EQUITY-BASED COMPENSATION

6 Months Ended

Jun. 30, 2015

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

EQUITY—BASED COMPENSATION

On November 7, 2014, the Company's Board of Directors adopted the Neff Corporation 2014 Incentive Award Plan (the "2014 Incentive Plan"). The 2014 Incentive Plan became effective on November 7, 2014 and provides for the grant of options, restricted stock awards, performance awards, dividend equivalent awards, deferred stock awards, deferred stock unit awards, stock payment awards or stock appreciation rights to employees, consultants and directors of the Company.

For the three months ended June 30, 2015 and 2014, the Company recognized equity-based compensation expense of $0.3 million and $0.3 million, respectively. For the six months ended June 30, 2015 and 2014, the Company recognized equity-based compensation expense of $0.7 million and $0.5 million, respectively. Each option for Common Units of Neff Holdings can be redeemed for, at Neff Corporation's option, newly issued shares of Neff Corporation's Class A common stock on a 1-for-1 basis or for a cash payment equal to the market price of one share of Neff Corporation's Class A common stock.

NOTE 7—EQUITY—BASED COMPENSATION (Continued)

The following table summarizes equity-based compensation activity for the six months ended June 30, 2015 (in thousands):



	Neff Corporation		Neff Holdings
	RSUs	Options	Options
Balance as of January 1, 2015	85	270	1,265
Granted	4	19	—
Exercised	—	—	—
Forfeited	—	—	—
Balance as of June 30, 2015	89	289	1,265

Vested	18	—	1,261
Unvested	71	289	4
Total	89	289	1,265

At June 30, 2015, there were 1.1 million additional shares available for the Company to grant under the 2014 Incentive Plan.