|3 Months Ended|
Mar. 31, 2021
|Share-based Payment Arrangement [Abstract]|
|Stock-Based Compensation||Stock-Based Compensation
There were no new stock option grants during the three months ended March 31, 2021. As of March 31, 2021, the aggregate intrinsic value for our outstanding stock options was $10.2 million, and the aggregate intrinsic value for our exercisable stock options was $10.2 million. The aggregate intrinsic value for the exercised stock options during the three months ended March 31, 2021 was approximately $11.7 million. The remaining exercise period for both the outstanding and exercisable stock options as of March 31, 2021 was 3.3 years.
A summary of the stock option activity for the three months ended March 31, 2021 is presented below:
Restricted Stock Units
During the three months ended March 31, 2021, we granted a total of 700,865 restricted stock units ("RSUs") to employees, officers and directors pursuant to the ProPetro Holding Corp. 2020 Long Term Incentive Plan (the "2020 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 March 31, 2021, the total unrecognized compensation expense for all RSUs was approximately $10.5 million, and is expected to be recognized over a weighted average period of approximately 2.4 years.
The following table summarizes RSUs activity during the three months ended March 31, 2021:
Performance Share Units
During the three months ended March 31, 2021, we granted 544,699 performance share units ("PSUs") to certain key employees and officers as new awards under the 2020 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 three months ended March 31, 2021:
The total stock-based compensation expense for the three months ended March 31, 2021 and 2020 for all stock awards was $2.5 million and $0.5 million, respectively. The total unrecognized stock-based compensation expense as of March 31, 2021 was approximately $22.9 million, and is expected to be recognized over a weighted average period of approximately 2.4 years.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef