XML 41 R22.htm IDEA: XBRL DOCUMENT v3.3.1.900
Equity-Based Compensation
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity-Based Compensation
ly 2011, we adopted the U.S. Silica Holdings, Inc. 2011 Incentive Compensation Plan (the “2011 Plan”), which was amended and restated in May 2015. The 2011 Plan provides for grants of stock options, stock appreciation rights, restricted stock and other incentive-based awards. We believe our 2011 Plan aligns the interests of our employees and directors with those of our common stockholders. At December 31, 2015, we have 5,990,943 shares of common stock which may be issued under the 2011 Plan.
Stock Options
The following table summarizes the status of and changes in our stock option grants during the year ended December 31, 2015:
 
Number of
Shares
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining Contractual Term in Years
Outstanding at December 31, 2014
983,054

 
$
22.42

 
 
Granted
401,873

 
30.14

 
 
Exercised
(27,893
)
 
16.91

 
 
Forfeited
(49,967
)
 
30.06

 
 
Outstanding at December 31, 2015
1,307,067

 
24.61

 
7.54 years
Exercisable at December 31, 2015
587,798

 
$
17.71

 
6.34 years

The total intrinsic value of stock options exercised was $0.4 million, $10.9 million and $5.9 million for the years ended December 31, 2015, 2014 and 2013 respectively. Cash received from options exercised in 2015 was $0.5 million. The actual tax benefit realized for the tax deductions from option exercises totaled $0.0 million, $4.2 million, and $2.3 million for the years ended December 31, 2015, 2014 and 2013, respectively.
We recognized $3.4 million, $1.9 million, and $2.0 million of equity-based compensation expense related to these options during the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there was $7.0 million of total unrecognized compensation expense related to these options, which is expected to be recognized over a weighted-average period of approximately 2.4 years.
Restricted Awards
Restricted awards include restricted stock, restricted stock units and performance share units. The following table summarizes the status of and changes in our unvested restricted stock awards during the year ended December 31, 2015:
 
Number of Shares
 
Grant Date Weighted
Average Fair Value
Unvested, December 31, 2014
380,750

 
$
26.55

Granted
507,131

 
27.46

Vested
(91,127
)
 
27.14

Forfeited
(120,701
)
 
23.86

Unvested, December 31, 2015
676,053

 
$
27.63


We recognized $0.5 million, $5.5 million and $1.0 million of equity-based compensation expense related to these restricted stock awards during the years ended December 31, 2015, 2014 and 2013 respectively. As of December 31, 2015, there was $7.5 million of total unrecognized compensation expense related to these restricted stock awards, which is expected to be recognized over a period of 2.2 years.