Equity-Based Compensation

6 Months Ended

Jun. 30, 2013

Equity-Based Compensation

Equity-Based Compensation

9. Equity-Based Compensation

        Each of the Company's three independent directors received 5,000 shares of restricted stock in connection with the commencement of the Offering. Then in connection with their re-election to the board of directors, each of the Company's independent directors received: (i) 2,500 shares in June 2010 and 2011; and (ii) 3,500 shares in June 2013. The restricted stock granted prior to 2013 generally vests over four years and the restricted stock granted in 2013 generally vests over two years; provided, however, that the restricted stock will become fully vested on the earlier occurrence of: (i) the termination of the independent director's service as a director due to his or her death or disability; or (ii) a change in control of the Company. Total equity-based compensation cost recognized in connection with the granting of the restricted stock is $0.4 million, which is recorded in general and administrative expenses ratably over the applicable vesting period.

        For the three and six months ended June 30, 2013, the Company recognized $19,368 and $36,243 of equity-based compensation expense, respectively, related to the issuance of restricted stock, which was recorded in general and administrative expenses in the consolidated statements of operations. For the three and six months ended June 30, 2012, the Company recognized $13,734 and $26,390 of equity-based compensation expense, respectively, which was recorded in general and administrative expenses in the consolidated statements of operations.