|
Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
A summary of activity in 2013 related to restricted stock is as follows:
|
|
Restricted Stock
|
|
|
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
Per Share
|
|
|
Outstanding restricted shares, December 31, 2012
|
43,687 |
|
$ |
|
18.69 |
|
|
Granted
|
27,450 |
|
|
12.75 |
|
|
Vested
|
(27,297
|
)
|
|
17.09 |
|
|
Outstanding restricted shares, September 30, 2013
|
43,840 |
|
$ |
|
15.96 |
|
|
| 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, 2013 are expected to vest as follows:
|
|
Shares
|
|
|
2014
|
19,445 |
|
|
2015
|
15,245 |
|
|
2016
|
9,150 |
|
|
Total
|
43,840 |
|
|
| Summary of Share Activity Related to Restricted Stock Units |
A summary of activity in 2013 related to RSUs is as follows:
|
|
Restricted Stock Units
|
|
|
|
Units
|
|
Weighted
Average
Grant Date
Fair Value
Per Unit
|
|
|
Outstanding RSUs, December 31, 2012
|
969,820 |
|
$ |
|
22.70 |
|
|
Granted
|
969,919 |
|
|
13.23 |
|
|
Forfeited
|
(33,042
|
)
|
|
18.86 |
|
|
Outstanding RSUs, September 30, 2013
|
1,906,697 |
|
$ |
|
17.95 |
|
|
| Schedule of Restricted Stock Awards Outstanding |
Subject to the satisfaction of service conditions, the RSUs outstanding as of September 30, 2013 are eligible to vest in the year indicated in the table below:
|
|
Units
|
|
|
2013 – subject to service requirements
|
470,536 |
|
|
2014 – subject to service requirements
|
335,555 |
|
|
2014 – subject to service and other requirements (1)
|
138,330 |
|
|
2015 – subject to service requirements
|
23,500 |
|
|
2015 – subject to service and other requirements (2)
|
657,143 |
|
|
2015 – subject to service and other requirements (3)
|
281,633 |
|
|
Total
|
1,906,697 |
|
(1 |
) |
|
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.
|
|
(2 |
) |
|
In addition to service requirements, these RSUs are also subject to certain Company-specific performance requirements not yet measureable, with awards ranging from 0% to 150% of amounts granted.
|
|
(3 |
) |
|
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.
|
|
|
| Summary of 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):
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
Share-based compensation expense from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
|
$ |
|
99 |
|
|
$ |
|
110 |
|
|
$ |
|
|
297 |
|
|
$ |
|
|
324 |
|
|
Restricted stock units
|
|
3,408 |
|
|
|
3,209 |
|
|
|
8,160 |
|
|
|
8,813 |
|
|
Total
|
$ |
|
3,507 |
|
|
$ |
|
3,319 |
|
|
$ |
|
|
8,457 |
|
|
$ |
|
|
9,137 |
|
|
Share-based compensation tax benefit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit computed at the statutory rate
|
$ |
|
1,227 |
|
|
$ |
|
1,162 |
|
|
$ |
|
|
2,960 |
|
|
$ |
|
|
3,198 |
|
|
| Summary of Incentive Compensation Expense |
A summary of incentive compensation expense is as follows (in thousands):
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
Share-based compensation expense included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative - charge to operating income
|
$ |
|
3,507 |
|
|
$ |
|
3,319 |
|
|
$ |
|
8,457 |
|
|
$ |
|
9,137 |
|
|
Cash-based incentive compensation included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expense
|
|
724 |
|
|
|
947 |
|
|
|
2,864 |
|
|
|
2,846 |
|
|
General and administrative
|
|
2,191 |
|
|
|
3,048 |
|
|
|
7,745 |
|
|
|
4,926 |
|
|
Total charged to operating income
|
|
2,915 |
|
|
|
3,995 |
|
|
|
10,609 |
|
|
|
7,772 |
|
|
Total incentive compensation charged to operating income
|
$ |
|
6,422 |
|
|
$ |
|
7,314 |
|
|
$ |
|
19,066 |
|
|
$ |
|
16,909 |
|
|