2.4.0.8014 - Disclosure - Stockholders' Equitytruefalsefalse1falsefalsefalseContext_6ME__30-Jun-2013http://www.sec.gov/CIK0000086264duration2013-01-01T00:00:002013-06-30T00:00:001true1us-gaap_EquityAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false2us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;"><font style="display: inline; text-decoration: underline;">Note 8 – Stockholders’ Equity</font></font></div>
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<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Authorized and Issued Capital Stock</font></font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of June 30, 2013, the Company had 200,000,000 shares of common stock, par value of $0.01 per share, authorized, 114,470,223 shares of common stock issued and outstanding, respectively,  and 1.0 million shares of preferred stock, par value of $0.01 per share, of which none were issued and outstanding.  During the first six months of 2013, changes in the Company’s issued and outstanding common stock reflect a reduction of restricted stock whose terms were amended such that they were no longer considered issued and outstanding, partially offset by a net increase for restricted stock that vested and was issued during the period.</font></div>
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<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Equity Plans Prior to Merger</font></font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">In 2011, pursuant to an Agreement and Plan of Merger by and among St. Lawrence Seaway Corporation (“SLSC”), St. Lawrence Merger Sub, Inc. (“Merger Co”) and Nytis USA, Merger Co. merged with and into Nytis USA with Nytis USA remaining as the surviving subsidiary of SLSC.</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Pursuant to the merger, all options, warrants and restricted stock were adjusted to reflect the conversion ratio used in the merger.  As of June 30, 2013, the Company has 163,076 options outstanding and exercisable, 2,696,133 warrants (including 250,000 warrants granted by SLSC prior to the merger) outstanding and exercisable and 1,956,912 shares of common stock outstanding that are subject to restricted stock agreements.</font></div>
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<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;">Nytis USA Restricted Stock Plan</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">As of June 30, 2013, there were 1,956,912 shares of restricted stock issued under the Nytis USA Restricted Stock Plan (“Nytis USA Plan”).  The Company accounted for these grants at their intrinsic value.  Historically, the Company estimated that none of these shares would vest and accordingly, no compensation cost had been recorded through March 31, 2013.</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">On June 25, 2013, the vesting terms of these restricted stock grants were modified so that 25% of the shares would vest on January 1, 2014 through 2017.  As such, the Company will recognize compensation expense for these restricted stock grants based on the fair value of the shares on the date the vesting terms were modified.  As of June 30, 2013, there was approximately $1.2 million of unrecognized compensation costs related to these restricted stock grants which the Company expects will be recognized ratably over the next 3.5 years.  The expense that would have been recognized for the quarter ended June 30, 2013 was immaterial.</font></div>
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<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;"><font style="display: inline; text-decoration: underline;">Carbon Stock Incentive Plan</font></font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">In 2011, the stockholders of Carbon approved the adoption of Carbon’s 2011 Stock Incentive Plan (“Carbon Plan”), under which 12,600,000 shares of common stock were authorized for issuance to Carbon officers, directors, employees of consultants eligible to receive awards under the Carbon Plan.</font></div>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" ><font style="display: inline; font-family: times new roman; font-size: 10pt;">The plan provides for granting Director Stock Awards to Non-Employee Directors and for granting Incentive Stock Options, Non-qualified Stock Options, Restricted Stock Awards, Performance Awards and Phantom Stock Awards, </font><font style="display: inline; font-family: times new roman; font-size: 10pt;">or a combination of the foregoing as is best suited to the circumstances of the
particular employee, officer, director or consultant.</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;">Restricted Stock</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">During the six months ended June 30, 2013, 1,600,000 shares of restricted stock were granted under the terms of the Carbon Plan in addition to 1,610,000 shares granted during the year ended December 31, 2012.  For employees, these restricted stock awards vest ratably over a three-year service period and for non-employee directors the awards vest upon the earlier of a change in control of the Company or the date their membership on the Board of Directors is terminated other than for cause.  The Company recognizes compensation expense for these restricted stock grants based on the grant date fair value of  the shares, amortized ratably over three years for employee awards (based on the required service period for vesting) and seven years for non-employee director awards (based on a market survey of the average tenure of directors among U.S. public companies).  As of June 30, 2013, approximately 430,000 of these restricted stock grants have vested.</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">Compensation costs recognized for these restricted stock grants were approximately $150,000 and $112,000 for the three months ended June 30, 2013 and 2012, respectively and approximately $225,000 and $216,000 for the six months ended June 30, 2013 and 2012, respectively.  As of June 30, 2013, there was approximately $1.5 million of unrecognized compensation costs related to these restricted stock grants.  This cost is expected to be recognized over the next 6.8 years.  In addition, during the quarter ending June 30, 2013, the Company modified certain rights related to these shares that eliminated voting and dividend rights until the shares vest resulting in unvested shares no longer considered issued and outstanding.</font></div>
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<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="font-style: italic; display: inline; font-family: times new roman; font-size: 10pt;">Restricted Performance Units</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">During the six months ended June 30, 2013, 1,920,000 shares of restricted performance units were granted under the terms of the Carbon Plan in addition to 1,290,000 performance units granted during the year ended December 31, 2012.  The performance units represent a contractual right to receive one share of the Company’s common stock subject to the terms and conditions of the agreements including the achievement of the price of the Company’s stock relative to a defined peer group and the lapse of forfeiture restrictions pursuant to the terms and conditions of the agreements, including for certain of the grants, the requirement of continuous employment by the grantee prior to a change in control of the Company.  Based on the relative achievement of performance, 3,086,160 of the restricted performance units are outstanding as of June 30, 2013.</font></div>
<div style="line-height: 11.4pt; text-indent: 0pt; display: block;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The Company accounts for the performance units granted during 2012 at their fair value, revaluated at each reporting period to determine if the performance criteria would be met.  The final measurement of compensation cost will be based on the performance units that ultimately vest and the market prices on that date.  At June 30, 2013, the Company estimated that none of the performance units granted in 2012 would vest due to change in control provisions and accordingly, no compensation cost has been recorded.  As of June 30, 2013, if change in control provisions pursuant to the terms and conditions of the agreements are met, the estimated unrecognized compensation cost related to the performance units granted in 2012 would be approximately $700,000.</font></div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div>
<div align="justify" style="line-height: 11.4pt; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;">The performance units granted in 2013 contain specific vesting provisions and no change in control provision.  Due to different vesting requirements compared to the performance units granted in 2012, the Company recognizes compensation expense for the performance units granted in 2013 based on the grant date fair value of the performance units, amortized ratably over three years (the performance period).  The fair value of the performance units granted in 2013 was estimated using the following key assumptions: no expected dividends, volatility of our stock and those of defined peer companies used to determine our performance relative to the defined peer group, a risk free interest rate and an expected life of three years.  For the three and six months ended June 30, 2013, approximately $91,000 of compensation cost was recognized related to the performance units granted in 2013.  As of June 30, 2013, there was approximately $999,000 of unrecognized compensation costs related to performance units granted in 2013.  These costs are expected to be recognized over the next 2.8 years.</font></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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