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Long-term Incentive Plan (Notes)
3 Months Ended
Mar. 31, 2015
LTIP [Abstract]  
Long-term Incentive Plan
NOTE 8 — LONG-TERM INCENTIVE PLAN
During 2013, the Board of Directors approved the terms and conditions of performance share awards issued pursuant to the Churchill Downs Incorporated 2007 Omnibus stock incentive plan (the "New Company LTIP"). As a way to continue to encourage innovation, an entrepreneurial approach, and careful risk assessment, and in order to retain key executives, the New Company LTIP offers long-term incentive compensation to the Company's named executive officers and other key executives ("Grantees") as reported in the Company's Schedule 14A Proxy Statement filing.
During the three months ended March 31, 2015, Grantees and certain Big Fish Games employees received approximately 131,000 restricted shares of the Company's common stock vesting over service periods ranging from seven months to three years. During 2013, the Grantees received 92,000 restricted shares of the Company's common stock vesting over approximately four years and 324,000 restricted shares of the Company's common stock with vesting contingent upon the Company's common stock reaching certain closing prices on NASDAQ for 20 consecutive trading days.
During the years ended December 31, 2014 and 2013, the Company's closing stock price achieved the twenty consecutive trading days closing stock price requirement for 239,500 restricted shares. During the three months ended March 31, 2015, the Company's closing stock price achieved the stock price requirement for the final 84,500 restricted shares.
During the three months ended March 31, 2015, the Company recognized $1.8 million of compensation expense included in selling general and administrative expenses related to service period awards under the New Company LTIP, which includes compensation expense for the Big Fish Games employee grant. As of March 31, 2015, unrecognized compensation expense attributable to unvested service period awards was $13.6 million. The weighted average period over which the Company expects to recognize the remaining compensation expense under service period awards approximates 20 months at March 31, 2015. There is no remaining unrecognized expense under the market condition awards.