|
Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
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9 Months Ended |
|
Sep. 30, 2012
|
| Schedule of Stock Activity Related to Restricted Stock |
A summary of
activity related to restricted stock is as follows:
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Restricted
Stock |
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| |
|
Shares |
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|
Weighted Average
Grant Date Fair
Value Per Share |
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|
Outstanding restricted
shares, December 31, 2011
|
|
|
51,870 |
|
|
$ |
15.81 |
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|
Granted
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|
21,954 |
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|
|
19.13 |
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Vested
|
|
|
(27,475 |
) |
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|
13.59 |
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|
Forfeited
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|
— |
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|
— |
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Outstanding restricted
shares, September 30, 2012 (1)
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|
46,349 |
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|
$ |
18.70 |
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| (1) |
Subject to the satisfaction
of service conditions, 2,662 shares, 24,019 shares, 12,354 shares
and 7,314 shares will vest in 2012, 2013, 2014 and 2015,
respectively. |
|
| Schedule of Stock Activity Related to Share-Based Compensation |
A summary of
activity related to RSUs is as follows:
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Restricted Stock
Units |
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| |
|
Units |
|
|
Weighted Average
Grant Date Fair
Value Per Unit |
|
|
Outstanding RSUs, December
31, 2011
|
|
|
1,732,703 |
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|
$ |
14.67 |
|
|
Granted (1)
|
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|
764,478 |
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|
18.64 |
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Vested
|
|
|
— |
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|
|
— |
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Forfeited
|
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|
(53,199 |
) |
|
|
21.59 |
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|
|
|
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|
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Outstanding RSUs, September
30, 2012 (2)
|
|
|
2,443,982 |
|
|
$ |
15.76 |
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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 September 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 864,867 RSUs as of September 30,
2012. |
| (2) |
Subject to the satisfaction
of service conditions, 1,198,208 and 493,716 RSUs will vest in 2012
and 2013, respectively. Subject to the satisfaction of performance
and service conditions, 752,058 RSUs will vest in 2014, which may
be increased up to 864,867 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
September 30, |
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Nine Months Ended
September 30, |
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| |
|
2012 |
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|
2011 |
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|
2012 |
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|
2011 |
|
|
Share-based compensation
expense from:
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|
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|
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Restricted stock
|
|
$ |
110 |
|
|
$ |
593 |
|
|
$ |
324 |
|
|
$ |
1,784 |
|
|
Restricted stock
units
|
|
|
3,209 |
|
|
|
2,182 |
|
|
|
8,813 |
|
|
|
4,653 |
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|
|
|
|
|
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|
|
|
|
|
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Total
|
|
$ |
3,319 |
|
|
$ |
2,775 |
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|
$ |
9,137 |
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|
$ |
6,437 |
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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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|
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Tax benefit computed at the
statutory rate
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|
$ |
1,162 |
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|
$ |
971 |
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|
$ |
3,198 |
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|
$ |
2,253 |
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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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|
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| |
|
Three Months Ended
September 30, |
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|
Nine Months Ended
September 30, |
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| |
|
2012 |
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|
2011 |
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|
2012 |
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|
2011 |
|
|
Share-based compensation
expense included in:
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|
|
|
|
|
|
|
|
|
|
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Lease operating
expense
|
|
$ |
— |
|
|
$ |
116 |
|
|
$ |
— |
|
|
$ |
349 |
|
|
General and
administrative
|
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|
3,319 |
|
|
|
2,659 |
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|
9,137 |
|
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|
6,088 |
|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
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Total charged to operating
income
|
|
|
3,319 |
|
|
|
2,775 |
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|
9,137 |
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|
6,437 |
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Cash-based incentive
compensation included in:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating
expense
|
|
|
947 |
|
|
|
697 |
|
|
|
2,846 |
|
|
|
2,836 |
|
|
General and
administrative
|
|
|
3,048 |
|
|
|
3,024 |
|
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|
4,926 |
|
|
|
9,175 |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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Total charged to operating
income
|
|
|
3,995 |
|
|
|
3,721 |
|
|
|
7,772 |
|
|
|
12,011 |
|
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|
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Total incentive compensation
charged to operating income
|
|
$ |
7,314 |
|
|
$ |
6,496 |
|
|
$ |
16,909 |
|
|
$ |
18,448 |
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