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Share-based payments
3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based payments
Share-based payments

During the three months ended March 31, 2014 and 2013, we granted 8,765 and 32,197 shares, respectively, of market-based restricted stock to certain members of executive management under our 2012 Equity Incentive Plan with a weighted average grant date fair value per share of $791.27 and $63.98, respectively.

Our directors each receive annual grants of restricted stock equal to $45,000 based on the market value of our common stock at the time of the annual stockholders meeting. This restricted stock vests and is issued after a one-year service period subject to each director attending at least 75% of the Board and committee meetings. No dividends are paid on the shares until the award is issued. During the three months ended March 31, 2014 and 2013, we granted no share-based payments to directors.

We recorded $3.3 million and $0.2 million of compensation expense related to these grants for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and 2013, we had an aggregate $30.0 million and $6.0 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 3.20 years and 5.20 years, respectively.