Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
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9 Months Ended |
Sep. 30, 2015 |
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| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
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| Schedule of Restricted Stock Activity |
A summary of activity in 2015 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, 2014
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43,210
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$
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16.20
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Granted
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56,540
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6.19
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Vested
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(21,520
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)
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16.26
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Nonvested, September 30, 2015
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78,230
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8.95
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| 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 September 30, 2015 are expected to vest as follows:
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Restricted Shares
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2016
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34,265
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2017
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25,115
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2018
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18,850
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Total
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78,230
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| Summary of Share Activity Related to Restricted Stock Units |
A summary of activity in 2015 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, 2014
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1,977,335
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$
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15.29
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Vested
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(23,500
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)
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14.68
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Forfeited
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(114,900
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)
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15.18
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Nonvested, September 30, 2015
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1,838,935
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15.30
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| 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 September 30, 2015 potentially eligible to vest are listed in the table below:
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Restricted Stock Units
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2015 - subject to service requirements
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689,075
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2015 - subject to service and other requirements (1)
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84,855
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2016 - subject to service requirements
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1,065,005
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Total
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1,838,935
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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 200% of amounts granted.
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| 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):
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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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2015
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2014
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2015
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2014
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Share-based compensation expense from:
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Restricted stock
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$
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87
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$
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93
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$
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270
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$
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276
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Restricted stock units
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2,518
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3,658
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8,137
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9,819
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Common shares
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—
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3
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(94
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)
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1,303
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Total
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$
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2,605
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$
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3,754
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$
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8,313
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$
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11,398
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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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912
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$
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1,314
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$
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2,910
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$
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3,989
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| Summary of 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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2015
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2014
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2015
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2014
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Share-based compensation included in:
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General and administrative expenses
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$
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2,605
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$
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3,754
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$
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8,313
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$
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11,398
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Cash-based incentive compensation included in:
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Lease operating expense
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—
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586
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364
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2,363
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General and administrative expenses (1)
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—
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2,724
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(233
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)
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6,038
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Total charged to operating income
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$
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2,605
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$
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7,064
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$
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8,444
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$
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19,799
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(1)
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Adjustments to true up estimates to actual payments resulted in net credit balances to expense for the nine months ended September 30, 2015.
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