Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

Summary of Stock-Based Compensation Expense

The following table provides information regarding the amount and components of stock-based compensation expense, which except as described in Note 2 below, is included in general and administrative expenses in the accompanying Condensed Consolidated Statements of Operations (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Restricted stock units (RSUs) ⁽¹⁾	$	1,810		$	964		$	4,948		$	2,389
Stock options	1,056			779			3,074			3,577
New TMM units	176			384			937			1,296
Total stock compensation ⁽²⁾	$	3,042		$	2,127		$	8,959		$	7,262
Income tax expense recognized	$	(8	)	$	(1	)	$	(30	)	$	(7	)

⁽¹⁾Includes compensation expense related to time-based RSUs and performance-based RSUs.

⁽²⁾ Included in the table above for the nine months ended September 30, 2015 is $1.5 million of stock compensation expense related to the acceleration of vesting for equity awards held by Monarch employees. The sale of Monarch triggered a change in control provision provided for in the respective award agreements and plan document. The expense related to the acceleration of awards is included in transaction expenses from discontinued operations in the accompanying Condensed Consolidated Statement of Operations for the nine months ended September 30, 2015.

Summary of Activity of Stock Units

Stock Options – The following table summarizes the stock option activity for the nine months ended September 30, 2016:



	Shares		Weighted Average Exercise Price Per Share
Outstanding at December 31, 2015	1,507,765		$	21.07
Granted	1,142,531		11.58
Canceled/Forfeited	(55,683	)	14.36
Outstanding at September 30, 2016	2,594,613		$	17.04
Options exercisable at September 30, 2016	641,814		$	21.47

Summary of Stock Option Activity

The shares of Class B Common Stock/New TMM Units held by management and our Board of Directors outstanding as of September 30, 2016 were as follows:



	Class B Shares/New TMM Units		Weighted Average Grant Date Fair Value
Balance at December 31, 2015	1,312,874		$	5.45
Granted	—		—
Exchanges ⁽¹⁾	(96,444	)	4.52
Forfeited ⁽²⁾	(1,821	)	10.20
Balance at September 30, 2016	1,214,609		$	5.44

⁽¹⁾Exchanges during the period represent the exchange of a vested New TMM Unit along with the corresponding share of Class B Common Stock for a newly issued share of Class A Common Stock.

⁽²⁾Awards forfeited during the period represent the unvested portion of New TMM Unit awards for employees who have terminated employment with the Company and for which the New TMM Unit and the corresponding Class B Share have been canceled.

Class B Common Stock/New TMM Units [Member]

Summary of Activity of Stock Units

The shares of Class B Common Stock/New TMM Units held by management and our Board of Directors outstanding as of September 30, 2016 were as follows:



	Class B Shares/New TMM Units		Weighted Average Grant Date Fair Value
Balance at December 31, 2015	1,312,874		$	5.45
Granted	—		—
Exchanges ⁽¹⁾	(96,444	)	4.52
Forfeited ⁽²⁾	(1,821	)	10.20
Balance at September 30, 2016	1,214,609		$	5.44

⁽¹⁾Exchanges during the period represent the exchange of a vested New TMM Unit along with the corresponding share of Class B Common Stock for a newly issued share of Class A Common Stock.

Restricted Stock Units and Performance Based Restricted Stock Units [Member]

Summary of Activity of Stock Units

Restricted Stock Units – The following table summarizes the time-based RSU and performance-based RSU activity for the nine months ended September 30, 2016:



	Shares		Weighted Average Grant Date Fair Value
Balance at December 31, 2015	441,296		$	13.55
Granted	1,087,007		11.39
Vested	(13,787	)	19.66
Forfeited	(48,769	)	13.45
Balance at September 30, 2016	1,465,747		$	13.38