Stock-Based Compensation Arrangements

3 Months Ended

Mar. 31, 2015

Stock-Based Compensation Arrangements [Abstract]

Stock-Based Compensation Arrangements

Note 12 – 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.  We have not granted any restricted stock or stock options during 2015. 

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,
	2015		2014
G&A Expenses	$	(10)	$	971
Capitalized G&A		(29)		163
Total non-cash stock-based compensation	$	(39)	$	1,134

At March 31, 2015, total compensation cost related to awards not yet recognized was approximately $3.4 million and is expected to be recognized over a weighted average period of less than two years.

Stock Options

The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. Information relating to outstanding stock options is summarized as follows:

	Number of		Weighted	Weighted
	Shares		Average	Average		Aggregate
	Underlying		Exercise Price	Contractual		Intrinsic
	Options		per Share	Life in Years		Value
Balance outstanding - January 1, 2015	107	$	7.76
Expired	(87)		8.21
Balance outstanding - March 31, 2015	20	$	5.83	3.4	$	-
Currently exercisable - March 31, 2015	20	$	5.83	3.4	$	-

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 outstanding as of March 31, 2015is presented below:

				Weighted
				Average Grant
		Number of		Date Fair Value
		Shares		per Share
Balance outstanding - January 1, 2015		740	$	4.93
Vested		(245)		5.90
Forfeited		(27)		5.69
Balance outstanding - March 31, 2015		468	$	4.40
Total grant date fair value of shares vesting during the period	$	38.3

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.   We have not granted any performance-based share awards during 2015

The status of the performance-based share awards as of March 31, 2015is presented below:

			Weighted
			Average Grant
	Number of		Date Fair Value
	Shares		per Share
Balance outstanding - January 1, 2015	424	$	8.05
Forfeited	(26)		7.91
Balance outstanding - March 31, 2015	398	$	8.05

For discussion of the potential impact of our filing under Chapter 11 of the Bankruptcy Code on our equity, see Note 3 – Voluntary Reorganization under Chapter 11.