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Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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 (often subject to performance-based or market-based conditions) and (4) deferred stock units (DSUs). ICG’s grants of equity-based compensation are approved by the Compensation Committee of its Board of Directors. 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):

	Year Ended December 31,						Unrecognized Equity-Based Compensation as of		Weighted Average Years Remaining of Equity-Based Compensation as of
	2013		2012		2011		Dec. 31, 2013		Dec. 31, 2013
SARs	$	2,377	$	2,488	$	2,252	$	1,338		1.8
Restricted Stock		2,958		2,871		832		7,526		2.0
Deferred Stock Units		377		419		703		64		0.2
		5,712		5,778		3,787		8,928
Equity-Based Compensation for Consolidated Businesses		699		458		74		1,492		2.6
Total Equity-Based Compensation	$	6,411	$	6,236	$	3,861	$	10,420

Changes in Stock Appreciation Rights

Activity with respect to SARs during the years ended December 31, 2013, 2012 and 2011 was as follows:

	Number of SARs			Weighted Average Base Price		Weighted Average Fair Value
Outstanding as of December 31, 2010		3,971,885		$	7.45	$	4.43
Granted		275,625		$	12.15	$	6.58
Exercised ⁽¹⁾		(100,119	)	$	9.74	$	5.82
Outstanding as of December 31, 2011		4,147,391		$	7.71	$	4.54
Granted		260,125		$	9.25	$	4.90
Exercised ⁽¹⁾		(54,873	)	$	7.89	$	4.65
Forfeited		(1,598	)	$	10.54	$	5.83
Cancelled		(12,795	)	$	6.70	$	3.93
Outstanding as of December 31, 2012		4,338,250		$	7.80	$	4.56
Granted		2,500		$	16.19	$	9.83
Exercised ⁽¹⁾		(3,045,700)		$	14.42	$	8.64
Forfeited		(62,242)		$	10.25	$	5.51
Outstanding as of December 31, 2013		1,232,808		$	8.86	$	4.99

⁽¹⁾	The exercise of SARs listed in this table resulted in the issuance of 992,390 shares, 9,818 shares and 20,229 shares of ICG’s Common Stock during the years ended December 31, 2013, 2012 and 2011.

Summary of Information about Stock Appreciation Rights Outstanding

The following table summarizes information about SARs outstanding as of December 31, 2013:

Grant Price	Number of SARs Outstanding		Number of SARs Exercisable		Weighted Average Remaining Contractual Life of SARs Outstanding (in years)		Aggregate Intrinsic Value of SARs Outstanding as of Dec. 31, 2013 (in thousands)
$6.70-$7.00		530,557		505,366		6.02	$	6,322,045
$7.34-$8.76		139,602		130,288		4.98	$	1,434,848
$9.50-$16.19		562,649		330,391		7.41	$	4,289,943
		1,232,808		966,045			$	12,046,835

Changes in Stock Options

Activity with respect to stock options during the years ended December 31, 2013, 2012 and 2011 was as follows:

	Number of Options			Weighted Average Base Price		Weighted Average Fair Value
Outstanding as of December 31, 2010		311,169		$	16.64	$	14.30
Exercised ⁽¹⁾		(18,725	)	$	8.06	$	6.22
Cancelled		(109,236	)	$	42.07	$	36.36
Outstanding as of December 31, 2011		183,208		$	6.25	$	4.97
Exercised ⁽¹⁾		(173,208	)	$	6.03	$	4.83
Forfeited		(21	)	$	8.41	$	4.96
Cancelled		(8,229	)	$	10.62	$	8.16
Outstanding as of December 31, 2012		1,750		$	6.91	$	4.14
Exercised ⁽¹⁾		(1,500	)	$	7.34	$	4.42
Outstanding as of December 31, 2013		250		$	4.30	$	2.47

⁽¹⁾	ICG received cash of less than $0.1 million, $1.0 million and $0.2 million related to stock options exercised during the years ended December 31, 2013, 2012 and 2011.

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 years ended December 31, 2013, 2012 and 2011:

	Years Ended December 31,
	2013			2012			2011
Expected volatility		56	%		56	%		56	%
Average expected life of SAR (in years)		6.25			6.25			5.25-6.25
Risk-free interest rate		1.86	%		0.92	%		1.62-1.97	%
Dividend yield		0	%		0	%		0	%

Changes in Restricted Stock

Share activity with respect to restricted stock awards during the years ended December 31, 2013, 2012 and 2011 was as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Issued and unvested as of December 31, 2010		60,500		$	8.23
Granted		1,181,910		$	9.15
Vested		(16,625	)	$	8.12
Issued and unvested as of December 31, 2011		1,225,785		$	9.12
Granted		116,973		$	9.11
Vested		(124,920	)	$	10.01
Forfeited		(375	)	$	12.15
Issued and unvested as of December 31, 2012		1,217,463		$	9.03
Granted		183,190		$	13.35
Vested		(202,689	)	$	10.02
Forfeited		(12,893	)	$	10.55
Issued and unvested as of December 31, 2013		1,185,071		$	9.52

Changes in Deferred Stock Units Related to Annual Grants

Share activity with respect to the annual DSU awards for the years ended December 31, 2013, 2012 and 2011 are as follows:

	Number of DSUs			Weighted Average Grant Date Fair Value
Issued and unvested as of December 31, 2010		31,500		$	6.80
Granted		60,000		$	13.32
Vested		(39,000	)	$	8.05
Issued and unvested as of December 31, 2011		52,500		$	13.32
Granted		41,250		$	8.40
Vested		(52,500	)	$	13.32
Issued and unvested as of December 31, 2012		41,250		$	8.40
Granted		29,250		$	13.09
Vested		(41,250	)	$	8.40
Issued and unvested as of December 31, 2013		29,250		$	13.09

Summary of Share Activity with Respect to Deferred Stock Units

Share activity with respect to periodically-issued DSUs for the years ended December 31, 2013, 2012 and 2011 was as follows:

	Number of DSUs			Weighted Average Grant Date Fair Value
Issued and unvested as of December 31, 2010		—		$	—
Granted		13,571		$	12.02
Vested		(13,571	)	$	12.02
Issued and unvested as of December 31, 2011		—		$	—
Granted		32,923		$	9.42
Vested		(32,923	)	$	9.42
Issued and unvested as of December 31, 2012		—		$	—
Granted		30,540		$	12.30
Vested		(30,540	)	$	12.30
Issued and unvested as of December 31, 2013		—		$	—

- 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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