Equity Incentive Plans

12 Months Ended

Dec. 31, 2015

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

13.	Equity Incentive Plans

The Company’s shareholders approved the 2015 Equity Incentive Plan (the “2015 Plan”) at the 2015 annual meeting of shareholders held on May 6, 2015, which provides for the grant of awards to all employees, officers, directors and other individuals providing bona fide services to the Company, the Company’s manager, or any affiliate of the Company or its manager. Awards may consist of stock options (including incentive stock options qualifying under Code section 422 and nonstatutory stock options), stock appreciation rights, restricted stock awards, phantom stock, other stock-based awards, or any combination of the foregoing. The awards granted under the 2015 Plan typically vest over a period of five years from grant date. The 2015 Plan is administered by the compensation and governance committee or by any other committee appointed by the board of directors or, in the absence of such a committee, by the board of directors. At December 31, 2015, 1,176,333 awards relating to shares of common stock remained available for grant under the 2015 Plan. Unless previously terminated by the board of directors, awards may be granted under the 2015 Plan until the tenth anniversary of the date that the Company’s board of directors adopted such plan. Upon the approval of the 2015 Plan by the shareholders on May 6, 2015, the 2015 Plan replaced the 2010 Equity Incentive Plan (the “2010 Plan”). The Company will no longer make any grants under the 2010 Plan (although awards previously made under the 2010 Plan that are outstanding will remain in effect in accordance with the terms of that plan and the applicable award agreements).

Restricted Stock Awards

During the year ended December 31, 2015, the Company issued an aggregate of 19,383 shares of restricted common stock to independent directors of the Company under the 2010 Plan, an aggregate of 323,667 shares of restricted common stock to executive officers and employees of the Company and its manager under the 2015 Plan, and 102,462 shares of restricted common stock to certain employees of PAM as employment inducement awards in accordance with New York Stock Exchange standards. For the year ended December 31, 2015, the Company issued an aggregate of 445,512 shares of restricted common stock, including the 102,462 shares issued in conjunction with the Pingora acquisition, and recognized an expense of $408 related to the vesting of these shares. The outstanding share grants vest over a five year period. The fair market value of the shares granted was determined by the closing stock market price on the date of grant. The Company also recognized $3,848 of compensation expense in the current year related to restricted shares issued in prior years. At December 31, 2015, the Company had unrecorded compensation expense of $15,080 related to the unvested shares of restricted common stock granted. This expense is expected to be recognized over a weighted average remaining period of 3.8 years as of December 31, 2015. The following table presents information about the Company’s restricted stock awards for the periods presented:

	2015					2014
				Weighted					Weighted
	Shares of			Average		Shares of			Average
	Restricted			Price on		Restricted			Price on
	Stock			Grant Date		Stock			Grant Date
Shares non-vested at beginning of year		653,291		$	21.37		542,248		$	23.22
Granted		445,512			15.68		269,635			19.30
Cancelled/forfeited		-			-		-			-
Vested		(187,661	)		22.77		(140,592	)		24.32
Shares non-vested at end of year		911,142		$	18.30		653,291		$	21.37

The total fair value of restricted stock awards vested during the years ended December 31, 2015, 2014 and 2013 were $2,961, $2,658 and $1,871, respectively, based upon the fair market value of the Company’s common stock on the vesting date.