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Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2012

Equity-Based Compensation [Abstract]

Equity-based compensation

The following table summarizes the equity-based compensation recognized in the respective periods; that equity-based compensation is primarily included in the line item “Selling, general and administrative” on ICG’s Consolidated Statements of Operations (in thousands, except weighted average years):


		Three Months Ended September 30,								Nine Months Ended September 30,								Unrecognized Equity-Based Compensation as of September 30,				Weighted Average Years Remaining of Equity-Based Compensation as of September 30,
		2012				2011				2012				2011				2012				2012
SARs		$	661			$	611			$	1,887			$	1,645			$	4,610				2.4
Restricted Stock			737				85				2,134				162				8,886				3.2
DSUs			87				175				332				528				144				0.4

Equity-Based Compensation			1,485				871				4,353				2,335				13,640
Equity-Based Compensation for Consolidated Core Companies			689				54				1,402				370				4,914				3.3

Equity-Based Compensation		$	2,174			$	925			$	5,755			$	2,705			$	18,554

Activity with respect to SARs

Activity with respect to SARs during the three and nine months ended September 30, 2012 and 2011 was as follows:


		Three Months Ended September 30,
		2012												2011
		Number of SARs				Weighted Average Base Price				Weighted Average Fair Value				Number of SARs				Weighted Average Base Price				Weighted Average Fair Value
Granted			500			$	9.84			$	5.23				—				—				—
Exercised ⁽¹⁾			16,000			$	8.41			$	4.96				—				—				—
Cancelled			607			$	6.70			$	3.93				—				—				—

		Nine Months Ended September 30,
		2012												2011
		Number of SARs				Weighted Average Base Price				Weighted Average Fair Value				Number of SARs				Weighted Average Base Price				Weighted Average Fair Value
Granted			260,125			$	9.23			$	4.89				275,625			$	12.15			$	6.58
Exercised ⁽¹⁾			16,000			$	8.41			$	4.96				98,057			$	10.35			$	5.86
Forfeited			1,598			$	10.54			$	5.83				—				—				—
Cancelled			607			$	6.70			$	3.93				—				—				—

⁽¹⁾	The exercise of those SARs resulted in the issuance of 1,516 shares of ICG’s Common Stock during the three and nine months ended September 30, 2012 and 19,998 shares of ICG’s Common Stock during the nine months ended September 30, 2011.

Activity with respect to stock appreciation, rights stock options, restricted stock and deferred stock units

Activity with respect to stock options during the three and nine months ended September 30, 2012 and 2011 was as follows (in number of stock options):


		Three Months Ended September 30,
		2012												2011
		Number of Options				Weighted Average Base Price				Weighted Average Fair Value				Number of Options				Weighted Average Base Price				Weighted Average Fair Value
Exercised			26,342			$	7.08			$	5.07				15,300			$	8.39			$	6.44
Cancelled			229			$	8.41			$	4.96				39,619			$	28.00			$	23.39

		Nine Months Ended September 30,
		2012												2011
		Number of Options				Weighted Average Base Price				Weighted Average Fair Value				Number of Options				Weighted Average Base Price				Weighted Average Fair Value
Exercised			56,842			$	7.71			$	5.73				18,725			$	8.06			$	6.22
Cancelled			8,229			$	10.62			$	8.16				108,736			$	32.02			$	27.97
Forfeited			21			$	8.41			$	4.96				—				—				—

Fair value of SARs granted to employees and a non-management director by ICG

The following assumptions were used to determine the fair value of SARs granted to employees and a non-management director by ICG during the three and nine months ended September 30, 2012 and 2011:


		Three and Nine Months Ended September 30,
		2012				2011
Expected volatility			56	%		56%
Average expected life of SAR (in years)			6.25			5.25-6.25
Risk-free interest rate			0.92	%		1.62-1.97%
Dividend yield			0	%		0%

Share activity with respect to restricted stock awards

Share activity with respect to restricted stock awards for the three and nine months ended September 30, 2012 and 2011 are as follows (in thousands, except share data):


		Three Months Ended September 30,																Nine Months Ended September 30,
		2012								2011								2012								2011
		Number of Shares				Grant Date Fair Value				Number of Shares				Grant Date Fair Value				Number of Shares				Grant Date Fair Value				Number of Shares				Grant Date Fair Value
Granted			—			$	—				—			$	—				116,973			$	1,065				81,910			$	267
Vested			—			$	—				—			$	—				68,711			$	653				6,250			$	87
Forfeited			—			$	—				—			$	—				375			$	—				—			$	—

Summary of Share activity with respect to those DSUs

Share activity with respect to those DSUs for the three and nine months ended September 30, 2012 and 2011 are as follows (in thousands, except share data):


		Nine Months Ended September 30,
		2012								2011
		Number of DSUs				Grant Date Fair Value				Number of DSUs				Grant Date Fair Value
Granted			41,250			$	347				60,000			$	799
Vested			52,500			$	699				39,000			$	245

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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