Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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, 2012	15,328		$	8.07
Granted	7,462		$	6.32
Vested	(13,395	)	$	7.85
Forfeited / Canceled	(1,752	)	$	7.33
Unvested restricted shares outstanding at December 31, 2013	7,643		$	6.92
Granted	6,367		$	6.17
Vested	(3,432	)	$	7.04
Forfeited / Canceled	(2,022	)	$	6.60
Unvested restricted shares outstanding at December 31, 2014	8,556		$	6.39
Granted	2,928		$	0.88
Vested	(5,186	)	$	4.95
Forfeited / Canceled	(672	)	$	6.38
Unvested restricted shares outstanding at December 31, 2015	5,626		$	4.85

Summary of Unvested Restricted Stock Units

The following table presents a summary of the Company’s unvested restricted stock units which 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. These restricted stock units are liability-classified awards, which vest ratably over a maximum four-year period from the date of grant and were valued at December 31, 2015 based upon the Company’s period end common stock price.



	Number of Units		Fair Value per Unit at December 31, 2015
	(In thousands)
Unvested units outstanding at December 31, 2014	—
Granted	11,095
Vested(1)	(2,200	)
Forfeited / Canceled	(767	)
Unvested units outstanding at December 31, 2015	8,128		$	0.20

____________________


(1)	Restricted stock units which vested during the year ended December 31, 2015 were settled by the issuance of common stock.

The restricted stock units were valued based upon the Company’s period end common stock price, discounted using a credit spread (10.6% at December 31, 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 December 31, 2015
	(In thousands)
Unvested units outstanding at December 31, 2014	—
Granted	3,104
Vested	(979	)
Forfeited / Canceled	(122	)
Unvested units outstanding at December 31, 2015	2,003		$	0.04	-	$	0.20

Performance Units/Performance Share Units Fair Value Assumptions

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 December 31, 2015 and 2014.



	December 31,
	2015			2014
Volatility factor	120.0		%	55.6		%
Weighted-average risk-free interest rate	0.7		%	0.5		%
Weighted-average fair value per unit	$	1.08		$	13.85

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 December 31, 2015.



	December 31, 2015
Volatility factor	95.3		%
Weighted-average risk-free interest rate	1.1		%
Weighted-average fair value per unit	$	0.10

Performance Units/Performance Share Units Outstanding Activity

Performance share unit activity for the year ended December 31, 2015 was as follows:



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

Performance period ending December 31, 2017
Vested	695
Unvested	1,198

Performance unit activity for the years ended December 31, 2015, 2014 and 2013 was as follows (in thousands):



	December 31,
	2015		2014		2013(1)
Outstanding at January 1	66		31		—
Granted	—		47		31
Vested	(28	)	—		—
Forfeited /canceled	—		(12	)	—
Outstanding at December 31	38		66		31

Performance period ending December 31, 2015
Vested	—		9		12
Unvested	—		19		19
Performance period ending December 31, 2016
Vested	26		13		—
Unvested	12		25		—

____________________

(1) The 2013 performance units fully vested on December 31, 2015, with no amounts paid.