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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives and eligible employees. Stock awards include stock options, restricted stock, and performance shares. The Company previously awarded stock appreciation rights, restricted stock units, and performance share units. Stock-based compensation expense for the years ended December 31, 2014, 2013, and 2012 was $9.3 million, $4.8 million, and $8.0 million, respectively. At December 31, 2014, there was $8.7 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years. Stock Options and Stock Appreciation Rights Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of the stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised. The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model:
| 2014 |  | 2013 |  | 2012
Weighted average fair value of stock options granted | $ | 3.79 |  |  | $ | 12.60 |  |  | $ | 15.77 |
Volatility | 50.93 | % |  | 76.74 | % |  | 70.56 | %
Expected life in years | 3.9 |  |  | 5.0 |  |  | 5.5 |
Risk-free interest rate | 1.25 | % |  | 0.84 | % |  | 0.89 | %
Dividend yield | — |  |  | — |  |  | — |
The following table summarizes stock option and SAR activity for the years ended December 31, 2014, 2013, and 2012:
| Stock Options |  | SARs
| Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2011 | 321,607 |  |  | $ | 24.60 |  |  | 107,639 |  |  | $ | 13.46 |
Granted | 151,102 |  |  | 26.97 |  |  | — |  |  | — |
Exercised | (40,173 | ) |  | 11.84 |  |  | (34,385 | ) |  | 12.73 |
Canceled/forfeited | (62,536 | ) |  | 29.22 |  |  | (4,389 | ) |  | 15.40 |
Outstanding at December 31, 2012 | 370,000 |  |  | 30.20 |  |  | 68,865 |  |  | 13.83 |
Granted | 190,452 |  |  | 20.41 |  |  | — |  |  | — |
Exercised | (13,027 | ) |  | 10.77 |  |  | (6,617 | ) |  | 13.14 |
Canceled/forfeited | (131,855 | ) |  | 29.30 |  |  | (12,039 | ) |  | 15.40 |
Outstanding at December 31, 2013 | 415,570 |  |  | 27.36 |  |  | 50,209 |  |  | 14.15 |
Granted | 415,172 |  |  | 9.45 |  |  | — |  |  | — |
Canceled/forfeited | (232,396 | ) |  | 23.94 |  |  | (3,637 | ) |  | 15.40 |
Outstanding at December 31, 2014 | 598,346 |  |  | $ | 16.26 |  |  | 46,572 |  |  | $ | 14.06 |
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Price |  | Number Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Number Exercisable |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years)
$ 0.00-$10.00 |  | 284,866 |  |  | $ | 9.34 |  |  | 9.04 |  | 11,034 |  |  | $ | 10.00 |  |  | 4.09
$10.00-$20.00 |  | 121,540 |  |  | 15.51 |  |  | 8.43 |  | 33,646 |  |  | 17.33 |  |  | 8.11
$20.00-$30.00 |  | 176,777 |  |  | 25.68 |  |  | 6.88 |  | 107,546 |  |  | 26.37 |  |  | 6.27
$30.00-$40.00 |  | 9,566 |  |  | 38.25 |  |  | 2.44 |  | 9,566 |  |  | 38.25 |  |  | 2.44
$40.00-$50.00 |  | 3,336 |  |  | 48.50 |  |  | 3.03 |  | 3,336 |  |  | 48.50 |  |  | 3.03
$50.00-$60.00 |  | 2,261 |  |  | 51.40 |  |  | 1.14 |  | 2,261 |  |  | 51.40 |  |  | 1.14
|  | 598,346 |  |  | $ | 16.26 |  |  |  |  | 167,389 |  |  | $ | 24.93 |  |  |
At December 31, 2014, there was $0.7 million of unrecognized compensation cost related to non-vested stock options and SARs to be recognized over a weighted average period of 1.3 years. Restricted Stock and Restricted Stock Units Restricted stock granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards and restricted stock unit awards were accounted for as liability awards. Restricted stock units were remeasured at each reporting date and settled in cash based on the number of vested restricted stock units multiplied by the current market price of the common shares when vested. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. The following table summarizes restricted stock and restricted stock units activity for the years ended December 31, 2014, 2013, and 2012:
| Restricted Stock |  | Restricted Stock Units
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Units |  | Weighted Average Fair Value
Outstanding at December 31, 2011 | 173,509 |  |  | 11.37 |  |  | 45,518 |  |  | 27.32 |
Granted | 230,096 |  |  | 26.40 |  |  | — |  |  | — |
Vested | (95,336 | ) |  | 23.15 |  |  | (31,456 | ) |  | 25.92 |
Cancelled/Forfeited | (68,571 | ) |  | 27.43 |  |  | (2,651 | ) |  | 24.60 |
Outstanding at December 31, 2012 | 239,698 |  |  | 25.38 |  |  | 11,411 |  |  | 24.14 |
Granted | 573,467 |  |  | 15.38 |  |  | — |  |  | — |
Vested | (90,963 | ) |  | 26.83 |  |  | (11,411 | ) |  | 22.74 |
Cancelled/Forfeited | (109,116 | ) |  | 23.30 |  |  | — |  |  | — |
Outstanding at December 31, 2013 | 613,086 |  |  | $ | 16.68 |  |  | — |  |  | $ | — |
Granted | 695,897 |  |  | 9.83 |  |  | — |  |  | — |
Vested | (234,103 | ) |  | 17.16 |  |  | — |  |  | — |
Cancelled/Forfeited | (172,881 | ) |  | 11.87 |  |  | — |  |  | — |
Outstanding at December 31, 2014 | 901,999 |  |  | $ | 12.19 |  |  | — |  |  | $ | — |
At December 31, 2014, there was $3.4 million of unrecognized compensation cost related to restricted stock and restricted stock unit awards to be recognized over a weighted-average period of 1.4 years. Performance Shares and Performance Share Units Performance shares granted under the Company’s incentive plans are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. Performance share awards are accounted for as equity awards and performance units are accounted for as liability-based awards and remeasured each reporting date. Vesting is contingent on meeting certain market conditions based on relative total stockholder return and on meeting internal performance conditions. The performance shares vest at the end of the three-year service period if market and service conditions are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the market condition is satisfied. Performance share units were settled in cash based on the current market price of the common shares when vested. The following table summarizes performance shares and performance units’ activity for the years ended December 31, 2014, 2013, and 2012:
| Performance Shares |  | Performance Units
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Units |  | Weighted Average Fair Value
Outstanding at December 31, 2011 | 105,929 |  |  | $ | 16.29 |  |  | 84,539 |  |  | $ | 35.41 |
Granted | 145,508 |  |  | 25.78 |  |  | 32,498 |  |  | — |
Vested | (111,703 | ) |  | 7.96 |  |  | (74,845 | ) |  | 31.17 |
Cancelled/Forfeited | (30,575 | ) |  | 42.11 |  |  | (7,953 | ) |  | 49.20 |
Outstanding at December 31, 2012 | 109,159 |  |  | 26.92 |  |  | 34,239 |  |  | 39.78 |
Granted | 173,773 |  |  | 23.35 |  |  | 34,239 |  |  | 38.02 |
Vested | (4,160 | ) |  | 30.97 |  |  | (68,478 | ) |  | 38.02 |
Cancelled/Forfeited | (68,377 | ) |  | 34.49 |  |  | — |  |  | — |
Outstanding at December 31, 2013 | 210,395 |  |  | 28.04 |  |  | — |  |  | — |
Granted | 358,398 |  |  | 12.21 |  |  | — |  |  | — |
Vested | (34,611 | ) |  | 27.18 |  |  | — |  |  | — |
Cancelled/Forfeited | (17,352 | ) |  | 27.15 |  |  | — |  |  | — |
Outstanding at December 31, 2014 | 516,830 |  |  | $ | 17.61 |  |  | — |  |  | $ | — |
At December 31, 2014, there was $2.9 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.8 years. Supplemental Incentive Plan During 2014, the Company adopted a supplemental incentive plan, under which benefits are payable upon achievement of certain performance and market conditions. The maximum potential bonus under the plan is $3.8 million, of which $2.8 million may be settled in cash or stock at the Company’s discretion. At December 31, 2014, $0.6 million has been accrued for this plan.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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