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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2013
Stock options
  
Share-based compensation disclosures  
Stock option transactions under various stock-based employee compensation plans

 

 

Options
  Shares   Weighted-
Average
Exercise
Price		   Weighted-
Average
Remaining
Contractual
Term		   Aggregate
Intrinsic
Value		  
 
   (In thousands, except exercise price)
  

Options outstanding as of December 31, 2012

     22,464   $ 20.53            

Granted

     63     16.06            

Exercised

     (577 )   9.34            

Surrendered(1)

     —     9.18            

Forfeited

     (3,564 )   19.36            
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Options outstanding as of December 31, 2013

     18,386   $ 21.10   3.22 years   $ 51,136  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Options exercisable as of December 31, 2013

     17,837   $ 21.10   3.06 years   $ 50,818  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Represents unexercised vested stock options that were surrendered by employees, to satisfy the option exercise price and related income taxes. See related discussion at Note 15—Common Shares.
Schedule of weighted-average assumptions used to value awards granted during the period

 

 

 
   Year Ended December 31,
 
   2013   2012   2011

Weighted average fair value of options granted

   $6.05   $9.40   $6.24

Weighted average risk free interest rate

   0.79%   0.63%   0.65%

Dividend yield

   0.84%   0%   0%

Volatility(1)

   51.01%   55.74%   51.09%

Expected life

   4.0 years   4.0 years   4.0 years
(1)
Expected volatilities are based on implied volatilities from publicly traded options to purchase Nabors' common shares, historical volatility of Nabors' common shares and other factors.
Unvested stock options

 

 

Unvested Stock Options
  Outstanding   Weighted-Average
Grant-Date Fair
Value		  
 
   (In thousands, except fair value)
  

Unvested as of December 31, 2012

     1,626   $ 5.62  

Granted

     63     6.05  

Vested

     (1,075 )   3.97  

Forfeited

     (65 )   5.47  
           
​ ​ ​ ​ ​ ​ ​ ​

Unvested as of December 31, 2013

     549   $ 8.88  
           
​ ​ ​ ​ ​ ​ ​ ​
Restricted Stock
  
Share-based compensation disclosures  
Unvested restricted stock

 

 

Restricted stock
  Outstanding   Weighted-Average
Grant-Date Fair
Value		  
 
   (In thousands, except fair value)
  

Unvested as of December 31, 2012

     1,781   $ 23.42  

Granted

     4,493     16.43  

Vested

     (2,262 )   18.48  

Forfeited

     (248 )   20.07  
           
​ ​ ​ ​ ​ ​ ​ ​

Unvested as of December 31, 2013

     3,764   $ 18.26  
           
​ ​ ​ ​ ​ ​ ​ ​
Restricted Stock Based on Market Conditions
  
Share-based compensation disclosures  
Schedule of weighted-average assumptions used to value awards granted during the period

The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions during 2013:

Risk free interest rate

     0.41 %

Expected volatility

     46.00 %

Closing stock price

   $ 16.53  

Expected term (in years)

     2.82  
Unvested restricted stock

 

 

Market based restricted stock
  Outstanding   Weighted-Average
Grant-Date Fair
Value		  
 
   (In thousands, except fair value)
  

Outstanding as of December 31, 2012

     —   $ —  

Granted

     354     10.42  

Vested

     —     —  

Forfeited

     —     —  
           
​ ​ ​ ​ ​ ​ ​ ​

Outstanding as of December 31, 2013

     354   $ 10.42  
           
​ ​ ​ ​ ​ ​ ​ ​