|
Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Schedule of Restricted Stock Awards Outstanding |
Subject to the satisfaction of service conditions, the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2014 are expected to vest as follows:
|
Restricted
Shares
|
|
2014 |
|
19,445 |
|
2015 |
|
15,245 |
|
2016 |
|
9,150 |
|
Total |
|
43,840 |
|
|
| Summary of Share Activity Related to Restricted Stock Units |
A summary of activity in 2014 related to RSUs is as follows:
|
Restricted Stock Units |
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
|
Grant Date Fair |
|
|
Units |
|
|
Value Per Unit |
|
Nonvested, December 31, 2013 |
|
1,331,753 |
|
|
$ |
14.96 |
|
Granted |
|
1,150,233 |
|
|
|
16.82 |
|
Vested |
|
— |
|
|
|
— |
|
Forfeited |
|
(12,521 |
) |
|
|
15.10 |
|
Nonvested, March 31, 2014 |
|
2,469,465 |
|
|
$ |
15.82 |
|
|
| Schedule of Restricted Stock Awards 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 March 31, 2014 potentially eligible to vest are listed in the table below:
|
RSUs |
|
2014 - subject to service requirements |
|
355,864 |
|
2014 - subject to service and other requirements (1) |
|
67,399 |
|
2015 - subject to service requirements |
|
713,547 |
|
2015 - subject to service and other requirements (2) |
|
182,422 |
|
2016 - subject to service and other requirements (3) |
|
1,150,233 |
|
Total |
|
2,469,465 |
|
(1) |
|
In addition to service requirements, these RSUs are also subject to TSR performance requirements not yet measureable, with awards ranging from 0% to 150% of amounts granted. |
|
(2) |
|
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. |
|
(3) |
|
In addition to service requirements, these RSUs are also subject to Company specific performance requirements not yet measureable, with awards ranging from 0% to 100% of amounts granted. |
|
|
| Summary of 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 |
|
|
March 31, |
|
|
2014 |
|
|
2013 |
|
Share-based compensation expense from: |
|
|
|
|
|
|
|
Restricted stock |
$ |
99 |
|
|
$ |
99 |
|
Restricted stock units |
|
2,537 |
|
|
|
2,156 |
|
Common stock |
|
1,122 |
|
|
|
— |
|
Total |
$ |
3,758 |
|
|
$ |
2,255 |
|
Share-based compensation tax benefit: |
|
|
|
|
|
|
|
Tax benefit computed at the statutory rate |
$ |
1,315 |
|
|
$ |
789 |
|
|
| Summary of Incentive Compensation Expense |
A summary of incentive compensation expense is as follows (in thousands):
|
Three Months Ended |
|
|
March 31, |
|
|
2014 |
|
|
2013 |
|
Share-based compensation included in: |
|
|
|
|
|
|
|
General and administrative (1) |
$ |
3,758 |
|
|
$ |
2,255 |
|
Cash-based incentive compensation included in: |
|
|
|
|
|
|
|
Lease operating expense |
|
1,302 |
|
|
|
1,393 |
|
General and administrative (1) |
|
1,781 |
|
|
|
3,530 |
|
Total charged to operating income |
$ |
6,841 |
|
|
$ |
7,178 |
|
(1) |
Reclassified $0.7 million from cash-based incentive compensation expense to share-based compensation expense in the three months ended March 31, 2014 related to the CEO’s 2013 award. |
|