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Share-Based Payments
 9 Months Ended
Sep. 30, 2015
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 $756 and $2,695 for the three and nine months ended September 30, 2015, respectively, related to restricted stock and RSU vesting. 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 following table summarizes the activity related to restricted common stock and RSUs during the nine months ended September 30, 2015:
 
 
Type
Date
 
Restricted Stock
 
RSUs
 
Estimate Fair Value
on Grant Date
 
Initial Vesting
 
Final Vesting
Outstanding at December 31, 2014
 
274,114

 
610,254

 
 
 
 
 
 
 
Grant
January 2015
 
—

 
8,000

 
$132
 
December 2015
 
December 2017
 
Forfeiture
January 2015
 
—

 
(5,000
)
 
n/a
 
n/a
 
n/a
 
Cancelled upon delivery
March 2015
 
—

 
(20,000
)
 
n/a
 
n/a
 
n/a
 
Grant
April 2015
 
15,950

 
—

 
$275
 
July 2015
 
April 2018
 
Forfeiture
June 2015
 
—

 
(3,500
)
 
n/a
 
n/a
 
n/a
 
Grant
July 2015
 
—

 
1,631

 
$27
 
June 2016
 
June 2018
 
Forfeiture
August 2015
 
—

 
(5,000
)
 
n/a
 
n/a
 
n/a
Outstanding at September 30, 2015
 
290,064

 
586,385

 
 
 
 
 
 


Below is a summary of expected restricted common stock and RSU vesting dates as of September 30, 2015.

Vesting Date
Shares Vesting
 
RSU Vesting
 
Total Awards
October 2015
4,631

 
—

 
4,631

December 2015
15,588

 
194,919

 
210,507

January 2016
4,629

 
—

 
4,629

April 2016
4,627

 
—

 
4,627

June 2016
—

 
543

 
543

July 2016
4,158

 
—

 
4,158

October 2016
4,158

 
—

 
4,158

December 2016
12,255

 
131,583

 
143,838

January 2017
3,737

 
—

 
3,737

April 2017
3,745

 
—

 
3,745

June 2017
—

 
544

 
544

July 2017
2,580

 
—

 
2,580

October 2017
2,577

 
—

 
2,577

December 2017
12,258

 
128,175

 
140,433

January 2018
1,330

 
—

 
1,330

April 2018
1,331

 
—

 
1,331

June 2018
—

 
544

 
544

 
77,604

 
456,308

 
533,912



At September 30, 2015, the Company had unrecognized compensation expense of approximately $1,074 and $5,104, 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, 2015, the Company delivered 12,763 shares of common stock for 20,000 vested RSUs. The Company allows holders of RSUs 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 holder, 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 $122 for the nine months ended September 30, 2015, 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.