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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2016
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

10.  STOCK-BASED COMPENSATION



The company has an equity incentive plan that reserves 3,500,000 shares of common stock for issuance to its directors and employees. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, adjusted for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis. Substantially all of the existing stock-based compensation has been equity awards.



The activity related to the exercisable stock options for the nine months ended September 30, 2016, is as follows:









 

 

 

 

 

 

 

 

 



Shares

 

Weighted-Average
Exercise Price

 

Weighted-Average
Remaining
Contractual Term
(in years)

 

Aggregate Intrinsic Value
(in thousands)



 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 298,750 

 

$

 9.81 

 

2.4

 

$

 3,866 

Granted

 -

 

 

 -

 

-

 

 

 -

Exercised

 (140,000)

 

 

 7.14 

 

-

 

 

 2,093 

Forfeited

 -

 

 

 -

 

-

 

 

 -

Expired

 -

 

 

 -

 

-

 

 

 -

Outstanding at September 30, 2016

 158,750 

 

$

 12.16 

 

3.1

 

$

 2,229 

Exercisable at September 30, 2016 (1)

 158,750 

 

$

 12.16 

 

3.1

 

$

 2,229 

(1) Includes in-the-money options totaling 158,750 shares at a weighted-average exercise price of $12.16.



Option awards allow employees to exercise options through cash payment for the shares of common stock or simultaneous broker-assisted transactions in which the employee authorizes the exercise and immediate sale of the options in the open market. The company uses newly issued shares of common stock to satisfy its stock-based payment obligations. 



The non-vested stock award and deferred stock unit activity for the nine months ended September 30, 2016, is as follows:





 

 

 

 

 

 



Non-Vested Shares and Deferred Stock Units

 

Weighted-Average Grant-Date Fair Value

 

Weighted-Average Remaining Vesting Term
(in years)



 

 

 

 

 

 

Non-Vested at December 31, 2015

 736,728 

 

$

 22.96 

 

 

Granted

 793,463 

 

 

 13.73 

 

 

Forfeited

 (34,789)

 

 

 18.94 

 

 

Vested

 (373,265)

 

 

 20.36 

 

 

Non-Vested at September 30, 2016

 1,122,137 

 

$

 17.42 

 

1.8



Green Plains Partners



Green Plains Partners has adopted the LTIP, an incentive plan intended to promote the interests of the partnership, its general partner and affiliates by providing incentive compensation based on units to employees, consultants and directors to encourage superior performance. The incentive plan reserves 2,500,000 common units for issuance in the form of options, restricted units, phantom units, distributable equivalent rights, substitute awards, unit appreciation rights, unit awards, profits interest units or other unit-based awards. The partnership measures unit-based compensation related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis.



The non-vested unit-based awards activity for the nine months ended September 30, 2016, is as follows:





 

 

 

 

 

 



Non-Vested Shares and Deferred Stock Units

 

Weighted-Average Grant-Date Fair Value

 

Weighted-Average Remaining Vesting Term
(in years)



 

 

 

 

 

 

Non-Vested at December 31, 2015

 10,089 

 

$

 14.93 

 

 

Granted

 16,260 

 

 

 15.82 

 

 

Forfeited

 (5,333)

 

 

 14.93 

 

 

Vested

 (6,007)

 

 

 14.69 

 

 

Non-Vested at September 30, 2016

 15,009 

 

$

 15.99 

 

0.8



Compensation costs for stock-based and unit-based payment plans during the three and nine months ended September 30, 2016, were approximately $2.4 million and $7.0 million, respectively,  and $2.5 million and $6.8 million during the three and nine months ended September 30, 2015. At September 30, 2016, there was  $13.3 million of unrecognized compensation costs from stock-based and unit-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 1.8 years. The potential tax benefit related to stock-based payment is approximately 38.0% of these expenses.