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Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
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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
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Weighted Average
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Grant Date Fair
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Shares
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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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$
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15.96
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Granted
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18,815
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18.60
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Vested
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(19,445
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)
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18.00
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Nonvested, September 30, 2014
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43,210
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$
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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 September 30, 2014 are expected to vest as follows:
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Restricted Shares
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2015
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21,520
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2016
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15,420
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2017
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6,270
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Total
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43,210
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| 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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Units
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Value Per Unit
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Nonvested, December 31, 2013
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1,331,753
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$
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14.96
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Granted
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1,190,920
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16.83
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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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Forfeited
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(36,422
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)
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15.57
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Nonvested, September 30, 2014
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2,481,589
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$
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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 September 30, 2014 potentially eligible to vest are listed in the table below:
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Restricted Stock Units
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2014 - subject to service requirements
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350,031
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2014 - subject to service and other requirements (1)
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66,688
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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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1,176,083
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Total
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2,481,589
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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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Nine Months Ended
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September 30,
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September 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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Restricted stock
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$
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93
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$
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99
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$
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276
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$
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297
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Restricted stock units
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3,658
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3,408
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9,819
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8,160
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Common shares
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3
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—
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1,303
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—
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Total
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$
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3,754
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$
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3,507
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$
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11,398
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$
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8,457
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Share-based compensation tax benefit:
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Tax benefit computed at the statutory rate
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$
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1,314
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$
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1,227
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$
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3,989
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$
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2,960
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| 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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Nine Months Ended
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September 30,
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September 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 included in:
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General and administrative (1)
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$
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3,754
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$
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3,507
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$
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11,398
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$
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8,457
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Cash-based incentive compensation included in:
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Lease operating expense
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586
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724
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2,363
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2,864
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General and administrative (1)
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2,724
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2,191
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6,038
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7,745
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Total charged to operating income
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$
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7,064
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$
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6,422
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$
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19,799
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$
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19,066
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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 nine months ended September 30, 2014 related to the CEO’s 2013 award.
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