Quarterly report pursuant to Section 13 or 15(d)

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

v2.4.1.9
Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
3 Months Ended
Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Outstanding Restricted Stock Shares Issued to Non-employee Directors

Subject to the satisfaction of service conditions, the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2015 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 in 2015 related to RSUs is as follows:

 

 

Restricted Stock Units

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

Grant Date Fair

 

 

Units

 

 

Value Per Unit

 

Nonvested, December 31, 2014

 

1,977,335

 

 

$

15.29

 

Forfeited

 

(49,541

)

 

 

15.20

 

Nonvested, March 31, 2015

 

1,927,794

 

 

$

15.29

 

 

Schedule of Restricted Stock Units Outstanding

All of the outstanding RSUs are subject to the satisfaction of service conditions and a portion of the outstanding RSUs are also subject to pre-defined performance measurements.  The RSUs outstanding as of March 31, 2015 potentially eligible to vest are listed in the table below:    

 

 

Restricted Stock Units

 

2015 - subject to service requirements

 

739,620

 

2015 - subject to service and other requirements (1)

 

87,701

 

2016 - subject to service requirements

 

1,100,473

 

Total

 

1,927,794

 

 

 

 

 

(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 Incentive 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

 

 

March 31,

 

 

2015

 

 

2014

 

Share-based compensation expense from:

 

 

 

 

 

 

 

Restricted stock

$

93

 

 

$

99

 

Restricted stock units

 

2,817

 

 

 

2,537

 

Common shares

 

(94

)

 

 

1,122

 

Total

$

2,816

 

 

$

3,758

 

Share-based compensation tax benefit:

 

 

 

 

 

 

 

Tax benefit computed at the statutory rate

$

986

 

 

$

1,315

 

 

Summary of Incentive Compensation Expense

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

 

 

Three Months Ended

 

 

March 31,

 

 

2015

 

 

2014

 

Share-based compensation included in:

 

 

 

 

 

 

 

General and administrative

$

2,816

 

 

$

3,758

 

Cash-based incentive compensation included in:

 

 

 

 

 

 

 

Lease operating expense

 

361

 

 

 

1,302

 

General and administrative (1)

 

(233

)

 

 

1,781

 

Total charged to operating income

$

2,944

 

 

$

6,841

 

(1)

Adjustments to true up estimates to actual payments resulted in net credit balances to expense for the three months ended March 31, 2015.