SHARE-BASED COMPENSATION |
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| SHARE-BASED COMPENSATION |
NOTE 11 — SHARE-BASED COMPENSATION
We have granted restricted stock and restricted stock units (collectively, “Restricted Stock”), as well as unrestricted stock and stock options, to employees, directors and outside consultants under the Tellurian Inc. 2016 Omnibus Incentive Compensation Plan, as amended (the “2016 Plan”), and the Amended and Restated Tellurian Investments Inc. 2016 Omnibus Incentive Plan (the “Legacy Plan”). The maximum number of shares of Tellurian common stock authorized for issuance under the 2016 Plan is 40 million shares of common stock, and no further awards can be made under the Legacy Plan.
Upon the vesting of restricted stock, shares of common stock will be released to the grantee. Upon the vesting of restricted stock units, the units will be converted into either cash, stock, or a combination thereof. As of March 31, 2024, there was no Restricted Stock that would be required to be settled in cash.
As of March 31, 2024, we had approximately 26.0 million shares of primarily performance-based Restricted Stock outstanding, of which approximately 14.9 million shares will vest entirely at FID, as defined in the award agreements, and approximately 10.6 million shares will vest in one-third increments at FID and the first and second anniversaries of FID. The remaining shares of primarily performance-based Restricted Stock, totaling approximately 0.5 million shares, will vest based on other criteria. As of March 31, 2024, no expense had been recognized in connection with performance-based Restricted Stock.
As of March 31, 2024, unrecognized compensation expenses, based on the grant date fair value, for all share-based awards totaled approximately $171.6 million. Further, approximately 26.0 million shares of primarily performance-based Restricted Stock, as well as approximately 0.8 million stock options outstanding, have been excluded from the computation of diluted loss per share because including them in the computation would have been antidilutive for the periods presented.
The Company recognized share-based compensation expenses as follows (in thousands):
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