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Equity-Based Compensation (Tables)

9 Months Ended

Sep. 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.

Equity-Based Compensation (in thousands, except weighted average years):

	Three Months Ended September 30,
	2013		2012		2013		2012

SARs	$	599	$	661	$	1,801	$	1,887	$		2,192		1.9
Restricted Stock		1,020		737		3,446		2,134		6,794		2.3
DSUs		96		87		282		332		160		0.4
Equity-Based Compensation		1,715		1,485		5,529		4,353		9,146
Equity-Based Compensation for Consolidated Core Businesses		165		136		510		323		1,698		2.8
Equity-Based Compensation	$	1,880	$	1,621	$	6,039	$	4,676	$	10,844

Changes in Stock Appreciation Rights

Activity with respect to SARs during the three and nine months ended September 30, 2013 and 2012 was as follows:

	Three Months Ended September 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		—	$	—	$	—			500		$	9.84		$	5.23
Exercised (1)		220,874	$	7.59	$	4.55			16,000		$	8.41		$	4.96
Forfeited		—	$	—	$	—			—		$	—		$	—

(1) The exercise of SARs listed in this table resulted in the issuance of 55,619 shares of ICG’s Common Stock during the three months ended September 30, 2013.

	Nine Months Ended September 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		—	$	—	$	—			260,125	$	9.23	$	4.89
Exercised (1)		376,362	$	12.43	$	7.46			16,000	$	8.41	$	4.96
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 99,851 shares of ICG’s Common Stock during the nine months ended September 30, 2013.

Changes in Stock Options

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

	Three Months Ended September 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		—	$		—	$		—			26,342	$		7.08	$		5.07
Expired		—	$		—	$		—			229	$		8.41	$		4.96
Forfeited		—	$		—	$		—			—	$		—	$		—

	Nine Months Ended September 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		—	$		—	$		—			56,842	$		7.71	$		5.73
Expired		—	$		—	$		—			8,229	$		10.62	$		8.16
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 nine-month periods ended September 30, 2013 and 2012:

	Three and Nine Months Ended September 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 nine months ended September 30, 2013 and 2012 was as follows:

	Three Months Ended September 30,
	2013					2012
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares			Weighted Average Grant Date Fair Value
Granted		—	$	—			—	$	—
Vested		8,576	$	9.25			—	$	—
Forfeited		—	$	—			—	$	—

	Nine Months Ended September 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		146,480	$	10.69			68,711	$	10.19
Forfeited		10,395	$	10.58			375	$	12.15

Summary of Share Activity with Respect to Deferred Stock Units

Share activity with respect to periodically-issued DSUs for the nine months ended September 30, 2013 and 2012 was as follows:

	Nine Months Ended September 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 grants of DSUs for service in lieu of cash for the three and nine months ended September 30 2013 and 2012 was as follows:

	Three Months Ended September 30,
	2013					2012
	Number of DSUs		Expense Recognized (in thousands)		Number of DSUs			Expense Recognized (in thousands)
Granted and vested		8,378	$	97			9,473	$	88

	Nine Months Ended September 30,
	2013					2012
	Number of DSUs		Expense Recognized (in thousands)		Number of DSUs			Expense Recognized (in thousands)
Granted and vested		23,750	$	288			24,724	$	264

- 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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