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Share-Based Payments
 9 Months Ended
Sep. 30, 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 $308 and $1,096 for the three and nine months ended September 30, 2014, respectively, related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $784 and $2,095 for the three and nine months ended September 30, 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 nine months ended September 30, 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
 
Grant
April 2014
 
13,931

 
—

 
$235
 
July 2014
 
April 2017
 
Canceled upon delivery
April 2014
 
—

 
(5,000
)
 
n/a
 
n/a
 
n/a
 
Grant
June 2014
 
—

 
10,254

 
$169
 
December 2014
 
December 2016
Outstanding at September 30, 2014
 
222,347

 
220,254

 
 
 
 
 
 


Below is a summary of expected restricted common stock and RSU vesting dates as of September 30, 2014.

Vesting Date
Shares Vesting
 
RSU Vesting
 
Total Awards
October 2014
3,313

 
—

 
3,313

December 2014
6,668

 
66,750

 
73,418

January 2015
3,320

 
—

 
3,320

March 2015
—

 
6,667

 
6,667

April 2015
3,321

 
—

 
3,321

July 2015
2,522

 
—

 
2,522

July 2015
500

 
—

 
500

October 2015
2,522

 
—

 
2,522

December 2015
6,668

 
66,759

 
73,427

January 2016
2,521

 
—

 
2,521

April 2016
2,522

 
—

 
2,522

July 2016
1,578

 
—

 
1,578

October 2016
1,577

 
—

 
1,577

December 2016
—

 
3,418

 
3,418

January 2017
1,161

 
—

 
1,161

April 2017
1,164

 
—

 
1,164

 
39,357

 
143,594

 
182,951



At September 30, 2014, the Company had unrecognized compensation expense of approximately $540 and $1,611, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above.

RSU Deliveries
During the nine months ended September 30, 2014, the Company delivered 240,277 shares of common stock for 283,750 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 $876 for the nine months ended September 30, 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.