Share-Based Compensation

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Restricted Stock Awards – Restricted stock awards are a grant of shares of common stock that may not be sold, encumbered or disposed of, and that may be forfeited in the event of certain terminations of employment, prior to the end of a restricted period set by the Compensation Committee of the Board of Directors. A participant granted restricted stock generally has all of the rights of a stockholder, unless the Compensation Committee determines otherwise.

The following table summarizes information about restricted stock grants as of June 30, 2016:



Grant	Shares	Vesting Schedule	Unearned Compensation (in millions)		Remaining Periods (in months)
November 2013	470,997	3 equal annual installments commencing on October 20, 2014	$	0.2	4
October 2014	506,171	3 equal annual installments commencing on October 20, 2015	$	1.0	16
April 2015	27,174	3 equal annual installments commencing on October 20, 2015	$	0.1	16
July 2015	38,772	cliff vests as of October 20, 2018	$	0.2	28
October 2015	595,509	3 equal annual installments commencing on October 20, 2016	$	1.3	28
October 2015	138,888	fully vest as of October 20, 2016	$	0.1	4
January 2016	23,852	3 equal annual installments commencing on October 20, 2016	$	0.1	28
March 2016	38,758	3 equal annual installments commencing on October 20, 2016	$	0.1	28

As of June 30, 2016, there was approximately $3.1 million of unearned compensation expense related to non-vested share-based compensation arrangements granted under our equity incentive plans. This expense is subject to future adjustments for vesting and forfeitures and will be recognized on a straight-line basis over the remaining period listed above for each grant. As of June 30, 2016 and 2015, we estimated a forfeiture rate of 8.8% and 11.0%, respectively.

The following table summarizes information about the non-vested restricted stock grants for the six months ended June 30, 2016 and 2015:



	Six Months Ended June 30,
	2016				2015
	Shares (000’s)		Weighted- Average Grant-Date Fair Value		Shares (000’s)		Weighted- Average Grant-Date Fair Value
Nonvested at December 31	1,128		$	4.24	915		$	6.96
Granted	63		2.49		45		6.36
Forfeited	(21	)	4.88		(39	)	6.90
Nonvested at June 30	1,170		$	4.35	921		$	6.82

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details