Stock-Based Compensation Arrangements

6 Months Ended

Jun. 30, 2013

Stock-Based Compensation Arrangements [Abstract]

Stock-Based Compensation Arrangements

Note 8 – Stock-Based Compensation Arrangements

We grant restricted stock and stock options to employees and directors as incentive compensation.  The restricted stock and options generally vest over three years.  Non-cash stock-based compensation is recorded in general and administrative (“G&A”) expenses or capitalized G&A as follows:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
	2013		2012		2013		2012
G & A Expenses	$	1,314	$	1,141	$	1,632	$	2,258
Capitalized G & A		203		415		1,575		856
Total non-cash stock-based compensation	$	1,517	$	1,556	$	3,207	$	3,114

At June 30, 2013, total compensation cost related to awards not yet recognized was approximately $9.6 million and is expected to be recognized over a weighted average period of less than three years.

Stock Options

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. We did not grant any stock options during 2012 or 2013.  Information relating to outstanding stock options is summarized as follows:

			Weighted	Weighted
	Number of		Average	Average
	Shares		Exercise	Contractual		Aggregate
	Underlying		Price per	Life in		Intrinsic
	Options		Share	Years		Value
Balance outstanding - January 1, 2013	188	$	6.72
Forfeited	(1)		8.72
Balance outstanding - June 30, 2013	187	$	6.71	5.0	$	4
Currently exercisable - June 30, 2013	187	$	6.71	5.0	$	4

Restricted Stock

Restricted stock awards are valued based on the closing price of our common stock on the measurement date, which is typically the date of grant.  The status of the restricted shares granted as of June 30, 2013 and the changes during the six months ended June 30, 2013 are presented below:

				Weighted
				Average Grant
				Date Fair
		Number of		Value per
		Shares		Share
Balance outstanding - January 1, 2013		754	$	10.11
Granted		562		5.23
Vested		(335)		10.14
Forfeited		(116)		7.29
Balance outstanding - June 30, 2013		865	$	7.37
Total grant date fair value of shares vesting during the period	$	3,397

Performance-Based Share Awards

Certain of our executive officers were granted a target number of performance shares under individual Performance Unit Award Agreements.  The performance shares will be earned as the relative total shareholder return ranking is measured among a designated peer group at the end of a three-year performance period.  Payouts will be based on a predetermined schedule at the end of the performance period. The shares issued may range from 0% to 200% of the number of Performance Units specified in the agreements. The fair value of each performance-based award is estimated on the date of grant using a Monte Carlo simulation model.

The status of the performance-based share awards as of June 30, 2013  and the changes during the six months ended June 30, 2013 are presented below:

			Weighted
			Average Grant
			Date Fair
	Number of		Value per
	Shares		Share
Balance outstanding - January 1, 2013	357	$	16.72
Granted	562		7.41
Forfeited	(16)		10.56
Balance outstanding - June 30, 2013	903	$	11.04