v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchase Program
On February 20, 2026, 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, 2026, 5 thousand and 742 thousand shares were repurchased under this share repurchase program for $0.2 million and $28.3 million, respectively. The repurchased shares were retired by the Company upon receipt. During the three and six months ended June 30, 2025, 1.6 million and 5.2 million shares were repurchased under the prior share repurchase program for $28.2 million and $79.4 million, respectively. As of June 30, 2026, there was $250.0 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,
2026202520262025
Restricted Stock Awards$2,874 $3,170 $5,580 $5,668 
Restricted Stock Units958 721 1,764 1,399 
Stock Option Awards327 358 667 728 
During the three and six months ended June 30, 2026, we granted 4 thousand and 295 thousand shares of restricted stock and restricted stock units with a fair value of approximately $0.2 million and $12.7 million, respectively. As of June 30, 2026, there were approximately $19.0 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 1.5 years.
During the three and six months ended June 30, 2026, we granted no stock option awards. As of June 30, 2026, there were approximately $3.7 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 2.8 years.
During the six months ended June 30, 2026, we granted 98 thousand performance restricted stock units to executive officers; no grants were made for the three months ended June 30, 2026. These performance restricted stock units had a fair value of approximately $4.2 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, 2026, there were approximately $6.0 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.
During the six months ended June 30, 2026, we paid $18.2 million related to the exercises of stock options. During the three months ended June 30, 2026, there were no payments related to stock option exercises. There were no payments made related to the exercise of stock options during the three and six months ended June 30, 2025.