v2.4.0.8

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Stock options

Share-based compensation disclosures

Stock option transactions under various stock-based employee compensation plans

Options		Shares			Weighted- Average Exercise Price			Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
		(In thousands, except exercise price)
Options outstanding as of December 31, 2012			22,464		$	20.53
Granted			63			16.06
Exercised			(577	)		9.34
Surrendered(1)			—			9.18
Forfeited			(3,564	)		19.36
​	​	​	​	​	​	​	​	​	​	​	​	​
Options outstanding as of December 31, 2013			18,386		$	21.10		3.22 years		$	51,136
​	​	​	​	​	​	​	​	​	​	​	​	​
Options exercisable as of December 31, 2013			17,837		$	21.10		3.06 years		$	50,818
​	​	​	​	​	​	​	​	​	​	​	​	​

(1)

Represents unexercised vested stock options that were surrendered by employees, to satisfy the option exercise price and related income taxes. See related discussion at Note 15—Common Shares.

Schedule of weighted-average assumptions used to value awards granted during the period

		Year Ended December 31,
		2013		2012		2011
Weighted average fair value of options granted		$6.05		$9.40		$6.24
Weighted average risk free interest rate		0.79%		0.63%		0.65%
Dividend yield		0.84%		0%		0%
Volatility(1)		51.01%		55.74%		51.09%
Expected life		4.0 years		4.0 years		4.0 years

(1)

Expected volatilities are based on implied volatilities from publicly traded options to purchase Nabors' common shares, historical volatility of Nabors' common shares and other factors.

Unvested stock options

Unvested Stock Options		Outstanding			Weighted-Average Grant-Date Fair Value
		(In thousands, except fair value)
Unvested as of December 31, 2012			1,626		$	5.62
Granted			63			6.05
Vested			(1,075	)		3.97
Forfeited			(65	)		5.47
​	​	​	​	​	​	​	​
Unvested as of December 31, 2013			549		$	8.88
​	​	​	​	​	​	​	​

Restricted Stock

Share-based compensation disclosures

Unvested restricted stock

Restricted stock		Outstanding			Weighted-Average Grant-Date Fair Value
		(In thousands, except fair value)
Unvested as of December 31, 2012			1,781		$	23.42
Granted			4,493			16.43
Vested			(2,262	)		18.48
Forfeited			(248	)		20.07
​	​	​	​	​	​	​	​
Unvested as of December 31, 2013			3,764		$	18.26
​	​	​	​	​	​	​	​

Restricted Stock Based on Market Conditions

Share-based compensation disclosures

Schedule of weighted-average assumptions used to value awards granted during the period

The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions during 2013:

Risk free interest rate			0.41	%
Expected volatility			46.00	%
Closing stock price		$	16.53
Expected term (in years)			2.82

Unvested restricted stock

Market based restricted stock		Outstanding			Weighted-Average Grant-Date Fair Value
		(In thousands, except fair value)
Outstanding as of December 31, 2012			—		$	—
Granted			354			10.42
Vested			—			—
Forfeited			—			—
​	​	​	​	​	​	​	​
Outstanding as of December 31, 2013			354		$	10.42
​	​	​	​	​	​	​	​

X

- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for unvested share options (or share units) that were outstanding at the beginning and end of the year, the number of share options or share units that were granted, vested, and forfeited during the year.

+ References

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- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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- Definition

Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)(1)

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (f)(2)

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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