XML 38 R25.htm IDEA: XBRL DOCUMENT v2.4.1.9
Equity Compensation Plans
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity Compensation Plans
Equity Compensation Plans
At March 31, 2015 and December 31, 2014, 1,914,207 and 2,225,245 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 $25 million at March 31, 2015, as shown in the following table.
 
 
Three Months Ended March 31, 2015
(In Thousands)
 
Restricted Stock
 
Deferred Stock Units
 
Performance Stock Units
 
Employee Stock Purchase Plan
 
Total
Unrecognized compensation cost at beginning of period
 
$
1,091

 
$
12,304

 
$
6,874

 
$
—

 
$
20,269

Equity grants
 
2,636

 
5,162

 
—

 
236

 
8,034

Equity grant forfeitures
 
(162
)
 
—

 
—

 
—

 
(162
)
Equity compensation expense
 
(250
)
 
(1,575
)
 
(854
)
 
(59
)
 
(2,738
)
Unrecognized Compensation Cost at End of Period
 
$
3,315

 
$
15,891

 
$
6,020

 
$
177

 
$
25,403


At March 31, 2015, the weighted average amortization period remaining for all of our equity awards was less than two years.
Restricted Stock
At March 31, 2015 and December 31, 2014, there were 196,644 and 109,464 shares, respectively, of restricted stock awards outstanding. Restrictions on these shares lapse through 2019. During the three months ended March 31, 2015, there were 136,561 restricted stock awards granted, 40,643 restricted stock awards that vested and were distributed, and 8,738 restricted stock awards forfeited.
Deferred Stock Units (“DSUs”)
At March 31, 2015 and December 31, 2014, there were 2,438,081 and 2,168,824 DSUs, respectively, outstanding of which 1,435,093 and 1,287,862, respectively, had vested. There were 269,258 DSUs granted, and no DSUs distributed or forfeited during the three months ended March 31, 2015. Unvested DSUs at March 31, 2015 vest through 2019.
Performance Stock Units (“PSUs”)
At both March 31, 2015 and December 31, 2014, the target number of PSUs that were unvested was 761,051. 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 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 during 2015 and 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.
With respect to the 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 March 31, 2015 and December 31, 2014, 283,092 and 274,318 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at March 31, 2015.