Equity-Based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

4.	Equity-Based Compensation

The Company granted 222,601 and 34,143 restricted stock and restricted stock units (collectively “restricted stock awards”) during the three months ended September 30, 2015 and 2014, respectively, and 576,882 and 390,070 restricted stock awards during the nine months ended September 30, 2015 and 2014, respectively. The Company recorded equity-based compensation expense related to restricted stock awards of $5.3 million and $2.3 million during the three months ended September 30, 2015 and 2014, respectively, and $11.1 million and $7.0 million during the nine months ended September 30, 2015 and 2014, respectively.

A summary of changes in unvested shares/units for the nine months ended September 30, 2015 is as follows:

	Number of shares/units
Outstanding at December 31, 2014		1,346,062
Granted		576,882
Vested		(637,310	)
Forfeited		(69,154	)
Outstanding at September 30, 2015		1,216,480

No amounts were recorded for equity-based compensation expense related to stock options during the three and nine months ended September 30, 2015 and 2014 as all stock options vested prior to 2014. The Company does not currently grant stock options.

A summary of changes in outstanding options for the nine months ended September 30, 2015 is as follows:

	Number of Options
Outstanding at December 31, 2014		153,764
Exercised		(113,352	)
Forfeited and expired		-
Outstanding at September 30, 2015		40,412