Equity Compensation Plans

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Equity Compensation Plans

EQUITY COMPENSATION PLANS

On June 12, 2014, the Company’s stockholders approved the 2013 Plan. The 2013 Plan is to be administered by the compensation committee; provided, however, that except as otherwise expressly provided in the 2013 Plan, the Board may exercise any power or authority granted to the compensation committee under the 2013 Plan. As of March 31, 2015, the total number of shares of common stock that may be subject to the granting of awards under the 2013 Plan based on the grants issued (as discussed below) is equal to 15,500,000 shares (subject to increase in accordance with the terms of the 2013 Plan). As of March 31, 2015, a total of 84,242 shares of common stock were issued under the 2013 Plan.

	Three Months Ended   March 31, 2015
	Outstanding
	RSUs	Weighted Average Exercise Price
December 31, 2014	142,110	$	25.93
Granted	455,567	25.24
Vested	—	—
Exercised	—	—
Canceled	—	—
March 31, 2015	597,677	$	25.40

During the three months ended March 31, 2015, the Board approved grants totaling of 447,925 RSUs to certain employees of the Company under the 2013 Plan, with grant-date fair values ranging from $23.43 to $27.05 per unit and vesting periods ranging from 24 months to 57.5 months. In addition, 234,523 RSUs are subject to an EBITDA performance condition that must be achieved in the final vesting year.

On March 17, 2015, the Board approved grants to certain directors of Platform totaling 7,642 RSUs, effective March 25, 2015, with a grant-date fair value of $27.05. The RSUs will vest on March 17, 2016, provided that they continue to serve as directors of Platform through the vesting date. Each RSU represents a contingent right to receive one share of our common stock.

For the three months ended March 31, 2015 and 2014, total compensation expense associated with all RSUs totaled $0.7 million and zero, respectively.

On March 6, 2014, the Board approved a grant of 329,823 RSUs, effective on June 12, 2014 with approval of the 2013 Plan, to certain employees that cliff vest on December 31, 2020. The RSUs are subject to an EBITDA performance condition and a share price market condition. Additionally, the number of shares of common stock to be issued is limited to a maximum cash value, requiring these awards to be classified as liabilities. The combined undiscounted maximum cash value of all RSUs issued is approximately $7.1 million which is being recognized as compensation expense over the period from grant to the vesting date. For the three months ended March 31, 2015 and 2014, compensation expense associated with these awards totaled $0.3 million and zero, respectively.

During the three months ended March 31, 2015, the Company established a Long Term Cash Bonus plan, or LTCB, which provides participants the right to receive bonuses totaling $45.6 million upon completion of vesting periods ranging from 24.5 to 60 months. Approximately $12.5 million of the LTCB is subject to achieving a certain stock price target of Platform's common stock on the NYSE, subject to appropriate and equitable adjustments by the Board's compensation committee in the event Platform’s common stock is no longer publicly traded. The balance of the LTCB is subject to EBITDA performance targets that must be achieved, subject to appropriate and equitable adjustments by the Board's compensation committee to reflect any subsequent acquisition, divestiture or other corporate reorganizations. For the three months ended March 31, 2015, compensation expense associated with the LTCB totaled $1.0 million.

Effective March 6, 2014, the Board adopted the ESPP, which was approved by the Company’s stockholders on June 12, 2014. The Board approved a maximum of 5,178,815 shares of common stock, which were reserved and made available for issuance under the ESPP. As of March 31, 2015, a total of 19,125 shares have been issued under the ESPP, and 575 persons were eligible to participate in the ESPP.