Capital Stock

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Capital Stock

Note 11: Capital Stock

On the Effective Date, all shares of common and preferred equity securities previously issued by WMI were cancelled and extinguished. As of the Effective Date, and pursuant to WMIHC’s Amended and Restated Articles of Incorporation, WMIHC is authorized to issue up to 500,000,000 shares of common stock and up to 5,000,000 shares of blank check preferred stock, each with a par value of $0.00001 per share. 200,000,000 shares of common stock were issued by WMIHC pursuant to the Court approved Plan and in reliance on Section 1145 of the Bankruptcy Code on the Effective Date.

WMIHC issued restricted share grants to members of the board of directors totaling $0.0 thousand and $550 thousand of aggregate intrinsic value during the three months ended March 31, 2013 and year ended December 31, 2012 respectively. The restricted shares vest over a three year period and the resulting unamortized value related to the unvested restricted share grant totals $361 thousand and $407 thousand at March 31, 2013 and December 31, 2012 respectively. The unamortized value of $361 thousand at March 31, 2013 will be amortized over the next 2.0 years. Net stock-based compensation totaled $46 thousand and $0.0 thousand for the three months ended March 31, 2013 and 2012 respectively. The share grants were issued at the fair market value determined to be the trading price at the close of business on October 18, 2012, the date the grants were approved by the board of directors.

A summary of WMIHC’s restricted share award activity for the three months ended March 31, 2013 and year ended December 31, 2012 is presented below:

	Number of Restricted Stock  Awards Outstanding		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in  thousands)
Outstanding—January 1, 2012		—	$	—	$	—
Restricted stock awards granted		1,156,078		0.4761		550
Restricted stock awards released or forfeited		—		—		—
Outstanding—December 31, 2012		1,156,078		0.4761		550
Restricted stock awards granted		—		—		—
Restricted stock awards released or forfeited		—		—		—
Outstanding—March 31, 2013		1,156,078	$	0.4761	$	550

Common Shares Subject to Repurchase—WMIHC has issued the total number of shares subject to the restricted stock grants, however, until vested they are subject to repurchase. The restricted shares vest 1/3 per year over a three year period annually on March 19th. On March 31, 2013, 770,714 remain subject to repurchase as on March 19, 2013 385,364 of the shares became vested. As of December 31, 2012 all 1,156,078 of the shares were subject to repurchase. WMIHC has the right to repurchase any unvested (but issued) shares of common stock at $0.0001 per share upon the termination of service in the case of a director. The shares subject to repurchase are not deemed to be issued for accounting purposes.

A summary of the Company’s restricted shares issued and subject to repurchase as of the three months ended March 31, 2013 and year ended December 31, 2012 is presented below:

Shares subject to repurchase—January 1, 2012	—
Shares issued subject to vesting during the period	1,156,078
Unvested shares repurchased	—
Shares vested during the period	—
Unvested shares—December 31, 2012	1,156,078
Shares issued subject to vesting during the period	—
Unvested shares repurchased	—
Shares vested during the period	385,364
Unvested shares—March 31, 2013	770,714

As of March 31, 2013 and December 31, 2012, 201,156,078 shares of WMIHC’s common stock were issued and outstanding. No shares of WMIHC’s preferred stock are issued or outstanding. See Note 14: Net (loss) Income Per Common Share for further information on shares used for EPS calculations.