Equity-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Equity-Based Compensation |
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| Schedule of equity-based compensation expense |
The Company’s equity-based compensation expense, by type of award, is as follows (in thousands): | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2025 | | 2026 | | 2025 | | 2026 | | RSU awards | | $ | 10,669 | | | 8,993 | | | 22,138 | | | 17,543 | | PSU awards | | | 4,756 | | | 3,878 | | | 8,019 | | | 6,666 | | Equity awards issued to directors | | | 430 | | | 395 | | | 843 | | | 790 | | Total expense | | $ | 15,855 | | | 13,266 | | | 31,000 | | | 24,999 | |
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| Summary of RSU award activity |
| | | | | | | | | | | Weighted | | | | | | Average | | | | Number | | Grant Date | | | | of Units | | Fair Value | | Total awarded and unvested—December 31, 2025 | | 2,336,401 | | $ | 29.67 | | Granted | | 1,025,783 | | | 38.83 | | Vested | | (1,185,493) | | | 28.40 | | Forfeited | | (24,696) | | | 33.24 | | Total awarded and unvested—June 30, 2026 | | 2,151,995 | | $ | 34.69 | |
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| Schedule of weighted average fair value assumptions used for PSUs granted |
| | | | | | Dividend yield | | | — | % | | Volatility | | | 42 | % | | Risk-free interest rate | | | 3.56 | % | | Weighted average fair value of awards granted | | $ | 43.84 | | |
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| Summary of PSU award activity |
| | | | | | | | | | | Weighted | | | | | | Average | | | | Number | | Grant Date | | | | of Units | | Fair Value | | Total awarded and unvested—December 31, 2025 | | 1,359,347 | | $ | 33.80 | | Granted | | 193,146 | | | 40.08 | | Vested (1)(2) | | (685,313) | | | 35.15 | | Forfeited (1) | | (78,877) | | | 39.90 | | Total awarded and unvested—June 30, 2026 | | 788,303 | | $ | 33.56 | |
| (1) | During the six months ended June 30, 2026, the PSUs granted in 2022 and 2023 based on absolute TSR performance criteria achieved vesting at 82% and 75%, respectively, of the target amounts and converted into 0.3 million shares, and the 0.1 million units that did not vest were forfeited. |
| (2) | During the six months ended June 30, 2026, certain PSUs granted in 2022, 2023 and 2025 based on Net Debt to EBITDAX performance criteria achieved vesting at 194%, 194% and 200%, respectively, of the target amounts and converted into 0.8 million shares. |
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