Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Summary of Equity-Based Compensation Activity

The following table summarizes equity-based compensation activity related to restricted stock units and stock options as of and for the six months ended June 30, 2015:


	Restricted Stock	Stock
	Units	Options
Balance, January 1, 2015	40,472	652,500
Granted	85,680	—
Exercised (a)	—	(559,068)
Forfeited	(6,588)	—
Cancelled	—	—
Balance, June 30, 2015	119,564	93,432

As of June 30, 2015
Vested	—	93,432
Unvested (b)	119,564	—

(a) Cash received from stock option exercises for the six months ended June 30, 2015 was $2,013,000. The Company recorded a corporate income tax benefit relating to the options exercised during the six months ended June 30, 2015 of $2,361,000 in “Additional paid-in capital” in the accompanying Condensed Consolidated Balance Sheets and Condensed Consolidated Statement of Stockholders’ Equity.

(a)

In connection with a retirement agreement entered into with the Company’s President Emeritus as described in Note 11, Leadership Changes and Restructuring Activities, 7,576 unvested restricted stock units granted in October 2013 are expected to vest in August 2015 on an accelerated timeline. As such, incremental equity-based compensation expense of $107,000 was recognized during three and six months ended June 30, 2015.