Quarterly report pursuant to Section 13 or 15(d)

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

v3.2.0.727
Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
6 Months Ended
Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Restricted Stock Activity

A summary of activity in 2015 related to Restricted Shares awarded to non-employee directors is as follows:

 

 

Restricted Shares

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

Grant Date Fair

 

 

Shares

 

 

Value Per Share

 

Nonvested, December 31, 2014

 

43,210

 

 

$

16.20

 

Granted

 

56,540

 

 

 

  6.19

 

Vested

 

(21,520

)

 

 

16.26

 

Nonvested, June 30, 2015

 

78,230

 

 

 

  8.95

 

 

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 June 30, 2015 are expected to vest as follows:

 

 

Restricted Shares

 

2016

 

34,265

 

2017

 

25,115

 

2018

 

18,850

 

Total

 

78,230

 

 

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

 

Vested

 

(23,500

)

 

 

14.68

 

Forfeited

 

(71,890

)

 

 

15.15

 

Nonvested, June 30, 2015

 

1,881,945

 

 

 

15.30

 

 

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 June 30, 2015 potentially eligible to vest are listed in the table below:    

 

 

Restricted Stock Units

 

2015 - subject to service requirements

 

706,370

 

2015 - subject to service and other requirements (1)

 

86,507

 

2016 - subject to service requirements

 

1,089,068

 

Total

 

1,881,945

 

 

 

 

 

(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

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Share-based compensation expense from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

$

90

 

 

$

84

 

 

$

183

 

 

$

183

 

Restricted stock units

 

2,802

 

 

 

3,625

 

 

 

5,619

 

 

 

6,161

 

Common shares

 

 

 

 

178

 

 

 

(94

)

 

 

1,300

 

Total

$

2,892

 

 

$

3,887

 

 

$

5,708

 

 

$

7,644

 

Share-based compensation tax benefit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax benefit computed at the statutory rate

$

1,012

 

 

$

1,360

 

 

$

1,998

 

 

$

2,675

 

 

Summary of Incentive Compensation Expense

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

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Share-based compensation included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

$

2,892

 

 

$

3,887

 

 

$

5,708

 

 

$

7,644

 

Cash-based incentive compensation included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease operating expense

 

 

 

 

475

 

 

 

364

 

 

 

1,777

 

General and administrative expenses (1)

 

 

 

 

1,532

 

 

 

(233

)

 

 

3,313

 

Total charged to operating income

$

2,892

 

 

$

5,894

 

 

$

5,839

 

 

$

12,734

 

(1)

Adjustments to true up estimates to actual payments resulted in net credit balances to expense for the six months ended June 30, 2015.