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Equity Compensation Plans | 12 Months Ended
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Dec. 31, 2014
Equity Compensation Plans | Note 17. Equity Compensation Plans At December 31, 2014 and 2013, 2,225,245 and 1,683,956 shares of common stock, respectively, were available for grant under our Incentive Plan. The unamortized compensation cost of awards issued under the Incentive Plan and purchases under the Employee Stock Purchase Plan totaled $20 million at December 31, 2014, as shown in the following table.
|  | Years Ended December 31, 2014 |
(In Thousands) |  | Stock Options |  |  | Restricted Stock |  |  | Deferred Stock Units |  |  | Performance Stock Units |  |  | Employee Stock Purchase Plan |  |  | Total |
Unrecognized compensation cost at beginning of period |  | $ | — |  |  | $ | 1,869 |  |  | $ | 13,044 |  |  | $ | 5,817 |  |  | $ | — |  |  | $ | 20,730 |
Equity grants |  |  | — |  |  |  | 107 |  |  |  | 5,305 |  |  |  | 4,025 |  |  |  | 215 |  |  |  | 9,652 |
Equity grant forfeitures |  |  | — |  |  |  | (213 | ) |  |  | (150 | ) |  |  | . |  |  |  | — |  |  |  | (363 | )
Equity compensation expense |  |  | — |  |  |  | (672 | ) |  |  | (5,895 | ) |  |  | (2,968 | ) |  |  | (215 | ) |  |  | (9,750 | )
Unrecognized Compensation Cost at End of Period |  | $ | — |  |  | $ | 1,091 |  |  | $ | 12,304 |  |  | $ | 6,874 |  |  | $ | — |  |  | $ | 20,269 |
At December 31, 2014, the weighted average amortization period remaining for all of our equity awards was less than two years. Stock Options The following table summarizes the activity related to stock options for the years ended December 31, 2014, 2013, and 2012. Stock Options Activity
|  | Years Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |  |  | Shares |  |  | Weighted Average Exercise Price |
Outstanding at beginning of period |  |  | 79,535 |  |  | $ | 57.00 |  |  |  | 287,516 |  |  | $ | 54.18 |  |  |  | 380,779 |  |  | $ | 53.91 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |  |  |  | (3,016 | ) |  |  | 50.15 |  |  |  | (4,500 | ) |  |  | 49.73 |
Expired |  |  | (79,535 | ) |  |  | 57.00 |  |  |  | (204,965 | ) |  |  | 53.15 |  |  |  | (88,763 | ) |  |  | 53.23 |
Outstanding at End of Period |  |  | — |  |  | $ | — |  |  |  | 79,535 |  |  | $ | 57.00 |  |  |  | 287,516 |  |  | $ | 54.18 |
Exercisable at End of Period |  |  | — |  |  | $ | — |  |  |  | 79,535 |  |  | $ | 57.00 |  |  |  | 287,516 |  |  | $ | 54.18 |
Restricted Stock The following table summarizes the activity related to restricted stock for the years ended December 31, 2014, 2013, and 2012. Restricted Stock Activity
|  | Years Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | Shares |  |  | Weighted Average Grant Date Fair Market Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Market Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Market Value |
Outstanding at beginning of period |  |  | 166,941 |  |  | $ | 15.01 |  |  |  | 190,088 |  |  | $ | 13.12 |  |  |  | 184,409 |  |  | $ | 12.87 |
Granted |  |  | 2,574 |  |  |  | 19.42 |  |  |  | 52,103 |  |  |  | 18.71 |  |  |  | 43,111 |  |  |  | 16.47 |
Vested |  |  | (44,209 | ) |  |  | 13.44 |  |  |  | (48,615 | ) |  |  | 12.63 |  |  |  | (32,812 | ) |  |  | 16.17 |
Forfeited |  |  | (15,842 | ) |  |  | 13.45 |  |  |  | (26,635 | ) |  |  | 13.14 |  |  |  | (4,620 | ) |  |  | 12.57 |
Outstanding at End of Period |  |  | 109,464 |  |  | $ | 15.97 |  |  |  | 166,941 |  |  | $ | 15.01 |  |  |  | 190,088 |  |  | $ | 13.12 |
For each of the years ended December 31, 2014, 2013, and 2012, the expenses recorded for restricted stock awards were less than $1 million. As of December 31, 2014, there was $1 million of unrecognized compensation cost related to unvested restricted stock. This cost will be recognized over a weighted average period of two years. Restrictions on shares of restricted stock outstanding lapse through 2018. Deferred Stock Units The following table summarizes the activity related to DSUs for the years ended December 31, 2014, 2013, and 2012. Deferred Stock Units Activity
|  | Years Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | Units |  |  | Weighted Average Grant Date Fair Market Value |  |  | Units |  |  | Weighted Average Grant Date Fair Market Value |  |  | Units |  |  | Weighted Average Grant Date Fair Market Value |
Outstanding at beginning of period |  |  | 2,266,473 |  |  | $ | 15.41 |  |  |  | 2,361,285 |  |  | $ | 14.46 |  |  |  | 2,476,171 |  |  | $ | 15.23 |
Granted |  |  | 350,769 |  |  |  | 19.62 |  |  |  | 552,250 |  |  |  | 19.31 |  |  |  | 503,174 |  |  |  | 15.17 |
Distributions |  |  | (440,548 | ) |  |  | 14.82 |  |  |  | (558,008 | ) |  |  | 15.51 |  |  |  | (520,909 | ) |  |  | 19.10 |
Forfeitures |  |  | (7,870 | ) |  |  | 19.06 |  |  |  | (89,054 | ) |  |  | 11.18 |  |  |  | (97,151 | ) |  |  | 12.98 |
Balance at End of Period (1) |  |  | 2,168,824 |  |  | $ | 16.20 |  |  |  | 2,266,473 |  |  | $ | 15.41 |  |  |  | 2,361,285 |  |  | $ | 14.46 |
(1) | PSU activity, including the number of PSUs outstanding, granted, distributed, and forfeited is not included in this table and is described below under the heading “Performance Stock Units”.
We generally grant DSUs annually, as part of our compensation process. In addition, DSUs are granted from time-to-time in connection with hiring and promotions and in lieu of the payment in cash of a portion of annual bonus earned. As of December 31, 2014, 2013, and 2012, the number of outstanding DSUs that were unvested was 880,962, 1,003,053, and 1,241,532, respectively. The weighted average grant-date fair value of these unvested DSUs was $17.20, $15.55, and $13.41, as of December 31, 2014, 2013, and 2012, respectively. Unvested DSUs at December 31, 2014 will vest through 2018. Expenses related to DSUs were $6 million, $6 million, and $7 million for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, there was $12 million of unrecognized compensation cost related to unvested DSUs. This cost will be recognized over a weighted average period of less than two years. As of December 31, 2014, 2013, and 2012, the number of outstanding DSUs that had vested was 1,287,862, 1,263,420, and 1,119,753, respectively. Performance Stock Units During 2014, 2013, and 2012, 268,510, 223,749, and 291,023 target number of PSUs were granted, respectively, with per unit grant date fair values of $14.99, $14.19, and $12.37, respectively. PSUs do not vest until the third anniversary of their grant date, with the level of vesting at that time contingent on total stockholder return (defined as the change in our common stock price plus reinvested dividends paid on our common stock relative to the per share price of our common stock on the date of the PSU grant) over the three-year vesting period (“Three-Year TSR”). The number of underlying shares of our common stock that will vest in future years will vary between 0% (if Three-Year TSR is negative) and 200% (if Three-Year TSR is greater than or equal to 125%) of the target number of PSUs originally granted, adjusted upward (if vesting is greater than 0%) to reflect the value of dividends paid during the three-year vesting period. During the year ended December 31, 2013, there were 75,362 target number of PSUs forfeited due to employee departures. As of December 31, 2014, the target number of PSUs that were unvested was 761,051. The grant date fair values of PSUs were determined through Monte-Carlo simulations using the following assumptions: our common stock closing price at the grant date, the average closing price of our common stock price for the 40 trading days prior to the grant date and the range of performance-based vesting based on total stockholder return over three years from the grant date. For the 2014 PSU grant, an implied volatility assumption of 24% (based on historical volatility), a risk free rate of 1.06% (the three-year Treasury rate on the grant date), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three-year performance period as is consistent with the terms of the PSUs), were used. For the 2013 PSU grant, an implied volatility assumption of 27%, a risk free rate of 0.62%, and a 0% dividend yield were used. For the 2012 PSU grant, an implied volatility assumption of 25%, a risk free rate of 0.32%, and a 0% dividend yield were used. Expenses related to PSUs were $3 million, $3 million, and $2 million for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, there was $7 million of unrecognized compensation cost related to unvested PSUs. With respect to PSUs granted in 2011, the three-year performance period ended during the fourth quarter of 2014, resulting in the vesting of 701,440 shares of our underlying common stock. The distribution of these underlying shares of common stock will occur in May 2015, in accordance with the terms of the PSUs and our Executive Deferred Compensation Plan. Employee Stock Purchase Plan The ESPP allows a maximum of 450,000 shares of common stock to be purchased in aggregate for all employees. As of December 31, 2014, 2013, and 2012, 274,318, 243,020, and 207,031, shares have been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at December 31, 2014. The following table summarizes the activity related to the ESPP for the years ended December 31, 2014, 2013, and 2012. Employee Stock Purchase Plan Activity
|  | Years Ended December 31, |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Balance at beginning of period |  | $ | 3 |  |  | $ | 3 |  |  | $ | 8 |
Employee purchases |  |  | 494 |  |  |  | 518 |  |  |  | 474 |
Cost of common stock issued |  |  | (494 | ) |  |  | (518 | ) |  |  | (479 | )
Balance at End of Period |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |
Executive Deferred Compensation Plan The following table summarizes the cash account activity related to the EDCP for the years ended December 31, 2014, 2013, and 2012. EDCP Cash Accounts Activity
|  | Years Ended December 31, |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Balance at beginning of period |  | $ | 1,882 |  |  | $ | 1,516 |  |  | $ | 1,494 |
New deferrals |  |  | 575 |  |  |  | 656 |  |  |  | 839 |
Accrued interest |  |  | 70 |  |  |  | 58 |  |  |  | 44 |
Withdrawals |  |  | (478 | ) |  |  | (348 | ) |  |  | (861 | )
Balance at End of Period |  | $ | 2,049 |  |  | $ | 1,882 |  |  | $ | 1,516 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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