Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

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

Summary of Unvested Restricted Stock Awards

The following table presents a summary of the Company’s unvested restricted stock awards.



	Number of Shares		Weighted- Average Grant Date Fair Value
	(In thousands)
Unvested restricted shares outstanding at December 31, 2014	8,556		$	6.39
Granted	662		$	1.78
Vested	(3,030	)	$	6.34
Forfeited / Canceled	(575	)	$	6.39
Unvested restricted shares outstanding at June 30, 2015	5,613		$	5.88

Summary of Unvested Restricted Stock Units

The following table presents a summary of the Company’s unvested restricted stock units which vest ratably over a four-year period from the date of grant. These restricted stock units may be settled in shares of the Company’s common stock, cash or some combination of common stock and cash at the Company’s election and were valued at June 30, 2015 based upon the Company’s period end common stock price.



	Number of Units		Fair Value per Unit at June 30, 2015
	(In thousands)
Unvested units outstanding at December 31, 2014	—
Granted	8,945
Vested	(827	)
Forfeited / Canceled	(543	)
Unvested units outstanding at June 30, 2015	7,575		$	0.88

The following table presents a summary of the Company’s unvested restricted stock units which vest over a two-year period (40% at the end of the first year and 60% at the end of the second year). These restricted stock units will be settled in cash at the end of each vesting period for an amount based on the Company’s common stock price as of the vesting date. The restricted stock units were valued based upon the Company’s period end common stock price, discounted using a credit spread (3.6% at June 30, 2015) that was determined based upon an analysis of the historical option adjusted spread for the Company’s outstanding senior notes and the outstanding long-term debt of comparable companies.



	Number of Units		Fair Value per Unit at June 30, 2015
	(In thousands)
Unvested units outstanding at December 31, 2014	—
Granted	2,398
Vested	—
Forfeited / Canceled	(122	)
Unvested units outstanding at June 30, 2015	2,276		$	0.51	–	$	0.73

Performance Units/Performance Share Units Fair Value Assumptions

The following table presents a summary of the fair values of the performance share units granted and the related assumptions for all outstanding performance share units at June 30, 2015.



	June 30, 2015
Expected price volatility range	29.0	%	-	77.2		%
Weighted-average risk-free interest rate				0.9		%
Weighted-average fair value per unit				$	0.52

The following table presents a summary of the fair values of the performance units granted during the years ended December 31, 2014 and 2013 and the related assumptions for all outstanding performance units at June 30, 2015 and December 31, 2014.



	June 30, 2015						December 31, 2014
Expected price volatility range	25.7	%	-	89.7		%	26.6	%	-	86.6		%
Weighted-average risk-free interest rate				0.3		%				0.5		%
Weighted-average fair value per unit				$	1.41					$	13.85

Performance Units/Performance Share Units Outstanding Activity

Performance share unit activity for the six-month period ended June 30, 2015 was as follows:



	Number of Performance Share Units
	(In thousands)
Outstanding at December 31, 2014	—
Granted	2,044
Forfeited /canceled	(151	)
Outstanding at June 30, 2015	1,893

Performance period ending December 31, 2017
Vested	—
Unvested	1,893

Performance unit activity for the six-month period ended June 30, 2015 was as follows:



	Number of Performance Units
	(In thousands)
Outstanding at December 31, 2014	66
Granted	—
Forfeited /canceled	—
Outstanding at June 30, 2015	66

Performance period ending December 31, 2015
Vested	22
Unvested	6
Performance period ending December 31, 2016
Vested	15
Unvested	23