|6 Months Ended|
Jun. 30, 2020
|Share-based Payment Arrangement [Abstract]|
|Stock-Based Compensation||Stock-Based Compensation
There were no new stock option grants during the six months ended June 30, 2020. As of June 30, 2020, the aggregate intrinsic value for our outstanding stock options was $6.5 million, and the aggregate intrinsic value for our exercisable stock options was $6.5 million. The remaining exercise period for the outstanding and exercisable stock options as of June 30, 2020, was 3.3 years and 3.2 years, respectively.
A summary of the stock option activity for the six months ended June 30, 2020 is presented below.
Restricted Stock Units
During the six months ended June 30, 2020, we granted a total of 1,143,230 restricted stock units ("RSUs") to employees, officers and directors pursuant to the ProPetro Holding Corp. 2017 Incentive Award Plan (the "Incentive Plan"), which generally vest ratably over a three-year vesting period, in the case of awards to employees and officers, and generally vest in full after one year, in the case of awards to directors. RSUs are subject to restrictions on transfer and are generally subject to a risk of forfeiture if the award recipient ceases to be an employee or director of the Company prior to vesting of the award. Each RSU represents the right to receive one share of common stock. The grant date fair value of the RSUs is based on the closing share price of our common stock on the date of grant. As of June 30, 2020, the total unrecognized compensation expense for all RSUs was approximately $9.3 million, and is expected to be recognized over a weighted average period of approximately 2.2 years.
The following table summarizes RSUs activity during the six months ended June 30, 2020:
Performance Share Units
During the six months ended June 30, 2020, we granted 966,242 performance share units ("PSUs") (excluding PSUs that were administratively cancelled and regranted) to certain key employees and officers as new awards under the Incentive Plan. The actual number of shares of common stock that may be issued under the PSUs ranges from 0% up to a maximum of 200% of the target number of PSUs granted to the participant, based on our total shareholder return ("TSR") relative to a designated peer group, generally at the end of a three year period. In addition to the TSR conditions, vesting of the PSUs is generally subject to the recipient’s continued employment through the end of the applicable performance period. Compensation expense is recorded ratably over the corresponding requisite service period. The grant date fair value of PSUs is determined using a Monte Carlo probability model. Grant recipients do not have any shareholder rights until performance relative to the peer group has been determined following the completion of the performance period and shares have been issued.
The following table summarizes information about PSUs activity during the six months ended June 30, 2020:
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef