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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation |
10. | STOCK-BASED COMPENSATION
The P. H. Glatfelter Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. As of December 31, 2014, there were 1,873,027 shares of common stock available for future issuance under the LTIP. Since the approval of the LTIP, we have issued to eligible participants restricted stock units, performance share awards and stock only stock appreciation rights (“SOSARs”). Restricted Stock Units (“RSUs”) and Performance Share Awards (“PSAs”) Awards of RSUs and PSAs are made under our LTIP. The vesting of RSUs is generally based on the passage of time, generally on a graded scale over a three, four, and five-year period. Beginning in March of 2011, PSAs were issued annually to members of senior management and each respective grant cliff vests each December 31, assuming the achievement of predetermined, three-year cumulative performance targets. The performance measures include a minimum, target and maximum performance level providing the grantees an opportunity to receive more or less shares than targeted depending on actual financial performance. For both RSUs and PSAs, the grant date fair value of the awards, which is equal to the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury. The following table summarizes RSU and PSA activity during the past three years:
Units |  |  | 2014 |  |  |  | 2013 |  |  |  | 2012 |
Balance at January 1, |  |  | 1,001,814 |  |  |  | 847,679 |  |  |  | 788,088 |
Granted |  |  | 178,882 |  |  |  | 315,196 |  |  |  | 209,021 |
Forfeited |  |  | (47,379 | ) |  |  | (47,831 | ) |  |  | (52,800 | )
Shares delivered |  |  | (244,375 | ) |  |  | (113,230 | ) |  |  | (96,630 | )
Balance at December 31, |  |  | 888,942 |  |  |  | 1,001,814 |  |  |  | 847,679 |
|  |  | 2014 |  |  |  | 2013 |  |  |  | 2012 |
Compensation expense |  | $ | 2,652 |  |  | $ | 2,882 |  |  | $ | 2,576 |
The amount granted in 2014, 2013 and 2012 includes 101,743, 183,910 and 161,083 PSAs, respectively, exclusive of reinvested dividends. The performance period for the 2012 PSAs concluded on December 31, 2014 and, based on actual performance relative to target, approximately 60% of the award was issued to participants in 2015. The weighted average grant date fair value per unit for awards in 2014, 2013 and 2012 was $28.89, $22.34 and $15.49, respectively. As of December 31, 2014, unrecognized compensation expense for outstanding RSUs and PSAs totaled $4.0 million. The weighted average remaining period over which the expense will be recognized is 2.7 years. Stock Only Stock Appreciation Rights The following table sets forth information related to outstanding SOSARS:
|  | 2014 |  |  | 2013 |  |  | 2012 |
SOSARS |  |  | Shares |  |  |  | Wtd Avg Exercise Price |  |  |  | Shares |  |  |  | Wtd Avg Exercise Price |  |  |  | Shares |  |  |  | Wtd Avg Exercise Price |
Outstanding at January 1, |  |  | 1,977,133 |  |  | $ | 13.91 |  |  |  | 2,121,454 |  |  | $ | 12.93 |  |  |  | 2,298,288 |  |  | $ | 12.35 |
Granted |  |  | 281,881 |  |  |  | 29.78 |  |  |  | 368,687 |  |  |  | 18.51 |  |  |  | 364,114 |  |  |  | 15.58 |
Exercised |  |  | (364,465 | ) |  |  | 13.99 |  |  |  | (435,562 | ) |  |  | 12.63 |  |  |  | (500,074 | ) |  |  | 12.06 |
Canceled / forfeited |  |  | (29,842 | ) |  |  | 19.36 |  |  |  | (77,446 | ) |  |  | 16.28 |  |  |  | (40,874 | ) |  |  | 14.31 |
Outstanding at December 31, |  |  | 1,864,707 |  |  | $ | 16.20 |  |  |  | 1,977,133 |  |  | $ | 13.91 |  |  |  | 2,121,454 |  |  | $ | 12.93 |
Exercisable at December 31, |  |  | 1,285,998 |  |  |  | 12.94 |  |  |  | 1,330,816 |  |  |  | 12.58 |  |  |  | 1,469,537 |  |  |  | 12.30 |
Vested and expected to vest |  |  | 1,754,295 |  |  |  |  |  |  |  | 1,863,244 |  |  |  |  |  |  |  | 2,055,599 |  |  |  |  |
SOSAR Grants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average grant date fair value per share |  | $ | 9.81 |  |  |  |  |  |  | $ | 5.74 |  |  |  |  |  |  | $ | 4.94 |  |  |  |  |
Aggregate grant date fair value (in thousands) |  | $ | 2,764 |  |  |  |  |  |  | $ | 2,103 |  |  |  |  |  |  | $ | 1,797 |  |  |  |  |
Black-Scholes assumptions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dividend yield |  |  | 1.48 | % |  |  |  |  |  |  | 2.16 | % |  |  |  |  |  |  | 2.31 | % |  |  |  |
Risk free rate of return |  |  | 1.74 | % |  |  |  |  |  |  | 1.01 | % |  |  |  |  |  |  | 1.02 | % |  |  |  |
Volatility |  |  | 37.59 | % |  |  |  |  |  |  | 39.58 | % |  |  |  |  |  |  | 41.48 | % |  |  |  |
Expected life |  |  | 6 yrs |  |  |  |  |  |  |  | 6 yrs |  |  |  |  |  |  |  | 6 yrs |  |  |  |  |
Compensation expense (in thousands) |  | $ | 2,086 |  |  |  |  |  |  | $ | 1,591 |  |  |  |  |  |  | $ | 1,448 |  |  |  |  |
Under terms of the SOSAR, the recipients received the right to receive a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three year period. As of December 31, 2014, the intrinsic value of SOSARs vested and expected to vest totaled $18.3 million. The remaining weighted average contractual life of outstanding SOSARs was 6.4 years as of December 31, 2014.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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