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Quicksilver Stockholders' Equity
 9 Months Ended
Sep. 30, 2014
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]  
Quicksilver Stockholders' Equity
QUICKSILVER STOCKHOLDERS’ EQUITY
Common Stock, Preferred Stock and Treasury Stock
We are authorized to issue 400 million shares of common stock with a $0.01 par value per share and 10 million shares of preferred stock with a $0.01 par value per share. At September 30, 2014 and December 31, 2013, we had 179.8 million and 177.3 million shares of common stock outstanding, respectively.
Stock Options
No options have been granted during 2014. The following summarizes the values from and assumptions for the Black-Scholes option pricing model for stock options issued during the nine months ended September 30, 2013:
Weighted avg grant date fair value
$1.05
Weighted avg risk-free interest rate
1.31%
Expected life
4.9 years
Wtd avg volatility
69.0%
Expected dividends
—


The following table summarizes our stock option activity for the nine months ended September 30, 2014:
 
Shares
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual Life
 
Aggregate
Intrinsic
Value
 
 
 
 
 
(in years)
 
(in thousands)
Outstanding at January 1, 2014
6,771,578

 
$
7.82

 
 
 
 
Forfeited
(44,950
)
 
1.65

 
 
 
 
Expired
(111,494
)
 
9.83

 
 
 
 
Outstanding at September 30, 2014
6,615,134

 
$
7.83

 
5.4
 
$
—

Exercisable at September 30, 2014
5,232,903

 
$
9.18

 
4.6
 
$
—


As of September 30, 2014, we estimate that a total of 6.3 million stock options will vest including those options already exercisable. As of September 30, 2014, the unrecognized compensation cost related to outstanding unvested stock options was $1.0 million, which is expected to be recognized in expense through August 2016. Compensation expense related to stock options of $1.1 million and $3.2 million was recognized for the nine months ended September 30, 2014 and 2013, respectively.
Restricted Stock and Stock Units
The following table summarizes our restricted stock and stock unit activity for the nine months ended September 30, 2014:
 
Payable in shares
 
Payable in cash
 
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2014
5,668,090

 
$
3.90

 
1,572,341

 
$
3.69

Granted
4,765,425

 
2.64

 
—

 
—

Vested
(2,559,959
)
 
4.86

 
(631,275
)
 
4.29

Forfeited
(348,554
)
 
3.09

 
(33,458
)
 
3.20

Outstanding at September 30, 2014
7,525,002

 
$
2.82

 
907,608

 
$
3.32


As of September 30, 2014, the unrecognized compensation cost related to outstanding unvested restricted stock was $14.8 million, which is expected to be recognized in expense through July 2017. Grants of restricted stock and RSUs during the nine months ended September 30, 2014 had an estimated grant date fair value of $12.6 million. The fair value of outstanding RSUs to be settled in cash was $0.5 million at September 30, 2014. For the nine months ended September 30, 2014 and 2013, compensation expense related to restricted stock and RSUs of $8.4 million and $12.2 million, respectively, was recognized. The total fair value of shares vested during the nine months ended September 30, 2014 was $10.2 million.