Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
|
| Schedule of Restricted Stock Activity |
A summary of activity in 2015 related to Restricted Shares awarded to non-employee directors is as follows:
|
|
Restricted Shares
|
|
|
|
|
|
|
|
Weighted Average
|
|
|
|
|
|
|
|
Grant Date Fair
|
|
|
|
Shares
|
|
|
Value Per Share
|
|
|
Nonvested, December 31, 2014
|
|
43,210
|
|
|
$
|
16.20
|
|
|
Granted
|
|
56,540
|
|
|
|
6.19
|
|
|
Vested
|
|
(21,520
|
)
|
|
|
16.26
|
|
|
Nonvested, June 30, 2015
|
|
78,230
|
|
|
|
8.95
|
|
|
| Schedule of Outstanding Restricted Stock Shares Issued to Non-employee Directors |
Subject to the satisfaction of service conditions, the outstanding Restricted Shares issued to the non-employee directors as of June 30, 2015 are expected to vest as follows:
|
|
Restricted Shares
|
|
|
2016
|
|
34,265
|
|
|
2017
|
|
25,115
|
|
|
2018
|
|
18,850
|
|
|
Total
|
|
78,230
|
|
|
| Summary of Share Activity Related to Restricted Stock Units |
A summary of activity in 2015 related to RSUs is as follows:
|
|
Restricted Stock Units
|
|
|
|
|
|
|
|
Weighted Average
|
|
|
|
|
|
|
|
Grant Date Fair
|
|
|
|
Units
|
|
|
Value Per Unit
|
|
|
Nonvested, December 31, 2014
|
|
1,977,335
|
|
|
$
|
15.29
|
|
|
Vested
|
|
(23,500
|
)
|
|
|
14.68
|
|
|
Forfeited
|
|
(71,890
|
)
|
|
|
15.15
|
|
|
Nonvested, June 30, 2015
|
|
1,881,945
|
|
|
|
15.30
|
|
|
| Schedule of Restricted Stock Units Outstanding |
All of the outstanding RSUs are subject to the satisfaction of service conditions and a portion of the outstanding RSUs are also subject to pre-defined performance measurements. The RSUs outstanding as of June 30, 2015 potentially eligible to vest are listed in the table below:
|
|
Restricted Stock Units
|
|
|
2015 - subject to service requirements
|
|
706,370
|
|
|
2015 - subject to service and other requirements (1)
|
|
86,507
|
|
|
2016 - subject to service requirements
|
|
1,089,068
|
|
|
Total
|
|
1,881,945
|
|
|
|
|
|
|
(1)
|
In addition to service requirements, these RSUs are also subject to TSR performance requirements not yet measureable, with awards ranging from 0% to 200% of amounts granted.
|
|
|
|
|
|
|
| Summary of Incentive Compensation Expense under Share-Based Payment Arrangements and Related Tax Benefit |
A summary of incentive compensation expense under share-based payment arrangements and the related tax benefit is as follows (in thousands):
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
Share-based compensation expense from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
|
$
|
90
|
|
|
$
|
84
|
|
|
$
|
183
|
|
|
$
|
183
|
|
|
Restricted stock units
|
|
2,802
|
|
|
|
3,625
|
|
|
|
5,619
|
|
|
|
6,161
|
|
|
Common shares
|
|
—
|
|
|
|
178
|
|
|
|
(94
|
)
|
|
|
1,300
|
|
|
Total
|
$
|
2,892
|
|
|
$
|
3,887
|
|
|
$
|
5,708
|
|
|
$
|
7,644
|
|
|
Share-based compensation tax benefit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit computed at the statutory rate
|
$
|
1,012
|
|
|
$
|
1,360
|
|
|
$
|
1,998
|
|
|
$
|
2,675
|
|
|
| Summary of Incentive Compensation Expense |
A summary of incentive compensation expense is as follows (in thousands):
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
Share-based compensation included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
$
|
2,892
|
|
|
$
|
3,887
|
|
|
$
|
5,708
|
|
|
$
|
7,644
|
|
|
Cash-based incentive compensation included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expense
|
|
—
|
|
|
|
475
|
|
|
|
364
|
|
|
|
1,777
|
|
|
General and administrative expenses (1)
|
|
—
|
|
|
|
1,532
|
|
|
|
(233
|
)
|
|
|
3,313
|
|
|
Total charged to operating income
|
$
|
2,892
|
|
|
$
|
5,894
|
|
|
$
|
5,839
|
|
|
$
|
12,734
|
|
|
|
(1)
|
Adjustments to true up estimates to actual payments resulted in net credit balances to expense for the six months ended June 30, 2015.
|
|