Stock Compensation Plans

6 Months Ended

Jun. 30, 2015

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

Performance Based Awards

On March 9, 2015, the Company granted performance stock unit awards (“2015 Performance Awards”) to employees. The awards provide a target number of shares that vest equally over three years, with the first vesting occurring on February 23, 2016. In addition to meeting service conditions, the number of performance stock units to be received depends on the attainment of defined Company-wide performance goals for 2015 based on adjusted return on invested capital over a one year performance period. The number of performance stock units ultimately earned will range between zero to 200% of the target award.

A summary of performance based unvested stock unit activity at target is as follows:



(stock units in thousands)	Target Number of Units		Weighted Average Fair Value
Unvested performance stock unit awards, at December 31, 2014	—		—
2015 Performance Awards granted	217		$	18.10
2015 Performance Awards forfeited	(3	)	18.23
Unvested performance stock unit awards, at June 30, 2015^(a)	214		$	18.10

^(a) For the 2015 Performance Awards, participants in the aggregate can earn up to a maximum of 428 thousand performance stock units.

The Company expenses the grant date fair value of the awards which are probable of being earned in the performance period over the respective service period. Compensation cost on performance based awards was $0.8 million and $1.1 million for the three and six months ended June 30, 2015. As of June 30, 2015, at target performance, $3.4 million of unrecognized compensation cost related to performance based awards is expected to be recognized over a weighted-average period of 2.6 years.