% - 200% |
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Target |
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88,790 |
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|
83,002 |
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|
258,406 |
|
Vested at end of performance period |
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88,790 |
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117,862 |
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441,232 |
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Did not vest at end of performance period |
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— |
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— |
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— |
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| Schedule of Fair Value Inputs |
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, 2019, 2018 and 2017:
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Years Ended December 31, |
Performance-based Awards |
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2019 |
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2018 |
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2017 |
Number of simulations |
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100,000 |
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|
100,000 |
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|
100,000 |
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Expected term (in years) |
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2.9 |
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2.6 |
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|
2.6 |
|
Expected volatility |
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47.9 |
% |
|
51.6 |
% |
|
65.3 |
% |
Risk-free interest rate |
|
2.4 |
% |
|
2.6 |
% |
|
1.5 |
% |
Dividend yield |
|
— |
% |
|
— |
% |
|
— |
% |
Grant date fair value per performance-based RSU Equity Award |
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$10.78 |
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$16.66 |
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$16.06 |
The following table summarizes the assumptions used, the resulting acquisition date fair value per Cash SAR, and the expiration dates for the grants that occurred during periods presented below:
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2019 |
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2018 |
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2017 |
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2016 |
Fair Value Inputs |
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Expected term (in years) |
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5.4 |
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4.5 |
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1.9 |
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1.1 |
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Expected volatility |
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60.7 |
% |
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56.9 |
% |
|
58.6 |
% |
|
68.1 |
% |
Risk-free interest rate |
|
1.7 |
% |
|
1.7 |
% |
|
1.6 |
% |
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1.5 |
% |
Dividend yield |
|
— |
% |
|
— |
% |
|
— |
% |
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— |
% |
Acquisition date fair value per Cash SAR |
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$2.11 |
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$1.42 |
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$0.21 |
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$0.10 |
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Expiration date |
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March 17, 2026 |
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March 17, 2025 |
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March 23, 2022 |
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March 17, 2021 |
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| Schedule of Cash-Settleable RSUs |
The table below summarizes the Cash-Settled RSU Award activity for the years ended December 31, 2019, 2018 and 2017:
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Cash-Settled RSU Awards
(in thousands) |
|
Weighted Average Grant-Date Fair Value per Share |
For the Year Ended December 31, 2017 |
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Unvested at the beginning of the period |
|
734 |
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$8.87 |
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Granted |
|
283 |
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$12.13 |
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Vested |
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(379 |
) |
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$9.61 |
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Forfeited |
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(13 |
) |
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$9.54 |
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Unvested at the end of the period |
|
625 |
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$9.88 |
|
For the Year Ended December 31, 2018 |
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Unvested at the beginning of the period |
|
625 |
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$9.88 |
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Granted |
|
348 |
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$14.16 |
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Vested |
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(276 |
) |
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$9.04 |
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Forfeited |
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(19 |
) |
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$12.05 |
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Unvested at the end of the period |
|
678 |
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$12.36 |
|
For the Year Ended December 31, 2019 |
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Unvested at the beginning of the period |
|
678 |
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$12.36 |
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Granted |
|
424 |
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$8.14 |
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Vested |
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(164 |
) |
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$12.02 |
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Forfeited |
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(83 |
) |
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$11.58 |
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Unvested at the end of the period |
|
855 |
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$10.41 |
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| Summary of Liability for Cash-Settled RSU Awards |
The following table summarizes the Company’s liability for Cash-Settled RSU Awards and the classification in the consolidated balance sheets for the periods indicated:
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December 31, |
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2019 |
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2018 |
Other current liabilities |
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$966 |
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$1,390 |
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Other long-term liabilities |
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2,089 |
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2,067 |
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Total Cash-Settled RSU Awards |
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$3,055 |
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$3,457 |
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| Schedule of Performance-Based Cash-Settled RSUs Awards |
As of December 31, 2019, the Company had the following performance-based Cash-Settled RSU Awards outstanding:
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Target Awards Outstanding |
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Potential Minimum Units Vesting |
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Potential Maximum Units Vesting |
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(In thousands) |
Vesting in 2020 |
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292 |
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|
— |
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|
586 |
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Vesting in 2021 |
|
373 |
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|
— |
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|
745 |
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Vesting in 2022 |
|
— |
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— |
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— |
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Other |
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24 |
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24 |
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|
24 |
|
Total Cash-Settled RSU Awards |
|
689 |
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|
24 |
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1,355 |
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| Schedule of Cash-Settled SARs |
The table below summarizes the Cash SAR activity for the year ended December 31, 2019.
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Stock Appreciation Rights |
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Weighted
Average
Exercise
Prices
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Weighted Average Remaining Life
(In years)
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Aggregate Intrinsic Value
(In millions)
|
For the Year Ended December 31, 2019 |
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Outstanding, beginning of period |
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— |
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$— |
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Granted |
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— |
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$— |
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Reissued |
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3,677,955 |
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$10.03 |
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Exercised |
|
— |
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$— |
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Forfeited |
|
— |
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$— |
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Expired |
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— |
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$— |
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Outstanding, end of period |
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3,677,955 |
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$10.03 |
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4.4 |
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$— |
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Vested, end of period |
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3,677,955 |
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$10.03 |
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0 |
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$— |
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Vested and exercisable, end of period |
|
— |
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$— |
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|
0 |
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$— |
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| Schedule of Share-based Compensation Expense |
The following table presents share-based compensation expense for each respective period:
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Years Ended December 31, |
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2019 |
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2018 |
|
2017 |
Share-based compensation cost for: |
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Equity |
|
Liability |
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Equity |
|
Liability |
|
Equity |
|
Liability |
RSU Equity Awards (1)
|
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$14,322 |
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|
$— |
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$9,460 |
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|
$— |
|
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|
$10,225 |
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|
$— |
|
Cash-Settled RSU Awards (1)
|
|
— |
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|
1,021 |
|
|
— |
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|
336 |
|
|
— |
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|
4,294 |
|
Cash SARs |
|
— |
|
|
443 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total share-based compensation cost (2)
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$14,322 |
|
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|
$1,464 |
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$9,460 |
|
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|
$336 |
|
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$10,225 |
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$4,294 |
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|
(1) |
Includes the settlement of the outstanding share-based award agreements of the Company’s former Chief Executive Officer, resulting in $6.4 million recorded on the consolidated statements of operations as settled share-based awards for the year ended December 31, 2017.
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(2)
The portion of this share-based compensation cost that was included in “General and administrative” totaled $11.1 million, $6.4 million and $5.0 million for the years ended December 31, 2019, 2018 and 2017, respectively, and the portion capitalized to oil and gas properties was $4.7 million, $3.4 million and $3.2 million for the years ended December 31, 2019, 2018, and 2017, respectively.
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