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Share-Based Payments
 9 Months Ended
Sep. 30, 2016
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 $1,828 and $5,434 for the three and nine months ended September 30, 2016, related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $756 and $2,695 for the three and nine months ended September 30, 2015, 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, 2016:
 
 
Type
Date
 
Restricted Stock
 
RSUs
 
Estimate Fair Value
on Grant Date
 
Initial Vesting
 
Final Vesting
Outstanding at December 31, 2015
 
340,064

 
1,242,810

 
 
 
 
 
 
 
Cancelled upon delivery
January 2016
 
—

 
(318,160
)
 
n/a
 
n/a
 
n/a
 
Forfeiture
January 2016
 
—

 
(1,667
)
 
n/a
 
n/a
 
n/a
 
Grant
February 2016
 
—

 
47,028

 
$729
 
(1)
 
(1)
 
Grant
March 2016
 
—

 
5,095

 
$81
 
December 2016
 
December 2017
 
Grant
April 2016
 
17,056

 
—

 
$275
 
July 2016
 
April 2019
 
Forfeiture
June 2016
 
—

 
(14,972
)
 
n/a
 
n/a
 
n/a
 
Cancelled upon delivery
July 2016

—


(543
)

n/a

n/a

n/a
 
Forfeiture
July 2016

—


(12,792
)

n/a

n/a

n/a
 
Grant
July 2016

—


1,528


$25

September 2016

September 2016
 
Forfeiture
August 2016

—


(15,642
)

n/a

n/a

n/a
 
Grant
September 2016

—


6,146


$101

October 2016

October 2016
 
Cancelled upon delivery
September 2016

—


(41,281
)

n/a

n/a

n/a
Outstanding at September 30, 2016
 
357,120

 
897,550

 
 
 
 
 
 


(1) These awards vest based upon the achievement of certain conditions.
Below is a summary of expected restricted common stock and RSU vesting dates as of September 30, 2016.

Vesting Date
Shares Vesting
 
RSU Vesting
 
Total Awards
October 2016
5,578

 
37,046

 
42,624

December 2016
28,920

 
325,513

 
354,433

January 2017
5,161

 
—

 
5,161

April 2017
5,164

 
—

 
5,164

June 2017
—

 
544

 
544

July 2017
4,004

 
—

 
4,004

October 2017
3,997

 
—

 
3,997

December 2017
28,923

 
322,113

 
351,036

January 2018
2,749

 
—

 
2,749

April 2018
2,755

 
—

 
2,755

June 2018
—

 
544

 
544

July 2018
1,420

 
—

 
1,420

October 2018
1,424

 
—

 
1,424

December 2018
16,670

 
204,954

 
221,624

January 2019
1,419

 
—

 
1,419

April 2019
1,424

 
—

 
1,424

 
109,608

 
890,714

 
1,000,322



At September 30, 2016, the Company had unrecognized compensation expense of approximately $1,402 and $10,470, 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, 2016, the Company delivered 215,672 shares of common stock for 359,984 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 condensed consolidated statement of changes in stockholders' equity. The adjustment was $2,626 for the nine months ended September 30, 2016, and is included as a component of the capital decrease related to the Company's equity incentive plan in the condensed consolidated statement of changes in stockholders’ equity.