XML 67 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Incentive Compensation Plan
12 Months Ended
Dec. 31, 2011
Incentive Compensation Plan [Abstract]  
Incentive Compensation Plan

7. INCENTIVE COMPENSATION PLAN

The Company's Incentive Compensation Plan (the "Bonus Plan"), which was adopted effective as of September 1, 2011 in connection with the Internalization, is the plan pursuant to which the Company pays discretionary bonus awards ("Bonus Awards") to eligible employees. The Bonus Plan was filed with the Securities and Exchange Commission on September 1, 2011. Bonus Awards are paid annually, and the Company expects to make distributions for 2011 after the fiscal year-end and the filing of the Company's annual report on Form 10-K. The amount of each employee's Bonus Award is calculated at the discretion of the Compensation Committee of the board of directors (the "Compensation Committee") after consideration of the Company's performance, the employee's bonus target and performance for the applicable fiscal year and the Bonus Pool (as defined in the Plan) made available for Bonus Awards for the applicable fiscal year. The Compensation Committee has discretion to determine the total amount to be distributed from the Bonus Pool, and, subject to certain restrictions under the Plan, it also has discretion to determine what portion of each award will be paid in cash and what portion of each award will be paid in shares of restricted stock of the Company.

For the period from September 1, 2011 to December 31, 2011, the Compensation Committee elected to award the Company's employees an aggregate of $2.5 million in Bonus Awards under the Bonus Plan. Approximately $0.5 million of the aggregate Bonus Award amount will be paid in cash in 2012 and was accrued during the fiscal year ended December 31, 2011. The remaining $2.0 million will be paid in shares of restricted stock to be granted in 2012, with $0.1 million and $1.9 million vesting over a three year and five year period, respectively.