|
Share-Based Compensation and Cash-Based Incentive Compensation (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
A summary of activity related to restricted stock is as follows:
|
|
Restricted Stock
|
|
|
|
|
|
|
Weighted Average
|
|
|
|
|
|
|
Grant Date Fair
|
|
|
|
Shares
|
|
|
Value Per Share
|
|
|
Outstanding restricted shares, December 31, 2012
|
43,687 |
|
$ |
|
18.69 |
|
|
Granted
|
27,450 |
|
|
12.75 |
|
|
Vested
|
(27,297
|
)
|
|
17.09 |
|
|
Outstanding restricted shares, June 30, 2013
|
43,840 |
|
$ |
|
15.96 |
|
|
| Schedule of Restricted Stock Awards Outstanding |
Subject to the satisfaction of service conditions, the outstanding restricted shares issued to the non-employee directors as of June 30, 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:
|
|
Restricted Stock Units
|
|
|
|
|
Weighted Average
|
|
|
|
|
Grant Date Fair
|
|
|
Units
|
|
Value Per Unit
|
|
Outstanding RSUs, December 31, 2012
|
969,820 |
|
$ |
|
22.70 |
|
Granted
|
964,780 |
|
|
13.22 |
|
Forfeited
|
(18,681
|
)
|
|
19.36 |
|
Outstanding RSUs, June 30, 2013
|
1,915,919 |
|
$ |
|
17.96 |
|
| Schedule of Restricted Stock Awards Outstanding |
Subject to the satisfaction of service conditions, the RSUs outstanding as of June 30, 2013 are eligible to vest in the year indicated in the table below:
|
|
Shares
|
|
2013 – subject to service requirements
|
474,044 |
|
2014 – subject to service requirements
|
339,033 |
|
2014 – subject to service and other requirements (1)
|
139,233 |
|
2015 – subject to service requirements
|
23,500 |
|
2015 – subject to service and other requirements (2)
|
658,076 |
|
2015 – subject to service and other requirements (3)
|
282,033 |
|
Total
|
1,915,919 |
(1 |
) |
|
In addition to service requirements, these RSUs are also subject to TSR performance requirements not yet measureable, with awards ranging from 0% to 150% of amounts granted.
|
|
(2 |
) |
|
In addition to service requirements, these RSUs are also subject to certain Company-specific performance requirements not yet measureable, with awards ranging from 0% to 150% of amounts granted.
|
|
(3 |
) |
|
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 incentive compensation expense under share-based payment arrangements and the related tax benefit is as follows (in thousands):
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
Share-based compensation expense from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock
|
$ |
|
99 |
|
|
$ |
|
108 |
|
|
$ |
|
|
198 |
|
|
$ |
|
|
214 |
|
|
Restricted stock units
|
|
2,596 |
|
|
|
3,051 |
|
|
|
4,752 |
|
|
|
5,604 |
|
|
Total
|
$ |
|
2,695 |
|
|
$ |
|
3,159 |
|
|
$ |
|
|
4,950 |
|
|
$ |
|
|
5,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation tax benefit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit computed at the statutory rate
|
$ |
|
943 |
|
|
$ |
|
1,106 |
|
|
$ |
|
|
1,733 |
|
|
$ |
|
|
2,036 |
|
|
| Summary of Incentive Compensation Expense |
A summary of incentive compensation expense is as follows (in thousands):
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
Share-based compensation expense included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative - charge to operating income
|
$ |
|
2,695 |
|
|
$ |
|
3,159 |
|
|
$ |
|
4,950 |
|
|
$ |
|
5,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash-based incentive compensation included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease operating expense
|
|
747 |
|
|
|
— |
|
|
|
2,140 |
|
|
|
1,900 |
|
|
General and administrative
|
|
2,024 |
|
|
|
— |
|
|
|
5,554 |
|
|
|
1,878 |
|
|
Total charged to operating income
|
|
2,771 |
|
|
|
— |
|
|
|
7,694 |
|
|
|
3,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total incentive compensation charged to operating income
|
$ |
|
5,466 |
|
|
$ |
|
3,159 |
|
|
$ |
|
12,644 |
|
|
$ |
|
9,596 |
|
|