Annual report pursuant to Section 13 and 15(d)

Share-Based and Cash-Based Incentive Compensation (Tables)

v2.4.0.8
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