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Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2012

Additional Information Related to 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):


	Year Ended December 31,						Unrecognized Equity-Based Compensation at Dec. 31, 2012		Weighted Average Years Remaining of Equity-Based Compensation Expense at Dec. 31, 2012
	(in thousands, except weighted average years remaining)
	2012		2011		2010

Stock Appreciation Rights	$	2,488	$	2,252	$	2,037	$	4,009		2.24
Stock Options		—		—		1		—		—
Restricted Stock		2,871		832		103		8,149		3.0
Deferred Stock Units		419		703		204		58		0.2

Equity-Based Compensation		5,778		3,787		2,345		12,216
Equity-Based Compensation for Consolidated Core Companies		856		473		722		3,176		3.1

	$	6,634	$	4,260	$	3,067	$	15,392

Changes in Stock Appreciation Rights

Changes in SARs for the years ended December 31, 2012, 2011 and 2010 were as follows:


	Years Ended December 31,
	2012						2011						2010
	Number of SARs		Weighted Average Base Price		Weighted Average Fair Value		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	$	9.25	$	4.90		275,625	$	12.15	$	6.58		1,506,940	$	7.11	$	4.14
Exercised ⁽¹⁾		54,873	$	7.89	$	4.65		100,119	$	9.74	$	5.82		1,440,488	$	7.52	$	4.53
Forfeited		1,598	$	10.54	$	5.83		—	$	—	$	—		64,937	$	9.24	$	5.11
Cancelled		12.795	$	6.70	$	3.93		—	$	—	$	—		—	$	—	$	—

⁽¹⁾	The exercise of those SARs resulted in the issuance of 9,818 , 20,229 and 372,499 shares of ICG’s Common Stock during the years ended December 31, 2012, 2011 and 2010, respectively.

Summary of Information about Stock Appreciation Rights Outstanding

The following table summarizes information about SARs outstanding at December 31, 2012:


Grant Price	SARs Outstanding		SARs Exercisable		Weighted Average Remaining Contractual Life of SARs Outstanding (in years)		Aggregate Intrinsic Value of SARs Outstanding at December 31, 2012 (in thousands)
$6.70-$7.00		1,369,717		1,008,742		7.0	$	4,709
$7.34		1,946,110		1,946,110		2.6	$	5,488
$8.13-$8.76		298,948		271,134		6.1	$	528
$9.50-$12.15		723,475		242,819		8.1	$	269

		4,338,250		3,468,805			$	10,994

Changes in Stock Options

Changes in stock options for the years ended December 31, 2012, 2011 and 2010 were as follows:


	For Years Ended December 31,
	2012						2011						2010
	Number of Options		Weighted Average Base Price		Weighted Average Fair Value		Number of Options		Weighted Average Base Price		Weighted Average Fair Value		Number of Options		Weighted Average Base Price		Weighted Average Fair Value
Exercised		173,208	$	6.03	$	4.83		18,725	$	8.06	$	6.22		180,923	$	10.48	$	9.13
Cancelled		8,229	$	10.62	$	8.16		109,236	$	42.07	$	36.36		37,312	$	315.18	$	249.10
Forfeited		21	$	8.41	$	4.96			$	—	$	—		—	$	—	$	—

Summary of Information about Stock Options Outstanding

The following tables summarize information about stock options outstanding at December 31, 2012:


Exercise Price	Shares Outstanding		Shares Vested and Exercisable		Weighted Average Remaining Contractual Life of Shares Outstanding (in years)		Aggregate Intrinsic Value at December 31, 2012 (in thousands)
$4.30-$7.77		1,750		1,729		3.1	$	6

Assumptions Used to Determine Fair Value of Stock Appreciation Rights Granted to Employees

The following assumptions were used to determine the fair value of SARs granted to employees by ICG for the years ended December 31, 2012, 2011 and 2010:


	2012			2011	2010
Expected volatility		56	%	56%	60%
Average expected option life		6.25		5.25-6.25 years	2.75-6.25 years
Risk-free interest rate		0.92	%	1.62-1.97%	1.54-2.92%
Dividend yield		0.0	%	0.0%	0.0%

Changes in Restricted Stock

Changes in restricted stock for the years ended December 31, 2012, 2011 and 2010 are shown in the following table:


	Years Ended December 31,
	2012				2011				2010
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Granted		116,973	$	9.11		1,181,910	$	9.15		42,500	$	8.75
Vested		124,920	$	10.01		16,625	$	8.12		9,025	$	7.54
Forfeited		375	$	12.15		—	$	—		7,500	$	12.01

Changes in Deferred Stock Units Related to Annual Grants

Changes in DSUs related to these annual grants for the years ended December 31, 2012, 2011 and 2010 are shown in the following table:


	For Years Ended December 31,
	2012				2011				2010
	Number of DSUs		Grant Date Fair Value		Number of DSUs		Grant Date Fair Value		Number of DSUs		Grant Date Fair Value
Granted		41,250	$	8.40		60,000	$	13.32		36,000	$	6.80
Vested		52,500	$	13.32		39,000	$	8.05		36,000	$	4.05
Forfeited		—	$	—		—	$	—		4,500	$	6.80

- Definition

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.

+ References+ Details

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References+ Details