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Share-Based Payments
 3 Months Ended
Mar. 31, 2017
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 $3,791 and $1,668 for the three months ended March 31, 2017 and March 31, 2016, respectively, related to restricted common stock and RSU vesting. The following table summarizes the activity related to restricted common stock and RSUs during the three months ended March 31, 2017:
 
 
Type
Date
 
Restricted Stock
 
RSUs
 
Estimated Fair Value
on Grant Date
 
Initial Vesting
 
Final Vesting
Outstanding at December 31, 2016
 
432,120

 
1,703,775

 
 
 
 
 
 
 
Cancelled upon delivery
January 2017
 
—

 
(332,349
)
 
n/a
 
n/a
 
n/a
 
Forfeiture
March 2017
 
—

 
(1,971
)
 
n/a
 
n/a
 
n/a
Outstanding at March 31, 2017
 
432,120

 
1,369,455

 
 
 
 
 
 


Below is a summary of restricted stock and RSU vesting dates as of March 31, 2017.

Vesting Date
Shares Vesting
 
RSU Vesting
 
Total Awards
April 2017
$
5,164

 
$
—

 
$
5,164

June 2017
—

 
544

 
544

July 2017
4,004

 
—

 
4,004

October 2017
3,997

 
—

 
3,997

December 2017
53,923

 
603,189

 
657,112

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
41,670

 
484,066

 
525,736

January 2019
1,419

 
—

 
1,419

April 2019
1,424

 
—

 
1,424

December 2019
25,000

 
281,112

 
306,112

 
144,949

 
1,369,455

 
1,514,404



At March 31, 2017, the Company had unrecognized compensation expense of approximately $2,128 and $23,539, 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, 2017, the Company delivered 198,598 shares of common stock for 332,349 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 condensed consolidated statement of changes in stockholders' equity. The adjustment was $2,330 for the three months ended March 31, 2017, and is included as a reduction of capital increase related to the Company's equity incentive plan in the condensed consolidated statement of changes in stockholders’ equity.