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Employee Compensation Plans
6 Months Ended
Jun. 30, 2013
Compensation Related Costs [Abstract]  
Employee Compensation Plans
Employee Compensation Plans

Annual Incentive Plan

In June 2013, the Compensation Committee of the Company’s Board approved an annual incentive plan effective June 2013 for all employees and discontinued the Company’s then existing cash bonus program with the final payments under the program made in July 2013. The Company had accrued approximately $10.9 million as of June 30, 2013 for such payments. For certain members of management, the annual incentive plan incorporates objective performance criteria, individual performance goals and competitive target award levels for the 2013 performance year with payout percentages ranging from 0% to 200% of specified target levels based on actual performance. As of June 30, 2013, the Company had accrued approximately $11.0 million for the 2013 annual incentive for all employees, including an accrual for an annual incentive for specified members of management at 100% of the target values. As the payout for management is dependent on actual performance compared to established performance targets, the actual amount paid for 2013 performance under the annual incentive plan could differ significantly from the established target values. 

Performance Units

In June 2013, the Compensation Committee of the Company’s Board approved the issuance of performance units to certain members of senior management under the Company’s existing long term incentive plan. In July 2013, the Company granted approximately 31,100 performance units that will be settled in cash at payout percentages ranging from 50% to 200% of specified target values based on the Company's relative total shareholder return compared to a predetermined peer group with graded vesting over a performance period from July 2013 to December 2015. If minimum target thresholds are not met, the payout is reduced to zero.

Because the performance units contain a market-based performance component and will be settled in cash upon vesting, the Company recognized a liability equal to the estimated fair value of the units at the time the units were granted in July 2013 and will re-measure the liability at the end of each reporting period. Changes in the fair value of the units during the vesting period will be recognized as compensation expense for the portion for which the requisite services have been rendered, net of estimated forfeitures.