Equity

9 Months Ended

Sep. 30, 2013

Equity

Equity

Note10. Equity

Stock-Based Payments

2010 Equity Incentive Plan and Directors Incentive Plan — 2010 Incentive Plan

We maintain the 2010 Equity Incentive Plan, which authorizes the issuance of shares of our common stock to our officers and officers and employees of the subadvisor, who perform services on our behalf, and to non-director members of the investment committee through stock-based awards. The 2010 Equity Incentive Plan provides for the grant of RSUs and dividend equivalent rights. We also maintain the Directors Incentive Plan — 2010 Incentive Plan, which authorizes the issuance of shares of our common stock to our independent directors. The Directors Incentive Plan — 2010 Incentive Plan provides for the grant of RSUs and dividend equivalent rights. A maximum of 4,000,000 awards may be granted, in the aggregate, under these two plans, of which 3,919,802shares remained available for future grants at September 30, 2013. In April 2013, 45,000 RSUs were issued to employees of our subadvisor, which vest over three years. We issued 1,000 RSUs to each of our four independent directors during June 2013 with a market price of $10.00 per unit, which vested immediately.

We recognized stock-based compensation expense associated with these awards of less than $0.1 million and of $0.1 million for the three and nine months ended September 30, 2013. We recognized stock-based compensation expense of$0.1million and $0.2 million for the three and nine months ended September 30, 2012, respectively, associated with these awards. Stock-based compensation expense is included within Corporate general and administrative expense in the consolidated financial statements.

We currently expect to recognize stock-based compensation expense totaling approximately $0.8 million over the remaining vesting period. The awards to employees of our subadvisor had a weighted-average remaining contractual term of 2.0 years at September 30, 2013. We have not recognized any income tax benefit in earnings for our share-based compensation arrangements since the inception of these two plans.