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Share-Based Payments
 12 Months Ended
Dec. 31, 2012
Share-Based Payments

Note 11 – Share-Based Payments

On September 23, 2009, the Company’s board of directors approved the Apollo Commercial Real Estate Finance, Inc., 2009 Equity Incentive Plan (the “LTIP”). The LTIP provides for grants of restricted common stock, restricted stock units (“RSUs”) and other equity-based awards up to an aggregate of 7.5% of the issued and outstanding shares of the Company’s common stock (on a fully diluted basis). The LTIP is administered by the compensation committee of the Company’s board of directors (the “Compensation Committee”) and all grants under the LTIP must be approved by the Compensation Committee.

The Company recognized stock-based compensation expense of $3,624, $1,788 and $1,452 during 2012, 2011 and 2010, respectively, related to restricted stock and RSU vesting.

 

The following table summarizes the grants, exchanges and forfeitures of restricted stock and RSUs during 2012, 2011 and 2010:

 

Type

    Date    Restricted
Stock
Granted/
(Retired)		     RSUs
Granted/
(Forfeited)		     Estimated
Fair
Value on
Grant
Date		      Initial Vesting    Final Vesting

Exchange

    March 2010      (102,084 )      102,084        1,796       July 1, 2010    September 29, 2012

Grant

    April 2010      8,364        —          150       July 1, 2010    April 1, 2013

Grant

    July 2010      —          5,000        80       October 1, 2010    July 1, 2013

Exchange

    July 2010      (16,875 )      16,875        269       October 1, 2010    September 29, 2012

Forfeiture*

    August 2010      —          (5,000 )      n/a       n/a    n/a

Forfeiture**

    November 2010      (5,077 )      —          n/a       n/a    n/a

Grant

    December 2010      5,000        —          83       December 1, 2010    July 1, 2013

Grant

    April 2011      9,204          150       July 1, 2011    April 1, 2014

Grant

    April 2011      —          5,000        82       July 1, 2011    April 1, 2014

Grant

    August 2011      —          308,750        4,586       January 1, 2012    January 1, 2014

Forfeiture *

    December 2011      —          (30,000 )      n/a       n/a    n/a

Forfeiture*

    February 2012      —          (1,875 )      n/a       n/a    n/a

Grant

    March 2012      —          20,000      $ 310       March 2013    March 2015

Grant

    April 2012      9,584        —        $ 150       July 2012    April 2015

Grant

    August 2012      1,496        —        $ 25       July 2013    July 2015
     

 

 

    

 

 

          

Total

         (90,388 )      420,834           
     

 

 

    

 

 

          

 

* Represents RSUs forfeited by a former employee of the Manager in connection with such employee’s resignation from the Manager.
** Represents restricted stock forfeited by a former director of the Company in connection with such director’s resignation from the Company’s board of directors.

Below is a summary of restricted stock and RSU vesting dates as of December 31, 2012.

 

Vesting Date

    Shares
Vesting		      RSU
Vesting		      Total
Awards		  

January 2013

      2,507         93,749         96,256   

March 2013

      —           6,666         6,666   

April 2013

      2,505         834         3,339   

July 2013

      3,273         834         4,107   

October 2013

      1,189         416         1,605   

January 2014

      1,564         93,335         94,899   

March 2014

      —           6,667         6,667   

April 2014

      1,568         417         1,985   

July 2014

      2,100         —           2,100   

January 2015

      796         —           796   

March 2015

      —           6,667         6,667   

April 2015

      800         —           800   

July 2015

      500         —           500   
  

 

 

     

 

 

     

 

 

  
     16,802         209,585         226,387   
  

 

 

     

 

 

     

 

 

  

 

RSU Deliveries

During 2012, the Company delivered 67,354 shares of common stock for 112,084 vested RSUs. The Company allows RSU participants to settle their tax liabilities with a reduction of their share delivery from the originally granted and vested RSUs. The amount, when agreed to by the participant, results in a cash payment to the Manager related to this tax liability and a corresponding adjustment to additional paid in capital on the consolidated statement of changes in stockholders equity. The adjustment was $779 in 2012 and is included a reduction of capital increase related to equity incentive plan in the consolidated statement of changes in shareholders’ equity.