Equity Compensation Plans

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

At September 30, 2015 and December 31, 2014, 1,963,148 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 $20 million at September 30, 2015, as shown in the following table.

Table 17.1 – Activities of Equity Compensation Costs by Award Type



	Nine Months Ended September 30, 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	2,758			5,997			—			236			8,991
Equity grant forfeitures	(387		)	(169		)	—			—			(556		)
Equity compensation expense	(813		)	(5,561		)	(2,563		)	(175		)	(9,112		)
Unrecognized Compensation Cost at End of Period	$	2,649		$	12,571		$	4,311		$	61		$	19,592

At September 30, 2015, the weighted average amortization period remaining for all of our equity awards was less than two years.

Restricted Stock

At September 30, 2015 and December 31, 2014, there were 188,938 and 109,464 shares, respectively, of restricted stock outstanding. Restrictions on these shares lapse through 2019. During the nine months ended September 30, 2015, there were 141,069 shares of restricted stock granted, restrictions on 40,917 shares of restricted stock lapsed and those shares were distributed, and 20,678 shares of restricted stock awards forfeited.

Deferred Stock Units (“DSUs”)

At September 30, 2015 and December 31, 2014, there were 2,142,742 and 2,168,824 DSUs, respectively, outstanding of which 1,291,007 and 1,287,862, respectively, had vested. There were 319,546 DSUs granted, 335,461 DSUs distributed, and 10,167 DSUs forfeited during the nine months ended September 30, 2015. Unvested DSUs at September 30, 2015 vest through 2019.

Performance Stock Units (“PSUs”)

At both September 30, 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, adjusted to reflect the reinvestment of all dividends declared and/or 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 occurred in May 2015, in accordance with the terms of the PSUs and our Executive Deferred Compensation Plan.

Employee Stock Purchase Plan ("ESPP")

The ESPP allows a maximum of 450,000 shares of common stock to be purchased in aggregate for all employees. As of September 30, 2015 and December 31, 2014, 300,851 and 274,318 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at September 30, 2015.