v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchase Program
On February 21, 2025, the Board authorized a share repurchase program for up to $250 million of common stock, with no specified end date. This repurchase program terminated and replaced the prior authorization to repurchase up to $250 million of common stock. During the three and six months ended June 30, 2025, 1.6 million and 5.2 million shares were repurchased under this share repurchase program for $28.2 million and $79.4 million, respectively. The repurchased shares were retired by the Company upon receipt. During the three and six months ended June 30, 2024, 2.2 million and 3.1 million shares were repurchased under the prior share repurchase program for $67.1 million and $99.5 million, respectively. As of June 30, 2025, there was $181.3 million of authorization remaining under the current share repurchase program.
Incentive Plans
The following table summarizes our compensation costs recognized in General and administrative expense (excluding depreciation) and Operating expense (excluding depreciation) under the Amended and Restated Par Pacific Holdings, Inc. 2012 Long-term Incentive Plan and Stock Purchase Plan (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Restricted Stock Awards$3,170 $2,105 $5,668 $6,301 
Restricted Stock Units721 497 1,399 3,218 
Stock Option Awards358 279 728 9,772 
On February 27, 2024, William Pate, our former Chief Executive Officer (“CEO”), announced that he would retire from his CEO role effective May 1, 2024. During the first quarter of 2024, the Board approved the acceleration of unvested equity awards and the modification of vested stock options granted to him. For the six months June 30, 2024, we recorded a total of $13.1 million of stock-based compensation expenses resulting from the equity awards modifications.
During the three and six months ended June 30, 2025, we granted 23 thousand and 706 thousand shares of restricted stock and restricted stock units with a fair value of approximately $0.3 million and $11.0 million, respectively. As of June 30, 2025, there were approximately $17.2 million of total unrecognized compensation costs related to restricted stock awards and restricted stock units, which are expected to be recognized on a straight-line basis over a weighted-average period of 1.4 years.
During the three and six months ended June 30, 2025, we granted no stock option awards. As of June 30, 2025, there were approximately $5.1 million of total unrecognized compensation costs related to stock option awards, which are expected to be recognized on a straight-line basis over a weighted-average period of 3.8 years.
During the six months ended June 30, 2025, we granted 213 thousand performance restricted stock units to executive officers; no grants were made for the three months ended June 30, 2025. These performance restricted stock units had a fair value of approximately $3.3 million and are subject to certain annual performance targets based on three-year-performance periods as defined by our Board of Directors. As of June 30, 2025, there were approximately $4.6 million of total unrecognized compensation costs related to the performance restricted stock units, which are expected to be recognized on a straight-line basis over a weighted-average period of 2.2 years.