2021 Grants of Plan-Based Awards

The following table sets forth certain information with respect to plan-based awards granted to the Named Executive Officers for the year ended March 31, 2021.

Name

Grant Date

 

Estimated Future Payouts 

Under Non-Equity Incentive

Plan Awards

 

Estimated Future Payouts

Under Equity Incentive

Plan Awards(1) 

 

All Other

Stock Awards: 

Number of 

Shares of 

Stock or Units

(#)

 

Grant Date 

Fair Value 

of Stock

and Option

Awards

($)

(2) 

Threshold

($)

Target

($)

Maximum

($)

 

Threshold

(#)

Target

(#)

Maximum

(#)

Joseph B. Armes

5/11/2020

(3) 

377,437

754,874

1,509,748

 

 

 

 

 

 

 

 

 

4/1/2020

 

 

 

 

 

6,167

12,333

24,666

 

 

 

915,849

(4) 

10/1/2020

 

 

 

 

 

 

 

 

 

11,074

(5) 

860,118

 

James E. Perry

5/20/2020

(3) 

135,000

270,000

540,000

 

 

 

 

 

 

 

 

 

5/20/2020

 

 

 

 

 

3,640

7,279

14,558

 

 

 

540,539

(4) 

10/1/2020

 

 

 

 

 

 

 

 

 

4,291

(5) 

333,282

 

Donal J. Sullivan

5/11/2020

(3) 

109,978

219,956

439,912

 

 

 

 

 

 

 

 

 

4/1/2020

 

 

 

 

 

1,973

3,945

7,890

 

 

 

292,956

(4) 

10/1/2020

 

 

 

 

 

 

 

 

 

3,746

(5) 

290,952

 

Craig J. Foster

5/11/2020

(3) 

99,498

198,996

397,992

 

 

 

 

 

 

 

 

 

4/1/2020

 

 

 

 

 

1,258

2,516

5,032

 

 

 

186,838

(4) 

10/1/2020

 

 

 

 

 

 

 

 

 

1,703

(5) 

132,272

 

Luke E. Alverson

5/11/2020

(3) 

82,391

164,781

329,562

 

 

 

 

 

 

 

 

 

4/1/2020

 

 

 

 

 

1,137

2,273

4,546

 

 

 

168,793

(4) 

10/1/2020

 

 

 

 

 

 

 

 

 

2,041

(5) 

158,524

 

 

(1)

The number of shares listed represents long-term equity incentive awards in the form of performance shares under the Company’s LTIP. The performance criteria for these awards is based on the Company’s TSR from April 1, 2020 through March 31, 2023 compared to the TSR performance of the members of the Russell 2000 Index for the same period, as described in further detail under “—Elements of the Executive Compensation Program—Long-Term Incentives—Performance Share Awards” above.

(2)

These amounts represent the fair value, as determined under FASB ASC Topic 718, of the awards based on the grant date fair value estimated by the Company for financial reporting purposes.

(3)

Under the AIP, the primary performance measures are internally defined metrics based on operating income, cash flow from operations, and achievement of individual performance objectives. See “Elements of the Executive Compensation Program—Annual Incentive Program” above. Actual amounts payable under the AIP, if any, can range from 50% (Threshold) to 200% (Maximum) of the target amounts for the Named Executive Officers based upon the extent to which performance under the foregoing criteria meets, exceeds or is below the target. Actual weighted average payout for the consolidated operating income and operating cash flow metrics (together representing 75% of total AIP) in fiscal 2021 was 152.2% of the target amount. Different business unit metrics were used in the AIP programs for Mr. Sullivan and Mr. Foster, in addition to the consolidated operating income and operating cash flow metrics for the Company.

(4)

Represents the fair value on the date of grant, as described in footnote (2), of the performance units awarded, which values were calculated using a fair value of $74.26 per share determined by using the Monte Carlo simulation. The actual value may be more or less depending on the Company’s TSR performance during the applicable three-year performance period.

(5)

The amounts shown reflect the numbers of shares of restricted stock granted to each Named Executive Officer pursuant to the Company’s 2015 Equity and Incentive Compensation Plan. The shares vest ratably over a three-year period on each anniversary of the date of grant.

 

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