XML 90 R75.htm IDEA: XBRL DOCUMENT v3.3.1.900
Equity Compensation, Employment Agreements and Other Benefit Plans (Details) - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share based compensation      
Maximum shares authorized for grant (in shares) 12,000,000    
Shares available for grant 9,400,000    
Accrued Dividends Payable $ 74,575,000 $ 74,529,000 $ 73,643,000
Expense related to equity-based compensation instruments 7,832,000 8,585,000 4,158,000
DER      
Share based compensation      
Payments attributable to DERs $ 16,000 69,000 $ 412,000
Special cash dividends paid (in dollars per share)     $ 0.78
Special cash dividends paid, amount     $ 194,000
Average forfeiture rate assumed on DERs outstanding 0.00%    
Weighted average period over which DERs are scheduled to elapse 6 months    
Unrecognized compensation cost $ 44,000    
Expense related to equity-based compensation instruments $ 82,000 $ 146,000 $ 195,000
Activity and related information      
Outstanding at beginning of year (in shares) 24,402 218,225 266,075
Granted (in shares) 0 0 0
Cancelled, forfeited or expired (in shares) (16,187) (193,823) (47,850)
Outstanding at end of year (in shares) 8,215 24,402 218,225
Weighted Average Grant Date Fair Value      
Granted (in dollars per share) [1] $ 2.77    
Fair value assumptions      
Weighted average volatility estimated (as a percent) 31.00%    
Expected term 6 years    
Weighted average risk-free rate (as a percent) 2.23%    
Estimated annual dividend yield (as a percent) 13.00%    
Stock options      
Share based compensation      
Period to determine market value of the common stock to qualify as an incentive stock option for tax purposes 1 year    
Maximum grant date market value of the common stock to be received upon exercise of options in one calendar year $ 100,000    
Exercise price of an ISO relative to fair market value on the grant date, minimum (as a percent) 100.00%    
Exercise price of an ISO granted to a 10% stockholder relative to fair market value on the grant date, minimum (as a percent) 110.00%    
Percentage of stockholders to whom 110% of ISO is granted 10.00%    
Maximum period for exercise of stock options 10 years    
Aggregate intrinsic value of total stock options Outstanding $ 0    
Intrinsic value of options exercised     $ 19,000
Stock options activity      
Outstanding at beginning of year (in shares) 0 5,000 427,000
Granted (in shares)   0 0
Cancelled, forfeited or expired (in shares)   (5,000) (402,000)
Exercised (in shares) [2]   0 (20,000)
Outstanding at end of year (in shares)   0 5,000
Options exercisable at end of year (in shares)   0 5,000
Weighted Average Exercise Price      
Outstanding at beginning of year (in dollars per share) $ 0.00 $ 8.40 $ 10.14
Granted (in dollars per share)   0.00 0.00
Cancelled, forfeited or expired (in dollars per share)   8.40 10.25
Exercised (in dollars per share) [2]   0.00 8.40
Outstanding at end of year (in dollars per share)   0.00 8.40
Options exercisable at end of year (in dollars per share)   $ 0.00 $ 8.40
Restricted Stock      
Share based compensation      
Unrecognized compensation cost $ 800,000 $ 1,800,000  
Accrued Dividends Payable 193,000 312,000  
Total fair value of stock vested $ 4,300,000 5,700,000 $ 2,100,000
Period for recognizing unrecognized compensation cost 1 year 6 months    
Expense related to equity-based compensation instruments $ 4,373,000 $ 5,553,000 $ 2,150,000
Activity and related information      
Outstanding at beginning of year (in shares) 243,948 443,967 483,442
Granted (in shares) 497,007 491,797 231,531
Vested (in shares) [3] (629,212) (690,397) (270,456)
Cancelled, forfeited or expired (in shares) (823) (1,419) (550)
Outstanding at end of year (in shares) 110,920 243,948 443,967
Weighted Average Grant Date Fair Value      
Outstanding at beginning of year (in dollars per share) [4] $ 7.48 $ 7.50 $ 7.74
Granted (in dollars per share) [4] 6.83 8.29 7.33
Vested (in dollars per share) [3],[4] 6.98 8.07 7.77
Cancelled/forfeited (in dollars per share) [4] 7.74 7.58 7.72
Outstanding at end of year (in dollars per share) [4] $ 7.41 $ 7.48 $ 7.50
Restricted Stock Units      
Share based compensation      
Unrecognized compensation cost $ 4,000,000 $ 2,700,000  
Period for recognizing unrecognized compensation cost 1 year 8 months 5 days    
Weighted average forfeiture rate of unvested RSUs (as a percent) 0.00%    
Expense related to equity-based compensation instruments [5] $ 3,377,000 $ 2,886,000 $ 1,813,000
Activity and related information      
Outstanding at beginning of year (in shares) 1,218,474 777,818 727,648
Granted (in shares) 682,054 [1] 630,815 [6] 112,824 [7]
Settled (in shares) (17,298) (87,338) (53,091)
Cancelled, forfeited or expired (in shares) (7,500) (102,821) (9,563)
Outstanding at end of year (in shares) 1,875,730 1,218,474 777,818
Vested but not settled at end of year 729,523 643,138 98,824
Unvested at end of period (in shares) 1,146,207 575,336 678,994
Weighted Average Grant Date Fair Value      
Outstanding at beginning of year (in dollars per share) $ 6.84 $ 6.48 $ 6.43
Granted (in dollars per share) 7.01 [1] 6.64 [6] 5.82 [7]
Settled (in dollars per share) 6.60 6.86 4.15
Cancelled/forfeited (in dollars per share) 6.85 2.90 7.88
Outstanding at end of year (in dollars per share) 6.90 6.84 6.48
Vested but not settled at end of year (in dollars per share) 7.20 7.10 7.93
Unvested at end of year (in dollars per share) $ 6.71 $ 6.54 $ 6.27
Restricted Stock Units | Chief Executive Officer      
Share based compensation      
Expense related to equity-based compensation instruments   $ 500,000  
RSUs with Service Condition      
Activity and related information      
Outstanding at beginning of year (in shares) 769,174 490,099 448,141
Granted (in shares) 390,804 [1] 357,015 [6] 64,483 [7]
Settled (in shares) (17,298) (72,873) (21,025)
Cancelled, forfeited or expired (in shares) (3,750) (5,067) (1,500)
Outstanding at end of year (in shares) 1,138,930 769,174 490,099
Vested but not settled at end of year 554,023 467,638 84,199
Unvested at end of period (in shares) 584,907 301,536 405,900
Weighted Average Grant Date Fair Value      
Outstanding at beginning of year (in dollars per share) $ 7.55 $ 7.75 $ 7.61
Granted (in dollars per share) 7.96 [1] 7.22 [6] 8.23 [7]
Settled (in dollars per share) 6.60 7.28 6.20
Cancelled/forfeited (in dollars per share) 7.97 7.36 7.77
Outstanding at end of year (in dollars per share) 7.71 7.55 7.75
Vested but not settled at end of year (in dollars per share) 7.83 7.81 8.50
Unvested at end of year (in dollars per share) $ 7.59 $ 7.15 $ 7.60
RSUs with Market and Service Conditions      
Activity and related information      
Outstanding at beginning of year (in shares) 449,300 287,719 279,507
Granted (in shares) 291,250 [1] 273,800 [6] 48,341 [7]
Settled (in shares) 0 (14,465) (32,066)
Cancelled, forfeited or expired (in shares) (3,750) (97,754) (8,063)
Outstanding at end of year (in shares) 736,800 449,300 287,719
Vested but not settled at end of year 175,500 175,500 14,625
Unvested at end of period (in shares) 561,300 273,800 273,094
Weighted Average Grant Date Fair Value      
Outstanding at beginning of year (in dollars per share) $ 5.61 $ 4.32 $ 4.55
Granted (in dollars per share) 5.73 [1] 5.87 [6] 2.59 [7]
Settled (in dollars per share) 0.00 4.71 2.80
Cancelled/forfeited (in dollars per share) 5.73 2.67 7.89
Outstanding at end of year (in dollars per share) 5.66 5.61 4.32
Vested but not settled at end of year (in dollars per share) 5.21 5.21 4.69
Unvested at end of year (in dollars per share) $ 5.80 $ 5.87 $ 4.30
RSUs with Service Condition and both Service and Market Conditions      
Activity and related information      
Granted (in shares) 582,500 547,600  
Fair value assumptions      
Weighted average volatility estimated (as a percent) 18.00% 22.00% 23.00%
Expected term 3 years 3 years 3 years
Weighted average risk-free rate (as a percent) 0.90% 0.73% 0.65%
Estimated annual dividend yield (as a percent) 9.00% 8.00% 13.00%
RSUs with Service Condition, weighted average grant date fair value based on share closing price      
Activity and related information      
Granted (in shares) 99,554 83,215  
RSUs with Service Condition, weighted average grant date fair value based on share closing price | Minimum      
Fair value assumptions      
Common stock, closing price (in dollars per share) $ 7.93 $ 7.19  
RSUs with Service Condition, weighted average grant date fair value based on share closing price | Maximum      
Fair value assumptions      
Common stock, closing price (in dollars per share) $ 7.97 $ 8.16  
Equity Compensation Plan      
Share based compensation      
Maximum number of common shares that can be granted to participant in any one year (in shares) 1,500,000    
Period during which a participant can be awarded the maximum number of shares allowable under the Plan 1 year    
Maximum percentage of common shares that can be owned or deemed to be owned by a participant (more than) 9.80%    
[1] The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 582,500 of these awards granted in 2015, the Company applied: (i) a weighted average volatility estimate of approximately 18%, which was determined considering historic volatility in the price of Company’s common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.90% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 9%. The weighted average grant date fair value for the remaining 99,554 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date ranging from $7.93 to $7.97. There are no post vesting conditions on these awards.
[2] For the year ended December 31, 2013, the intrinsic value of Options exercised was approximately $19,000.
[3] All restrictions associated with restricted stock are removed on vesting.
[4] The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.
[5] RSU expense for the year ended December 31, 2014 includes approximately $500,000 for a one-time grant to the Company’s chief executive officer.
[6] The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 547,600 of these awards granted in 2014, the Company applied: (i) a weighted average volatility estimate of approximately 22%, which was determined considering historic volatility in the price of Company’s common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.73% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 8%. The weighted average grant date fair value for the remaining 83,215 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date ranging from $7.19 to $8.16. There are no post vesting conditions on these awards.
[7] The determination of the weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for awards granted in 2013, the Company applied: (i) a weighted average volatility estimate of approximately 23%, which was determined considering historic volatility in the price of Company’s common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s common stock at the grant date; (ii) a weighted average risk-free rate of 0.65% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards; and (iii) an estimated annual dividend yield of 13%. There are no post vesting conditions on these awards.