XML 61 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Equity-Based Compensation
6 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity-Based Compensation
Equity-Based Compensation
The Company adopted a long-term incentive plan, as amended (the “Plan”), which it may use to attract and retain qualified officers, directors, employees and consultants, as well as an independent directors compensation plan, which is a component of the Plan. Pursuant to the Plan, as of June 30, 2014, the Company’s independent directors were granted a total of 51,000 shares of restricted common stock issued at $9.00 per share. The Company awarded 3,500 shares of restricted common stock to each of the independent directors for the six months ended June 30, 2014 and 2013.
The Company recognized equity-based compensation expense of $31,181 and $19,368 for the three months ended June 30, 2014 and 2013, respectively, and $59,868 and $36,243 for the six months ended June 30, 2014 and 2013, respectively, related to the issuance of restricted stock to the independent directors, which was recorded in general and administrative expenses in the consolidated statements of operations.