EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2013

Equity-based compensation

Schedule of equity-based compensation expense

Equity-based compensation expense for 2013, 2012 and 2011 was (in thousands):

	2013		2012		2011
Included in corporate general and administrative salaries and other compensation in the consolidated statements of operations
Stock options	$	622	$	700	$	441
Time-based restricted stock	611		214		—
Performance-based restricted stock	548		171		—
	1,781		1,085		441
Included in corporate general and administrative other in the consolidated statements of operations
Director stock	343		120		39
	$	2,124	$	1,205	$	480

Stock Options

Equity-based compensation

Schedule of assumptions used to compute the fair value of stock options granted was estimated using a Black-Scholes valuation model

The fair value of stock options granted was estimated using a Black-Scholes valuation model and the following assumptions:

	2011
Expected dividend yield	5.09		%
Expected stock price volatility	56.6		%
Risk-free interest rate	2.57		%
Expected life of options (in years)	6.5
Weighted average estimated fair value of options at grant date per share	$	3.48

Schedule of stock option activity

The following table summarizes stock option activity under our 2011 Equity Incentive Plan for 2013, 2012 and 2011:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Terms	Aggregate Intrinsic Value (Current Value Less Exercise Price)
			(Per share)		(In years)	(In thousands)
Outstanding at December 31, 2010	—		$	—
Granted	940,000		9.75
Exercised	—		—
Forfeited	—		—
Outstanding at December 31, 2011	940,000		9.75
Granted	—		—
Exercised	—		—
Forfeited	(47,000	)	9.75
Outstanding at December 31, 2012	893,000		9.75
Granted	—		—
Exercised	—		—
Forfeited	—		—
Outstanding at December 31, 2013	893,000		$	9.75	7.2	$	—
Exercisable at December 31, 2013	357,200		$	9.75	7.2	$	—

Restricted Stock Awards | Time-Based

Equity-based compensation

Schedule of restricted stock awards

The following table summarizes time-based restricted stock activity under our 2011 Equity Incentive Plan for 2013 and 2012:

	Number of Shares		Weighted Average Grant Date Fair Value		Aggregate Current Value
			(Per share)		(In thousands)
Non-vested December 31, 2011	—		$	—
Granted	110,137		7.78
Vested	(27,534	)	7.78
Forfeited	—		—
Non-vested December 31, 2012	82,603		7.78
Granted	106,518		9.78
Vested	(27,534	)	7.78
Forfeited	—		—
Non-vested December 31, 2013	161,587		$	9.10	$	1,454

Restricted Stock Awards | Performance-Based

Equity-based compensation

Schedule of restricted stock awards

	Number of Shares	Weighted Average Grant Date Fair Value		Aggregate Current Value
		(Per share)		(In thousands)
Non-vested December 31, 2011	—	$	—
Granted	82,602	$	7.78
Vested	—	$	—
Forfeited	—	$	—
Non-vested December 31, 2012	82,602	$	7.78
Granted	185,572	$	7.09
Vested	—	$	—
Forfeited	—	$	—
Non-vested December 31, 2013	268,174	$	7.30	$	2,414

Schedule of assumptions used to compute the fair value of performance-based restricted stock awards granted was estimated using a Monte Carlo simulation valuation model

	2013			2012
Expected dividend yield	4.52		%	5.58		%
Expected stock price volatility	38.5		%	44.7		%
Risk-free interest rate	0.147 - 0.513		%	0.146 - 0.428		%
Monte Carlo iterations	100,000			100,000
Weighted average estimated fair value of performance-based restricted stock awards	$	7.09		$	5.10