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Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2013

Additional Information Related to Equity-Based Compensation

ICG issues the following types of equity-based compensation to its employees and non-employee directors: (1) stock appreciation rights (SARs), (2) stock options, (3) restricted stock and (4) deferred stock units (DSUs). The following table summarizes the equity-based compensation recognized in the respective periods; that equity-based compensation is included in operating expenses, primarily in the line item “General and administrative” on ICG’s Consolidated Statements of Operations (in thousands, except weighted average years):

	Three Months Ended June 30,				Six Months Ended June 30,				Unrecognized Equity-Based Compensation as of June 30, 2013
	2013		2012		2013		2012		Unrecognized Equity-Based Compensation as of June 30, 2013

SARs	$	601	$	618	$	1,202	$	1,226	$	2,791	1.9
Restricted Stock		1,237		713		2,426		1,396		7,814	2.2
DSUs		96		87		186		246		255	0.7
Equity-Based Compensation		1,934		1,418		3,814		2,868		10,860
Equity-Based Compensation for Consolidated Core Companies		390		321		792		509		4,537	3.0
Equity-Based Compensation	$	2,324	$	1,739	$	4,606	$	3,377	$	15,397

Changes in Stock Appreciation Rights

	Three Months Ended June 30,
	2013									2012
	Number of SARs		Weighted Average Base Price			Weighted Average Fair Value			Number of SARs			Weighted Average Base Price			Weighted Average Fair Value
Granted		—		$	—		$	—			259,625		$	9.25		$	4.90
Exercised (1)		28,864		$	7.40		$	4.44			—		$	—		$	—
Forfeited		5,346		$	9.95		$	5.39			1,598		$	10.54		$	5.83

(1) The exercise of SARs listed in this table resulted in the issuance of 6,999 shares of ICG’s Common Stock during the three months ended June 30, 2013.

	Six Months Ended June 30,
	2013						2012
	Number of SARs		Weighted Average Base Price		Weighted Average Fair Value		Number of SARs		Weighted Average Base Price		Weighted Average Fair Value
Granted		—	$	—	$	—		259,625	$	9.25	$	4.90
Exercised (1)		155,488	$	8.78	$	5.27		—	$	—	$	—
Forfeited		5,346	$	9.95	$	5.39		1,598	$	10.54	$	5.83

(1) The exercise of SARs listed in this table resulted in the issuance of 44,232 shares of ICG’s Common Stock during the six months ended June 30, 2013.

Changes in Stock Options

Activity with respect to stock options during the three and six months ended June 30, 2013 and 2012 was as follows:

	Three Months Ended June 30,
	2013								2012
	Number of Stock Options			Weighted Average Base Price			Weighted Average Fair Value		Number of Stock Options		Weighted Average Base Price		Weighted Average Fair Value
Exercised		—	$		—	$		—		3,700	$	6.63	$	5.08
Expired		—	$		—	$		—		600	$	7.60	$	5.75
Forfeited		—	$		—	$		—		21	$	8.41	$	4.96

	Six Months Ended June 30,
	2013								2012
	Number of Stock Options			Weighted Average Base Price			Weighted Average Fair Value		Number of Stock Options		Weighted Average Base Price		Weighted Average Fair Value
Exercised		—	$		—	$		—		30,500	$	8.26	$	6.30
Expired		—	$		—	$		—		8,000	$	10.69	$	8.25
Forfeited		—	$		—	$		—		21	$	8.41	$	4.96

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 and a non-management director by ICG during the three- and six-month periods ended June 30, 2013 and 2012:

	Three and Six Months Ended June 30,
	2013			2012
Expected volatility		—	%		56	%
Average expected life of SAR (in years)		—			6.25
Risk-free interest rate		—	%		0.92	%
Dividend yield		—	%		0	%

Changes in Restricted Stock

Share activity with respect to restricted stock awards for the three and six months ended June 30, 2013 and 2012 was as follows:

	Three Months Ended June 30,
	2013					2012
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Granted		—	$		—		98,223	$	9.24
Vested		62,458	$		10.54		62,461	$	10.54
Forfeited		1,718	$		10.31		375	$	12.15

	Six Months Ended June 30,
	2013					2012
	Number of Shares			Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
Granted		168,190	$		13.06		116,973	$	9.11
Vested		137,904	$		10.12		68,711	$	10.19
Forfeited		10,395	$		12.67		375	$	12.15

Summary of Share Activity with Respect to Deferred Stock Units

Share activity with respect to those DSUs for the six months ended June 30, 2013 and 2012 was as follows:

	Six Months Ended June 30,
	2013					2012
	Number of DSUs			Grant Date Fair Value		Number of DSUs		Grant Date Fair Value
Granted		29,250	$		13.09		41,250	$	8.40
Vested		41,250	$		8.40		52,500	$	13.32

Changes in Deferred Stock Units Related to Quarterly Grants

Activity related to quarterly grants of DSUs for service was as follows:

Three Months Ended June 30,

2013

2012

Number of
DSUs

Expense
Recognized

(in thousands)

Number of
DSUs

Expense
Recognized
(in thousands)

Granted and vested

7,888

9,538

Six Months Ended June 30,

2013

2012

Number of
DSUs

Expense
Recognized

(in thousands)

Number of
DSUs

Expense
Recognized
(in thousands)

Granted and vested

15,372

191

15,251

176

- 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.

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- Definition

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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