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 (as amended from time to time, 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 $3,461 and $7,252, respectively, for the three and six months ended June 30, 2017, related to restricted stock and RSU vesting. The Company recognized stock-based compensation expense of $1,938 and $3,606, respectively, for the three and six months ended June 30, 2016, related to restricted common stock and RSU vesting. The following table summarizes the activity related to restricted common stock and RSUs during the six months ended June 30, 2017:

Type

Date

Restricted Stock

RSUs

Estimated Fair Value
on Grant Date

Initial Vesting

Final Vesting

Outstanding at December 31, 2016

150,110

1,703,775

Cancelled upon delivery

January 2017

—

(332,349

)

n/a

Vested

January 2017

(5,161

)

—

n/a

Forfeiture

March 2017

—

(1,971

)

n/a

Vested

April 2017

(5,164

)

n/a

Grant

April 2017

14,674

—

275

April 2018

April 2020

Canceled upon delivery

May 2017

—

(1,971

)

n/a

Outstanding at June 30, 2017

154,459

1,367,484

Below is a summary of restricted stock and RSU vesting dates as of June 30, 2017.



Vesting Date	Restricted Stock Vesting	RSU Vesting	Total Awards
July 2017	4,004	544	4,548
October 2017	3,997	—	3,997
December 2017	53,923	601,218	655,141
January 2018	2,749	—	2,749
April 2018	7,645	—	7,645
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	6,314	—	6,314
December 2019	25,000	281,112	306,112
April 2020	4,894	—	4,894
	154,459	1,367,484	1,521,943

At June 30, 2017, the Company had unrecognized compensation expense of approximately $2,063 and $19,937, respectively, related to the vesting of restricted stock awards and RSUs noted in the table above.

RSU Deliveries

During the six months ended June 30, 2017, the Company delivered 200,569 shares of common stock for 334,320 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 six months ended June 30, 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.