|
Share-Based and Cash-Based Incentive Compensation (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
A summary of activity related to restricted stock is as follows:
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
|
Restricted
Shares |
|
|
Weighted
Average
Grant Date
Price
Per Share |
|
|
Restricted
Shares |
|
|
Weighted
Average
Grant Date
Price
Per Share |
|
|
Restricted
Shares |
|
|
Weighted
Average
Grant Date
Price
Per Share |
|
Nonvested, beginning of period |
|
|
43,687 |
|
|
$ |
18.69 |
|
|
|
51,870 |
|
|
$ |
15.81 |
|
|
|
470,392 |
|
|
$ |
7.42 |
|
Granted |
|
|
27,450 |
|
|
|
12.75 |
|
|
|
21,954 |
|
|
|
19.13 |
|
|
|
20,433 |
|
|
|
25.45 |
|
Vested |
|
|
(27,297 |
) |
|
|
17.09 |
|
|
|
(27,475 |
) |
|
|
13.59 |
|
|
|
(404,422 |
) |
|
|
7.31 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
(2,662 |
) |
|
|
18.78 |
|
|
|
(34,533 |
) |
|
|
6.83 |
|
Nonvested, end of period |
|
|
43,840 |
|
|
$ |
15.96 |
|
|
|
43,687 |
|
|
$ |
18.69 |
|
|
|
51,870 |
|
|
$ |
15.81 |
|
|
| Schedule of Restricted Stock Awards Outstanding |
Subject to the satisfaction of service conditions, the restricted shares outstanding as of December 31, 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 related to RSUs is as follows:
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
|
RSUs |
|
|
Weighted
Average
Fair Value
Price
Per RSU |
|
|
RSUs |
|
|
Weighted
Average
Fair Value
Price
Per RSU |
|
|
RSUs
|
|
|
Weighted
Average
Fair Value
Price
Per RSU |
|
Nonvested, beginning of period |
|
|
969,820 |
|
|
$ |
22.70 |
|
|
|
1,732,703 |
|
|
$ |
14.67 |
|
|
|
1,266,617 |
|
|
$ |
9.36 |
|
Granted |
|
|
969,919 |
|
|
|
13.23 |
|
|
|
764,654 |
|
|
|
18.64 |
|
|
|
534,375 |
|
|
|
26.93 |
|
Vested |
|
|
(468,925 |
) |
|
|
26.93 |
|
|
|
(1,198,208 |
) |
|
|
9.36 |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
(139,061 |
) |
|
|
16.50 |
|
|
|
(329,329 |
) |
|
|
19.56 |
|
|
|
(68,289 |
) |
|
|
12.03 |
|
Nonvested, end of period |
|
|
1,331,753 |
|
|
$ |
14.96 |
|
|
|
969,820 |
|
|
$ |
22.70 |
|
|
|
1,732,703 |
|
|
$ |
14.67 |
|
|
| Schedule of Restricted Stock Awards Outstanding |
Subject to the satisfaction of service conditions, the RSUs outstanding as of December 31, 2013 are eligible to vest in the year indicated in the table below:
|
|
RSUs |
|
2014 – subject to service requirements |
|
|
359,785 |
|
2014 – subject to service and other requirements (1) |
|
|
67,877 |
|
2015 – subject to service requirements |
|
|
719,971 |
|
2015 – subject to service and other requirements (1) |
|
|
184,120 |
|
Total |
|
|
1,331,753 |
|
(1) |
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 compensation expense under share-based payment arrangements and the related tax benefit is as follows (in thousands):
|
|
Year Ended December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Share-based compensation expense from: |
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock |
|
$ |
397 |
|
|
$ |
399 |
|
|
$ |
2,377 |
|
Restricted stock units |
|
|
11,128 |
|
|
|
11,999 |
|
|
|
7,333 |
|
Total |
|
$ |
11,525 |
|
|
$ |
12,398 |
|
|
$ |
9,710 |
|
Share-based compensation tax benefit: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit computed at the statutory rate |
|
$ |
4,034 |
|
|
$ |
4,339 |
|
|
$ |
3,399 |
|
|
| Summary of Incentive Compensation Expense |
A summary of incentive compensation expense is as follows (in thousands):
|
|
Year Ended December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Share-based compensation expense included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
466 |
|
General and administrative |
|
|
11,525 |
|
|
|
12,398 |
|
|
|
9,244 |
|
Total charged to operating income |
|
|
11,525 |
|
|
|
12,398 |
|
|
|
9,710 |
|
Cash-based incentive compensation included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expense |
|
|
3,482 |
|
|
|
3,787 |
|
|
|
3,700 |
|
General and administrative |
|
|
8,817 |
|
|
|
6,558 |
|
|
|
12,213 |
|
Total charged to operating income |
|
|
12,299 |
|
|
|
10,345 |
|
|
|
15,913 |
|
Total incentive compensation charged to operating income |
|
$ |
23,824 |
|
|
$ |
22,743 |
|
|
$ |
25,623 |
|
|