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Stock Incentive Plans
 6 Months Ended
Jun. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Incentive Plans
Stock Incentive Plans

We are authorized to issue up to 8,000,000 shares of our common stock under our 2004 Stock Option and Incentive Plan, as amended (the “Incentive Plan”), of which we have issued or committed to issue 3,453,861 shares as of June 30, 2013. In addition to these shares, additional shares of common stock could be issued in connection with the market stock unit awards and performance stock unit awards as further described below.

Restricted Stock Awards

Restricted stock awards issued to our officers and employees generally vest over a 3-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying condensed consolidated statements of operations. A summary of our restricted stock awards from January 1, 2013 to June 30, 2013 is as follows:
 
Number of
Shares
 
Weighted-
Average Grant
Date Fair
Value
Unvested balance at January 1, 2013
676,111

 
$
10.10

Granted
297,838

 
9.17

Additional shares from dividends
1,040

 
9.30

Forfeited
(16,934
)
 
9.65

Vested
(400,722
)
 
9.94

Unvested balance at June 30, 2013
557,333

 
$
9.74



The remaining share awards are expected to vest as follows: 269,117 during 2014, 191,877 during 2015, and 96,339 during 2016. As of June 30, 2013, the unrecognized compensation cost related to restricted stock awards was $4.5 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 25 months. We recorded $0.7 million and $0.8 million, respectively, of compensation expense related to restricted stock awards for each of the fiscal quarters ended June 30, 2013 and June 15, 2012. For the periods from January 1, 2013 to June 30, 2013 and January 1, 2012 to June 15, 2012, we recorded $2.0 million and $1.6 million, respectively, of compensation expense related to restricted stock awards. The compensation expense for the period from January 1, 2013 to June 30, 2013 includes $0.7 million related to the accelerated vesting of awards in connection with the retirement of our Chief Operating Officer on May 1, 2013.

Market Stock Units

We have awarded our executive officers market stock units (“MSUs”). MSUs are restricted stock units that vest three years from the date of grant. A summary of our MSUs from January 1, 2013 to June 30, 2013 is as follows:
 
Number of
Units
 
Weighted-
Average Grant
Date Fair
Value
Unvested balance at January 1, 2013
258,842

 
$
11.31

Additional units from dividends
3,630

 
9.69

Vested
(90,620
)
 
9.86

Unvested balance at June 30, 2013
171,852

 
$
12.04



As of June 30, 2013, the unrecognized compensation cost related to the MSUs was $0.6 million and is expected to be recognized on a straight-line basis over a weighted average period of 17 months. For the fiscal quarters ended June 30, 2013 and June 15, 2012, we recorded approximately $0.1 million and $0.2 million, respectively, of compensation expense related to the MSUs. For the periods from January 1, 2013 to June 30, 2013 and January 1, 2012 to June 15, 2012, we recorded $0.5 million and $0.4 million, respectively, of compensation expense related to the MSUs. The compensation expense for the period from January 1, 2013 to June 30, 2013 includes $0.2 million related to the accelerated vesting of awards in connection with the retirement of our Chief Operating Officer on May 1, 2013.

Performance Stock Units

Beginning in 2013, we awarded our executive officers performance stock units (“PSUs”). PSUs are restricted stock units that vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is subject to the achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group over a three-year performance period. There will be no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group. The fair values of the PSU awards are determined using a Monte Carlo simulation. A summary of our PSUs from January 1, 2013 to June 30, 2013 is as follows:
 
Number of
Units
 
Weighted-
Average Grant
Date Fair
Value
Unvested balance at January 1, 2013
—

 
$
—

Granted
217,949

 
9.64

Additional units from dividends
1,618

 
10.31

Unvested balance at June 30, 2013
219,567

 
$
9.64



As of June 30, 2013, the unrecognized compensation cost related to the PSUs was $1.9 million and is expected to be recognized on a straight-line basis over a period of 32 months. For the fiscal quarter ended June 30, 2013, we recorded approximately $0.2 million of compensation expense related to the PSUs. For the period from January 1, 2013 to June 30, 2013, we recorded approximately $0.2 million of compensation expense related to the PSUs.