Share-Based Compensation |
9 Months Ended |
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Sep. 30, 2020 | |
| Share-based Payment Arrangement [Abstract] | |
| Share-Based Compensation |
NOTE 13 — 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 (collectively, the “grantees”) 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 granted 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 September 30, 2020, there was no Restricted Stock that would be required to be settled in cash.
As of September 30, 2020, we had approximately 28.3 million shares of performance-based Restricted Stock outstanding, of which approximately 19.4 million shares will vest entirely at FID, as defined in the award agreements, and approximately 8.2 million shares will vest in one-third increments at FID and the first and second anniversaries of FID. The remaining shares of performance-based Restricted Stock, totaling approximately 0.7 million shares, will vest based on other criteria. As of September 30, 2020, no expense had been recognized in connection with performance-based Restricted Stock.
As of September 30, 2020, we had approximately 8.4 million shares of time-based Restricted Stock outstanding. They primarily represent the settlement of the 2019 employee bonuses, which were included in our accrued liabilities balance as of December 31, 2019, and will vest in their entirety during 2021.
For the three and nine months ended September 30, 2020, the recognized share-based compensation expenses related to all share-based awards totaled approximately $0.9 million and $2.2 million, respectively. As of September 30, 2020, unrecognized compensation expenses, based on the grant date fair value, for all share-based awards totaled approximately $196.0 million. Further, the approximately 36.7 million shares of performance-based and time-based Restricted Stock, as well as approximately 1.4 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.
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