Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2015

Stock-Based Compensation Plans [Abstract]

(9) Stock-based Compensation Plans

Effective May 19, 2004, the Company adopted its 2004 Incentive Stock Plan, as further amended and restated on February 3, 2015 (the “2004 Stock Plan”) and its 2004 Restricted Stock Plan for Non-Employee Directors (the “2004 Director Plan”). On May 19, 2015, the Company’s stockholders approved the 2015 Incentive Plan of 3D Systems Corporation (the “2015 Plan”, together with the 2004 Stock Plan, the “Incentive Plans”).

The 2015 Plan authorizes awards of restricted stock, restricted stock units, stock appreciation rights, cash incentive awards and the grant of options to purchase the Company’s common stock. The 2015 Plan also designates measures that may be used for performance awards.

The maximum number of shares of common stock reserved for issuance under the 2015 Plan is 6,300. Generally, each restricted stock award or restricted stock unit award is made with a vesting period of three years to five years from the date of grant.

The purpose of the 2015 Plan is to provide an incentive that permits the persons responsible for the Company’s growth to share directly in that growth and to better align their interests with the interests of the Company’s stockholders. Any person who is an employee or director of or consultant to the Company, or a subsidiary or an affiliate of the Company, is eligible to be considered for the grant of performance awards pursuant to the 2015 Plan. The 2015 Plan is administered by the Compensation Committee of the Board of Directors or a subcommittee thereof, which, pursuant to the provisions of the 2015 Plan, has the authority to determine recipients of awards under that plan, the number of shares to be covered by such awards and the terms and conditions of each award. Notwithstanding the foregoing, only the full Board of Directors may grant and administer awards under the 2015 Plan to non-employee directors. The 2015 Plan may be amended, altered or discontinued at the sole discretion of the Board of Directors at any time.

The Company records stock-based compensation expense in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss). Stock-based compensation expense for the quarter and six months ended June 30, 2015 and 2014 was as follows:


	Quarter Ended June 30,				Six Months Ended June 30,
(in thousands)	2015		2014		2015		2014
Restricted stock awards	$	9,721	$	8,362	$	20,050	$	15,638

The number of shares and units of restricted common stock awarded and the weighted average fair value per share and unit for the quarter and six months ended June 30, 2015 and 2014 were as follows:


	Quarter Ended June 30,
	2015			2014
(in thousands, except per share amounts)	Number of Shares/Units	Weighted Average Fair Value		Number of Shares/Units	Weighted Average Fair Value
Restricted stock awards:
Granted under the Incentive Plans, non-executive employees	226	$	22.68	143	$	50.31
Granted under the Incentive Plans, executive officers	25		22.61	—		—
Granted under the 2004 Director Plan, non-employee directors	24		22.61	17		49.26
Total restricted stock awards	275	$	22.67	160	$	50.20

	Six Months Ended June 30,
	2015			2014
(in thousands, except per share amounts)	Number of Shares/Units	Weighted Average Fair Value		Number of Shares/Units	Weighted Average Fair Value
Restricted stock awards:
Granted under the Incentive Plans, non-executive employees	439	$	25.86	346	$	68.42
Granted under the Incentive Plans, executive officers	85		27.50	30		75.76
Granted under the 2004 Director Plan, non-employee directors	24		22.61	17		49.26
Total restricted stock awards	548	$	26.00	393	$	68.15

For the quarter and six months ended June 30, 2015, the Company recorded $543 of stock compensation expense related to non-employee directors, compared to $849 for the quarter and six months ended June 30, 2014.

As of June 30, 2015 and 2014, shares or units under awards that remained subject to acceptance were 248 and 138, respectively.