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Share-Based Payments
 3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Payments
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 $426 and $883 for the three months ended March 31, 2014 and 2013, respectively, related to restricted stock and RSU vesting. The following table summarizes the grants, exchanges and forfeitures of restricted common stock and RSUs during the three months ended March 31, 2014:
 
 
Type
Date
 
Restricted Stock
 
RSUs
 
Estimate Fair Value
on Grant Date
 
Initial Vesting
 
Final Vesting
Outstanding at December 31, 2013
 
208,416

 
503,750

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Canceled upon delivery
January 2014
 
—

 
(288,750
)
 
n/a
 
n/a
 
n/a
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at March 31, 2014
 
208,416

 
215,000

 
 
 
 
 
 


Below is a summary of expected restricted common stock and RSU vesting dates as of March 31, 2014.

Vesting Date
Shares Vesting
 
RSU Vesting
 
Total Awards
April 2014
2,925

 
417

 
3,342

July 2014
2,157

 
—

 
2,157

July 2014
500

 
—

 
500

October 2014
2,153

 
—

 
2,153

December 2014
6,668

 
63,332

 
70,000

January 2015
2,160

 
—

 
2,160

March 2015
—

 
6,667

 
6,667

April 2015
2,161

 
—

 
2,161

July 2015
1,361

 
—

 
1,361

July 2015
500

 
—

 
500

October 2015
1,361

 
—

 
1,361

December 2015
6,668

 
63,341

 
70,009

January 2016
1,360

 
—

 
1,360

April 2016
1,361

 
—

 
1,361

July 2016
417

 
—

 
417

October 2016
416

 
—

 
416

 
32,168

 
133,757

 
165,925



At March 31, 2014, the Company had unrecognized compensation expense of approximately $482 and $2,135, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above.

RSU Deliveries
During the three months ended March 31, 2014, the Company delivered 237,008 shares of common stock for 288,750 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 $847 for three months ended March 31, 2014, and is included as a component of the capital decrease related to the Company's equity incentive plan in the consolidated statement of changes in stockholders’ equity.