Annual report pursuant to Section 13 and 15(d)

Compensation Plans

v3.24.0.1
Compensation Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Compensation Plans Compensation Plans
2020 Omnibus Incentive Plan
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, 2023, there were 1,326,047 shares available for future share-based awards under the 2020 Plan. 
RSU Equity Awards
The following table summarizes RSU Equity Award activity for the year ended December 31, 2023:
RSU Equity Awards (In thousands) Weighted Average Grant-Date Fair Value per Share
Unvested at the beginning of the year 800  $44.79 
Granted 654  $34.33 
Vested (374) $39.89 
Forfeited (225) $42.75 
Unvested at the end of the year 855  $39.46 
Grant activity for the years ended December 31, 2023, 2022 and 2021 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 $34.33, $57.85 and $38.59, respectively.
For performance-based RSU Equity Awards vested on December 31, 2022 and December 31, 2021, the number of performance-based RSU Equity Awards that could vest was based on a calculation that compares the Company’s TSR to the same calculated return of a group of peer companies selected by the Company and can range between 0% and 300% and 0% and 200% of the target units, respectively. No performance-based RSU Equity Awards vested during 2023.
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 2022 2021
Vesting Multiplier 18  % 50  %
Target 86,455 28,356
Vested at end of performance period 15,559 14,177
Did not vest at end of performance period 70,896 14,179
The aggregate fair value of RSU Equity Awards that vested during the years ended December 31, 2023, 2022 and 2021 was $12.5 million, $22.4 million and $8.7 million, respectively. As of December 31, 2023, unrecognized compensation costs related to unvested RSU Equity Awards were $22.1 million and will be recognized over a weighted average period of 1.7 years.
Cash-Settled Awards
As of December 31, 2023 and 2022, the Company had a total liability of $2.2 million and $6.5 million, respectively, for the outstanding Cash-Settled Awards.
Share-Based Compensation Expense, Net
Share-based compensation expense associated with the RSU Equity Awards, 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 each respective period:
Years Ended December 31,
2023
2022*
2021*
(In thousands)
RSU Equity Awards expense
 $14,658  $15,535  $13,230 
Cash-Settled Awards (benefit) expense
 (3,245) (7,493) 12,627 
Total share-based compensation expense, net
 $11,413  $8,042  $25,857 
*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.
401(k) Plan
The Company has a defined contribution plan (“401(k) Plan”) that is subject to the Employee Retirement Income Security Act of 1974. The 401(k) Plan allows eligible employees to contribute 1% to 100% of their qualified annual earnings, as defined by the 401(k) Plan, up to the contribution limits established under the Internal Revenue Code (the “IRC”). The Company matches 100% of each employee’s contributions, up to 6% of the employee’s eligible compensation, and may make additional contributions as may be determined by the Company’s Board of Directors. The Company’s contributions to the 401(k) Plan were $3.6 million, $3.0 million, and $2.2 million for the years ended December 31, 2023, 2022, and 2021, respectively.