Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2018
Share-based Compensation [Abstract]  
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION
During the three and nine months ended September 30, 2018, the Company’s stock-based compensation cost was $3.6 million and $9.7 million, respectively, of which the Company capitalized $1.4 million and $3.9 million, respectively, relating to its exploration and development efforts. During the three and nine months ended September 30, 2017, the Company’s stock-based compensation cost was $2.8 million and $8.0 million, respectively, of which the Company capitalized $1.1 million and $3.2 million, respectively, relating to its exploration and development efforts.
The following table summarizes restricted stock activity for the nine months ended September 30, 2018:
 
 
Number of
Unvested
Restricted Shares
 
Weighted
Average
Grant Date
Fair Value
Unvested shares as of January 1, 2018
976,027

 
$
18.71

Granted
1,197,628

 
9.45

Vested
(618,202
)
 
17.77

Forfeited
(32,633
)
 
17.31

Unvested shares as of September 30, 2018
1,522,820

 
$
11.84


Unrecognized compensation expense as of September 30, 2018 related to restricted shares was $15.5 million. The expense is expected to be recognized over a weighted average period of 1.63 years.