Stock-Based Compensation Arrangements

3 Months Ended

Mar. 31, 2014

Stock-Based Compensation Arrangements [Abstract]

Stock-Based Compensation Arrangements

Note 10 – 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
		March 31,
	2014		2013
G&A Expenses	$	971	$	832
Capitalized G&A		163		859
Total non-cash stock-based compensation	$	1,134	$	1,691

At March 31, 2014, total compensation cost related to awards not yet recognized was approximately $10.1 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 2013 or 2014.  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, 2014	120	$	7.55
Forfeited	(1)		6.68
Balance outstanding - March 31, 2014	119	$	7.56	4.1	$	-
Currently exercisable - March 31, 2014	119	$	7.56	4.1	$	-

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 outstanding as of March 31, 2014is presented below:

				Weighted
				Average Grant
				Date Fair
		Number of		Value per
		Shares		Share
Balance outstanding - January 1, 2014		628	$	7.44
Granted		548		8.75
Vested		(283)		8.71
Forfeited		(51)		6.04
Balance outstanding - March 31, 2014		842	$	5.72
Total grant date fair value of shares vesting during the period	$	2,622

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 March 31, 2014 are presented below:

			Weighted
			Average Grant
			Date Fair
	Number of		Value per
	Shares		Share
Balance outstanding - January 1, 2014	707	$	11.01
Granted	516		8.29
Forfeited	(86)		10.36
Balance outstanding - March 31, 2014	1,137	$	9.83