|
Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
|
6 Months Ended |
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Jun. 30, 2014
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| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
A summary of activity in 2014 related to Restricted Shares awarded to non-employee directors is as follows:
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|
Restricted Shares
|
|
|
|
|
|
|
|
Weighted Average
|
|
|
|
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|
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Grant Date Fair
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|
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Shares
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|
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Value Per Share
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|
|
Nonvested, December 31, 2013
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|
43,840
|
|
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$
|
15.96
|
|
|
Granted
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|
18,815
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|
|
|
18.60
|
|
|
Vested
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|
(19,445
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)
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|
|
18.00
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|
|
Nonvested, June 30, 2014
|
|
43,210
|
|
|
$
|
16.20
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|
|
| 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 June 30, 2014 are expected to vest as follows:
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Restricted Shares
|
|
|
2015
|
|
21,520
|
|
|
2016
|
|
15,420
|
|
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2017
|
|
6,270
|
|
|
Total
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|
43,210
|
|
|
| Summary of Share Activity Related to Restricted Stock Units |
A summary of activity in 2014 related to RSUs is as follows:
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Restricted Stock Units
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|
|
|
|
|
|
|
Weighted Average
|
|
|
|
|
|
|
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Grant Date Fair
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|
|
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Units
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Value Per Unit
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|
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Nonvested, December 31, 2013
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|
1,331,753
|
|
|
$
|
14.96
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|
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Granted
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1,178,326
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|
|
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16.86
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|
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Vested
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(4,662
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)
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|
|
16.26
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|
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Forfeited
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(36,099
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)
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|
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15.54
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Nonvested, June 30, 2014
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|
2,469,318
|
|
|
$
|
15.85
|
|
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| 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 June 30, 2014 potentially eligible to vest are listed in the table below:
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RSUs
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|
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2014 - subject to service requirements
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350,319
|
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2014 - subject to service and other requirements (1)
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|
66,723
|
|
|
2015 - subject to service requirements
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705,176
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2015 - subject to service and other requirements (2)
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180,211
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2016 - subject to service requirements
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3,400
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2016 - subject to service and other requirements (3)
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1,163,489
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Total
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2,469,318
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(1)
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|
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.
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(2)
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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.
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(3)
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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.
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| Summary of Compensation Expense under Share-Based Payment Arrangements and Related Tax Benefit |
Share-Based Compensation. A summary of incentive compensation expense under share-based payment arrangements and the related tax benefit is as follows (in thousands):
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Three Months Ended
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|
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Six Months Ended
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|
|
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June 30,
|
|
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June 30,
|
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2014
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2013
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2014
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2013
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Share-based compensation expense from:
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|
|
|
|
|
|
|
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|
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Restricted stock
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$
|
84
|
|
|
$
|
99
|
|
|
$
|
183
|
|
|
$
|
198
|
|
|
Restricted stock units
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|
3,625
|
|
|
|
2,596
|
|
|
|
6,161
|
|
|
|
4,752
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|
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Common shares
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|
178
|
|
|
|
—
|
|
|
|
1,300
|
|
|
|
—
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|
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Total
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$
|
3,887
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|
|
$
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2,695
|
|
|
$
|
7,644
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|
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$
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4,950
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|
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Share-based compensation tax benefit:
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|
|
|
|
|
|
|
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|
|
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|
|
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Tax benefit computed at the statutory rate
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$
|
1,360
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|
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$
|
943
|
|
|
$
|
2,675
|
|
|
$
|
1,733
|
|
|
| Summary of Incentive Compensation Expense |
Share-Based Compensation and Cash-Based Incentive Compensation Expense. A summary of incentive compensation expense is as follows (in thousands):
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Three Months Ended
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|
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Six Months Ended
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June 30,
|
|
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June 30,
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2014
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|
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2013
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2014
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|
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2013
|
|
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Share-based compensation included in:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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General and administrative (1)
|
$
|
3,887
|
|
|
$
|
2,695
|
|
|
$
|
7,644
|
|
|
$
|
4,950
|
|
|
Cash-based incentive compensation included in:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Lease operating expense
|
|
475
|
|
|
|
747
|
|
|
|
1,777
|
|
|
|
2,140
|
|
|
General and administrative (1)
|
|
1,532
|
|
|
|
2,024
|
|
|
|
3,313
|
|
|
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5,554
|
|
|
Total charged to operating income
|
$
|
5,894
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|
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$
|
5,466
|
|
|
$
|
12,734
|
|
|
$
|
12,644
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(1)
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Reclassified $0.7 million from cash-based incentive compensation expense to share-based compensation expense in the six months ended June 30, 2014 related to the CEO’s 2013 award.
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