Stock-Based and Other Non-Cash Long-Term Incentive Compensation

3 Months Ended

Mar. 31, 2014

Stock-Based and Other Non-Cash Long-Term Incentive Compensation

Stock-Based and Other Non-Cash Long-Term Incentive Compensation

12. Stock-Based and Other Non-Cash Long-Term Incentive Compensation

As more fully discussed in Note 17 to the audited consolidated financial statements in our 2013 Form 10-K, the Company maintains certain stock-based and other long-term incentive compensation plans.  During June 2013, the Company amended two such plans (as amended, collectively, the “2013 Amended LTIP Plans”), effective immediately following the Initial Public Offering (Note 1).  Under the terms of the 2013 Amended LTIP Plans, in lieu of a cash payment based on the future appreciation of the Company’s common stock, as provided under the original plans, eligible participants and non-employee directors received deferred stock awards pursuant to which they are eligible to receive up to 927,000 shares of our common stock.

During the three months ended March 31, 2014, the Company granted new restricted stock awards to senior executive officers, key managers and independent directors.  Underlying those awards were 117,007 shares of the Company’s common stock.  Of those restricted stock awards (i) 106,375 shares will vest in their entirety on the third anniversary of the date of grant of the award if the individual remains an employee of the Company and (ii) 10,632 shares will vest in their entirety on the first business day immediately prior to the Company’s 2015 Annual Meeting of Stockholders if the individual remains an independent director of the Company.

During the three months ended March 31, 2014 and 2013, the Company recorded $0.8 million and $1.6 million, respectively, of expense for all of its stock-based and other non-cash long-term incentive compensation programs in selling, general and administrative expenses in the accompanying unaudited consolidated statements of operations.