Annual report pursuant to Section 13 and 15(d)

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

v2.4.1.9
Share-Based and Cash-Based Incentive Compensation (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Restricted Stock Activity

A summary of activity related to Restricted Shares is as follows:

 

 

2014

 

 

2013

 

 

2012

 

 

Restricted Shares

 

 

Weighted Average Grant Date Fair Value Per Share

 

 

Restricted Shares

 

 

Weighted Average Grant Date Fair Value Per Share

 

 

Restricted Shares

 

 

Weighted Average Grant Date Fair Value Per Share

 

Nonvested, beginning of period

 

43,840

 

 

$

15.96

 

 

 

43,687

 

 

$

18.69

 

 

 

51,870

 

 

$

15.81

 

Granted

 

18,815

 

 

 

18.60

 

 

 

27,450

 

 

 

12.75

 

 

 

21,954

 

 

 

19.13

 

Vested

 

(19,445

)

 

 

18.00

 

 

 

(27,297

)

 

 

17.09

 

 

 

(27,475

)

 

 

13.59

 

Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,662

)

 

 

18.78

 

Nonvested, end of period

 

43,210

 

 

$

16.20

 

 

 

43,840

 

 

$

15.96

 

 

 

43,687

 

 

$

18.69

 

 

Schedule of Restricted Stock Awards Outstanding

Subject to the satisfaction of service conditions, the Restricted Shares outstanding as of December 31, 2014 are expected to vest as follows:

 

 

Restricted Shares

 

2015

 

21,520

 

2016

 

15,420

 

2017

 

6,270

 

Total

 

43,210

 

 

Summary of Share Activity Related to Restricted Stock Units

A summary of activity related to RSUs is as follows:

 

 

2014

 

 

2013

 

 

2012

 

 

Restricted Stock Units

 

 

Weighted Average Grant Date Fair Value Per Share

 

 

Restricted Stock Units

 

 

Weighted Average Grant Date Fair Value Per Share

 

 

Restricted Stock Units

 

 

Weighted Average Grant Date Fair Value Per Share

 

Nonvested, beginning of period

 

1,331,753

 

 

$

14.96

 

 

 

969,820

 

 

$

22.70

 

 

 

1,732,703

 

 

$

14.67

 

Granted

 

1,195,388

 

 

 

16.84

 

 

 

969,919

 

 

 

13.23

 

 

 

764,654

 

 

 

18.64

 

Vested

 

(354,692

)

 

 

18.59

 

 

 

(468,925

)

 

 

26.93

 

 

 

(1,198,208

)

 

 

9.36

 

Forfeited

 

(195,114

)

 

 

16.53

 

 

 

(139,061

)

 

 

16.50

 

 

 

(329,329

)

 

 

19.56

 

Nonvested, end of period

 

1,977,335

 

 

$

15.29

 

 

 

1,331,753

 

 

$

14.96

 

 

 

969,820

 

 

$

22.70

 

 

Schedule of Restricted Stock Units Outstanding

Subject to the satisfaction of service conditions, the RSUs outstanding as of December 31, 2014 are eligible to vest in the year indicated in the table below:

 

 

Restricted Stock Units

 

2015 - subject to service requirements

 

759,234

 

2015 - subject to service and other requirements (1)

 

90,105

 

2016 - subject to service requirements

 

1,127,996

 

Total

 

1,977,335

 

(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,

 

 

2014

 

 

2013

 

 

2012

 

Share-based compensation expense from:

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

$

369

 

 

$

397

 

 

$

399

 

Restricted stock units

 

13,150

 

 

 

11,128

 

 

 

11,999

 

Common shares

 

1,225

 

 

 

 

 

 

 

Total

$

14,744

 

 

$

11,525

 

 

$

12,398

 

Share-based compensation tax benefit:

 

 

 

 

 

 

 

 

 

 

 

Tax benefit computed at the statutory rate

$

5,160

 

 

$

4,034

 

 

$

4,339

 

 

Summary of Incentive Compensation Expense

A summary of incentive compensation expense is as follows (in thousands):

 

 

Year Ended December 31,

 

 

2014

 

 

2013

 

 

2012

 

Share-based compensation included in:

 

 

 

 

 

 

 

 

 

 

 

General and administrative (1)

$

14,744

 

 

$

11,525

 

 

$

12,398

 

Cash-based incentive compensation included in:

 

 

 

 

 

 

 

 

 

 

 

Lease operating expense

 

3,285

 

 

 

3,482

 

 

 

3,787

 

General and administrative (1)

 

6,950

 

 

 

8,817

 

 

 

6,558

 

Total charged to operating income

$

24,979

 

 

$

23,824

 

 

$

22,743

 

·

Reclassified $0.7 million from cash-based incentive compensation expense to share-based compensation expense in 2014 related to the CEO’s 2013 award.