|
Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
|
6 Months Ended |
|
Jun. 30, 2012
|
| Schedule of Stock Activity Related to Share-Based Compensation |
A summary of
activity related to RSUs is as follows:
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|
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|
| |
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Restricted Stock
Units |
|
| |
|
Units |
|
|
Weighted Average
Grant Date Fair
Value Per Unit |
|
|
Outstanding RSUs, December
31, 2011
|
|
|
1,732,703 |
|
|
$ |
14.67 |
|
|
Granted (1)
|
|
|
757,699 |
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|
|
18.64 |
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Vested
|
|
|
— |
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|
|
— |
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Forfeited
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|
|
(36,543 |
) |
|
|
24.38 |
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|
|
|
|
|
|
|
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Outstanding RSUs, June 30,
2012 (2)
|
|
|
2,453,859 |
|
|
$ |
15.75 |
|
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|
|
|
|
|
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|
| |
(1) |
Grants for the 2012 RSUs are
subject to adjustment once the specified performance requirements
can be measured. As of June 30, 2012, none of the performance
targets for the 2012 RSUs are measurable as the earnings per share
and the TSR for 2012 components are measured as of
December 31, 2012. Subject to the performance against
specified targets, the range of 2012 RSUs that may ultimately be
issued is zero to 871,354 RSUs as of June 30,
2012. |
| |
(2) |
Subject to the satisfaction
of service conditions, 1,205,755 and 496,339 RSUs will vest in 2012
and 2013, respectively. Subject to the satisfaction of performance
and service conditions, 751,765 RSUs will vest in 2014, which may
be increased up to 871,354 RSUs depending on the specified
performance results. |
|
| Schedule 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
June 30, |
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Six Months Ended
June 30, |
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| |
|
2012 |
|
|
2011 |
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|
2012 |
|
|
2011 |
|
|
Share-based compensation
expense from:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Restricted stock
|
|
$ |
108 |
|
|
$ |
603 |
|
|
$ |
214 |
|
|
$ |
1,191 |
|
|
Restricted stock
units
|
|
|
3,051 |
|
|
|
1,232 |
|
|
|
5,604 |
|
|
|
2,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
|
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$ |
3,159 |
|
|
$ |
1,835 |
|
|
$ |
5,818 |
|
|
$ |
3,662 |
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|
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|
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|
|
|
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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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Tax benefit computed at the
statutory rate
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$ |
1,106 |
|
|
$ |
642 |
|
|
$ |
2,036 |
|
|
$ |
1,282 |
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|
| Schedule 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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|
|
|
|
|
|
|
|
|
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|
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|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
| |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
|
Share-based compensation
expense included in:
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Lease operating
expense
|
|
$ |
— |
|
|
$ |
116 |
|
|
$ |
— |
|
|
$ |
233 |
|
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General and
administrative
|
|
|
3,159 |
|
|
|
1,719 |
|
|
|
5,818 |
|
|
|
3,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total charged to operating
income
|
|
|
3,159 |
|
|
|
1,835 |
|
|
|
5,818 |
|
|
|
3,662 |
|
|
|
|
|
|
|
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|
|
|
|
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|
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|
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|
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Cash-based incentive
compensation included in:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Lease operating
expense
|
|
|
— |
|
|
|
1,119 |
|
|
|
1,900 |
|
|
|
2,199 |
|
|
General and
administrative
|
|
|
— |
|
|
|
3,288 |
|
|
|
1,878 |
|
|
|
6,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total charged to operating
income
|
|
|
— |
|
|
|
4,407 |
|
|
|
3,778 |
|
|
|
8,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total incentive compensation
charged to operating income
|
|
$ |
3,159 |
|
|
$ |
6,242 |
|
|
$ |
9,596 |
|
|
$ |
11,913 |
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