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STOCK-BASED COMPENSATION
9 Months Ended
Sep. 30, 2014
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

7. STOCK-BASED COMPENSATION

        The Company has several stock-based compensation programs. See the Annual Report on Form 10-K filed with the SEC on March 6, 2014—"Item 8. Financial Statements and Supplementary Data—Note 15, Stock-based compensation" for a discussion of these programs.

        In April 2014, the Company's Board of Directors approved performance criteria for the 2014 sub-tranche under the 2013 Equity Incentive Plan in respect of 742,100 RSUs with a weighted average per unit grant date fair value of $8.36.

        In 2014, the Company's Board of Directors approved the grant of an additional 887,407 RSUs to the Company's employees, at no cost, upon the satisfaction of 2014, 2015 and 2016 performance-based vesting conditions, exercisable on a staggered basis over a period of four years from grant.

        The Company recognized $1.1 million and $2.6 million of expense attributable to RSUs in the three and nine months ended September 30, 2014, respectively.

        The Company estimates that the total compensation expense related to awards approved under the 2013 Plan not yet recognized as of September 30, 2014 approximates $11.9 million, of which $3.7 million relates to RSUs granted in 2013 and 2014 and $8.2 million relates to RSUs for which performance criteria for 2015 and following years have not been set, which is expected to be expensed over a weighted average period of 2.9 years. The Company expects to settle employee RSU exercises out of treasury stock.