Company: CRK
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024783
Chunk: 34

Company: COMSTOCK RESOURCES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 16
Chunk 34
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 4,171

        Unrecognized compensation expense related to unvested shares
         
        $
        12,753

        Expected recognition period
         
        1.7 years

       Performance Share UnitsThe Company issues PSUs as part of its long-term equity incentive compensation. PSU awards can result in the issuance of common stock to the holder if certain performance criteria are met during a performance period. The performance periods consist of three years. The performance criteria for the PSUs are based on the Company's annualized total stockholder return ("TSR") for the performance period as compared with the TSR of certain peer companies for the performance period. The costs associated with PSUs are recognized as general and administrative expense over the performance periods of the awards.The fair value of PSUs was measured at the grant date using the Geometric Brownian Motion Model. Significant assumptions used in this simulation include the Company's expected volatility and a risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the vesting periods, as well as the volatilities for each of the Company's peers. Assumptions regarding volatility included the historical volatility of each company's stock and the implied volatilities of publicly traded stock options.Significant assumptions used to value PSUs included: 

        Year Ended December 31,

        2024

        2023

        2022

        Risk free interest rate

        4.4
        %

        4.2
        %

        3.6
        %

        Range of implied volatility:

        Minimum

        33
        %

        38
        %

        50
        %

        Maximum

        58
        %

        68
        %

        83
        %

F-19

COMSTOCK RESOURCES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

A summary of PSU activity is presented below:

        Number ofPSUs

        WeightedAverageGrant Price

        Outstanding at January 1, 2024

        760,901

        $
        15.92

        Granted

        705,603

        $
        9.69

        Earned

        (175,749
        )
         
        $
        8.09

        Outstanding at December 31, 2024

        1,290,755

        $
        13.21