Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.20.4
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Units Activity
The following table summarizes RSU Equity Award activity for the years ended December 31, 2020, 2019 and 2018:
RSU Equity Awards (in thousands) Weighted Average Grant-Date Fair Value per Share
For the Year Ended December 31, 2018
Unvested at the beginning of the period 179  $115.36 
Granted (1)
87  $144.86 
Vested (2)
(51) $103.83 
Forfeited (5) $114.32 
Unvested at the end of the period 210  $130.39 
For the Year Ended December 31, 2019
Unvested at the beginning of the period 210  $130.39 
Granted (1)
188  $85.96 
Vested (2)
(106) $126.75 
Forfeited (23) $110.55 
Unvested at the end of the period 269  $102.48 
For the Year Ended December 31, 2020
Unvested at the beginning of the period 269  $102.48 
Granted (1)
562  $21.07 
Vested (2)
(132) $105.14 
Forfeited (22) $96.84 
Unvested at the end of the period 677  $34.57 

(1)Includes 111.2 thousand, 39.9 thousand and 20.8 thousand target performance-based RSU Equity Awards for the years ended December 31, 2020, 2019 and 2018, respectively.
(2)The fair value of shares vested was $1.6 million, $7.3 million and $6.3 million during the years ended December 31, 2020, 2019 and 2018, respectively.
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.
Years Ended December 31,
Performance-based Equity Awards 2020 2019 2018
Vesting Multiplier
50% - 100%
 100  % 142  %
Target 21,920 8,878 8,300
Vested at end of performance period 11,372 8,878 11,786
Did not vest at end of performance period 10,548 — —
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, 2020, 2019 and 2018:
Performance-based Awards June 29, 2020 January 31, 2020 January 31, 2019 May 10, 2018
Expected term (in years) 2.5 2.9 2.9 2.6
Expected volatility 113.2  % 54.8  % 47.9  % 51.6  %
Risk-free interest rate 0.2  % 1.3  % 2.4  % 2.6  %
Dividend yield —  % —  % —  % —  %
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:
2019 2018 2017 2016
Expected term (in years) 5.4 4.5 1.9 1.1
Expected volatility 60.7  % 56.9  % 58.6  % 68.1  %
Risk-free interest rate 1.7  % 1.7  % 1.6  % 1.5  %
Dividend yield —  % —  % —  % —  %
Expiration date March 17, 2026 March 17, 2025 March 23, 2022 March 17, 2021
Schedule of Cash-Settleable RSUs
The table below summarizes the Cash-Settled RSU Award activity for the years ended December 31, 2020, 2019 and 2018:
Cash-Settled RSU Awards
(in thousands)		 Weighted Average Grant-Date Fair Value per Share
For the Year Ended December 31, 2018
Unvested at the beginning of the period 61  $123.82 
Granted 35  $164.77 
Vested (28) $116.67 
Forfeited (2) $161.50 
Unvested at the end of the period 66  $147.59 
For the Year Ended December 31, 2019
Unvested at the beginning of the period 66  $147.59 
Granted 44  $105.08 
Vested (16) $155.29 
Forfeited (8) $145.71 
Unvested at the end of the period 86  $124.22 
For the Year Ended December 31, 2020
Unvested at the beginning of the period 86  $124.22 
Granted 142  $26.84 
Vested (16) $160.39 
Did not vest at end of performance period (16) $163.55 
Forfeited —  $— 
Unvested at the end of the period 196  $47.56 
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:
December 31,
2020 2019
(In thousands)
Other current liabilities $182  $966 
Other long-term liabilities 1,336  2,089 
Total Cash-Settled RSU Awards $1,518  $3,055 
Schedule of Performance-Based Cash-Settled RSUs Awards
As of December 31, 2020, the Company had the following performance-based Cash-Settled RSU Awards outstanding:
Target Awards Outstanding Potential Minimum Units Vesting Potential Maximum Units Vesting
(In thousands)
Vesting in 2021 35  —  70 
Vesting in 2022 111  —  334 
Other 50  50  50 
Total Cash-Settled RSU Awards 196  50  454 
Schedule of Cash-Settled SARs The table below summarizes the Cash SAR activity for the year ended December 31, 2020.
Stock Appreciation Rights
(in thousands)		 Weighted
Average
Exercise
Prices		 Weighted Average Remaining Life
(In years)		 Aggregate Intrinsic Value
(In millions)
For the Year Ended December 31, 2019
Outstanding, beginning of period —  $— 
Granted —  $— 
Reissued 368  $100.34 
Exercised —  $— 
Forfeited —  $— 
Expired —  $— 
Outstanding, end of period 368  $100.34  4.4 $— 
Vested, end of period 368  $100.34  —  $— 
Vested and exercisable, end of period —  $—  —  $— 
For the Year Ended December 31, 2020
Outstanding, beginning of period 368  $100.34 
Granted —  $— 
Exercised —  $— 
Forfeited —  $— 
Expired —  $— 
Outstanding, end of period 368  $100.34  3.4 $— 
Vested, end of period 368  $100.34  —  $— 
Vested and exercisable, end of period —  $—  —  $— 
Schedule of Share-based Compensation Expense The following table presents share-based compensation expense (benefit), net for each respective period:
Years Ended December 31,
2020 2019 2018
RSU Equity Awards $13,030  $14,322  $9,460 
Cash-Settled RSU Awards (771) 1,021  336 
Cash SARs (3,344) 443  — 
8,915  15,786  9,796 
Less: amounts capitalized to oil and gas properties (6,252) (4,704) (3,434)
Total share-based compensation expense, net $2,663  $11,082  $6,362