Stock Compensation Plans

12 Months Ended

Dec. 31, 2014

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

We reserved 5.0 million shares for issuance to key management personnel and directors under the 2011 amended and restated long-term incentive and equity award plan. As of December 31, 2014, 3.1 million shares remain available for issuance under this plan. The plan permits the issuance of restricted stock and share units, as well as options, stock appreciation rights, and performance stock and performance stock unit awards. Awards under the plan can be satisfied in cash or shares at the discretion of the Board of Directors. According to the plan provisions, the share units provide the holders the right to receive one share of our Common Stock upon vesting of one share unit. The plan requires the exercise price of any option granted to equal the closing market price of our Common Stock on the date of grant.

Stock Options

On March 1, 2010, we formalized the Second Union Employee Option Plan that provided for a grant of up to 31,000 options, including the effect of the reverse stock split, to purchase our Common Stock at an exercise price equal to $3,600.00 per share, of which all have been granted. As a part of the union wage reduction, we agreed to award a certain equity interest to all effected union employees. These options vested immediately, will expire 10 years from the grant date, and were exercisable upon shareholder approval, which was received on June 29, 2010, at our annual shareholder meeting. There has been no activity in these stock options for the years ended December 31, 2014, 2013 and 2012.

The following table summarizes information about stock options outstanding as of December 31, 2014:



	Options Outstanding						Options Exercisable
	Shares	Weighted Average Remaining Contractual	Weighted Average		Aggregate		Shares	Weighted Average		Aggregate
Range of exercise prices	(in thousands)	Term (in years)	Exercise price		Intrinsic Value		(in thousands)	Exercise price		Intrinsic Value
$3,600 - $325,950	33	5.17	$	3,661.03	$	—	33	$	3,661.03	$	—

Restricted Stock

A summary of the activity of our nonvested restricted stock and share unit awards is presented in the following table:



	Shares (in thousands)		Weighted Average Grant-Date Fair Value
Unvested at December 31, 2011	270		11.60
Granted	586		$	11.34
Vested	(21	)	8.85
Forfeited	(83	)	11.63
Unvested at December 31, 2012	752		$	11.47
Granted	429		6.24
Vested	(405	)	10.27
Forfeited	(118	)	10.54
Unvested at December 31, 2013	658		$	8.96
Granted	975		15.83
Vested	(564	)	13.33
Forfeited	(26	)	15.38
Unvested at December 31, 2014	1,043		$	12.86

The intrinsic value of unvested shares as of December 31, 2014 was $23.5 million. We recognize expense on a straight-line basis over the vesting term. The vesting provisions for the restricted stock and share unit awards and the related number of shares granted during the year ended December 31 are as follows:



	Shares (in thousands)
Vesting Terms	2014	2013	2012
50% immediately and 50% on the 1 year anniversary of the grant date	456	187	—
50% on the 1 year anniversary of the grant date and 50% on the 2 year anniversary of the grant date	—	150	—
25% per year for four years	39	56	501
25% immediately and 25% on each employment anniversary thereafter	—	18	—
100% immediately	21	5	—
100% on February 20, 2013	—	—	72
33.3% immediately and 33.3% per year thereafter on the anniversary of the grant date	—	13	13
20% on February 28, 2015, 60% on July 31, 2015 and 20% on February 28, 2016	459	—	—
Total restricted stock and share units granted	975	429	586

As of December 31, 2014 and 2013, there was $5.1 million and $4.8 million, respectively, of unrecognized compensation expense related to nonvested share-based compensation arrangements. That expense is expected to be recognized over a weighted-average period of 1.1 years. The fair value of nonvested shares is determined based on the closing trading price of our shares on the grant date. The fair value of shares vested during the year ended December 31, 2014 was $12.2 million. The fair value of shares vested during the years ended December 31, 2013 and 2012 was not significant.

The outstanding awards under our stock compensation plans provide dividend participation features and are considered participating securities in our earnings per share calculation.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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