Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

Share-Based Compensation
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
RSU Equity Awards
The following table summarizes activity for restricted stock units that may be settled in common stock (“RSU Equity Awards”) for the three months ended March 31, 2023:
Three Months Ended March 31, 2023
RSU Equity Awards
(In thousands)
Weighted Average Grant Date
Fair Value
Unvested, beginning of the period 800  $44.79 
Granted 317  $34.02 
Vested (6) $49.23 
Forfeited (21) $43.81 
Unvested, end of the period 1,090  $41.65 
Grant activity for the three months ended March 31, 2023 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 $34.02.
The aggregate fair value of RSU Equity Awards that vested during the three months ended March 31, 2023 was $0.2 million. As of March 31, 2023, unrecognized compensation costs related to unvested RSU Equity Awards were $30.2 million and will be recognized over a weighted average period of 2.1 years.
Cash-Settled Awards
As of March 31, 2023 and December 31, 2022, the Company had a total liability of $4.2 million and $6.5 million, respectively, which, as of December 31, 2022, consisted of restricted stock unit awards that may be settled in cash (“Cash-Settled RSU Awards”) and stock appreciation rights to be settled in cash (“Cash SARs” and, collectively with the Cash-Settled RSU Awards, the “Cash-Settled Awards”). As of March 31, 2023, there were no Cash-Settled RSU Awards outstanding.
Share-Based Compensation Expense (Benefit), Net
Share-based compensation expense associated with the RSU Equity Awards and the Cash-Settled Awards is included in “General and administrative” in the consolidated statements of operations. The following table presents share-based compensation expense (benefit), net for the periods indicated:
Three Months Ended March 31,
2023 2022*
(In thousands)
RSU Equity Awards $3,626  $3,366 
Cash-Settled Awards (1,745) 2,677 
Total share-based compensation expense (benefit), net $1,881  $6,043 
*Financial information for the prior period has been recast to reflect retrospective application of the successful efforts method of accounting. See “Note 2 - Summary of Significant Accounting Policies” for additional information.
See “Note 10 — Share-Based Compensation” of the Notes to Consolidated Financial Statements in the 2022 Annual Report for details of the Company’s equity-based incentive plans.