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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation |
5. | Share-Based Compensation
In June 2007, the board of directors and stockholders approved the 2007 Stock Incentive Plan (the “2007 Plan”). Under the 2007 Plan, we may grant restricted stock, stock options, stock appreciation rights, restricted stock units, performance awards, unrestricted stock awards and other incentive awards. Under a Third Amendment to the 2007 Plan effective June 2, 2015, the maximum number of shares of common stock available for the grant of awards under the 2007 Plan after June 2, 2015, is 3,625,000. Awards of any stock options are to be priced at not less than the fair market value at the date of the grant. The vesting period of any stock award is to be determined by the board or an authorized committee at the time of the grant. The term of each stock option is to be fixed at the time of grant and may not exceed 10 years. Shares issued upon stock options exercised are issued as new shares. Share-based compensation expense amounted to $8.0 million, $8.2 million and $5.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. Such amounts represent the estimated fair value of stock awards for which the requisite service period elapsed during those periods. Included in share-based compensation expense in 2014 and 2013 is a benefit of $1.1 million and $1 million, respectively, for forfeited stock awards related to the retirement of two of our executive officers. Share-based compensation expense for the years ended December 31, 2015, 2014 and 2013, included $735,000, $749,000 and $630,000, respectively, related to grants to nonemployee directors. Stock Options There were no stock option grants during the years ended December 31, 2015, 2014 and 2013. As of December 31, 2015, 38,525 options were fully vested and outstanding with a weighted average exercise price of $12.00 and a weighted average remaining contractual term of 1.86 years. There were no options exercised during the years ended December 31, 2015 and 2014. The intrinsic value of the options exercised during the year ended December 31, 2013 was $35,000. There was no tax benefit recognized related to the stock option exercises in the year ended December 31, 2013. Nonvested Shares Share grants totaling 1,278,329 shares, 992,919 shares and 377,379 shares with an approximate aggregate fair market value of $6.2 million, $14.4 million and $8.6 million at the time of grant were granted to employees during the years ended December 31, 2015, 2014 and 2013, respectively. Included in the share grants for 2015, 2014 and 2013, are 724,249 shares, 245,157 shares and 183,672 shares, respectively, awarded to our executive officers. The aggregate fair market value of these shares on the grant date was $4.5 million, $4.5 million and $4.4 million, respectively, to be expensed over a remaining service period of approximately two years, subject to certain performance restrictions. A summary of the status of nonvested shares for the years ended December 31, 2015, 2014 and 2013, is presented below:
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Nonvested at January 1, 2013 |  |  | 753,079 |  |  |  | 22.35 |
Granted |  |  | 377,379 |  |  |  | 22.77 |
Vested |  |  | (299,110 | ) |  |  | 18.79 |
Canceled |  |  | (132,117 | ) |  |  | 24.47 |
Nonvested at December 31, 2013 |  |  | 699,231 |  |  |  | 23.70 |
Granted |  |  | 992,919 |  |  |  | 14.48 |
Vested |  |  | (400,429 | ) |  |  | 20.18 |
Canceled |  |  | (169,311 | ) |  |  | 25.57 |
Nonvested at December 31, 2014 |  |  | 1,122,410 |  |  | $ | 16.52 |
Granted |  |  | 1,278,329 |  |  |  | 4.87 |
Vested |  |  | (419,222 | ) |  |  | 15.26 |
Canceled |  |  | (246,261 | ) |  |  | 14.30 |
Nonvested at December 31, 2015 |  |  | 1,735,256 |  |  | $ | 8.60 |
As of December 31, 2015, unrecognized compensation expense related to the nonvested shares amounted to $7.9 million, which will be recognized over a remaining service period of three years. Subsequent Restricted Share Award Subsequent to December 31, 2015, 1,100,543 cash settled shares, subject to certain performance conditions, and 550,272 shares, subject to three-year total shareholder return (“TSR”) conditions, assuming maximum TSR, were granted to our executive officers. The aggregate fair market value of the cash settled shares and TSR shares on the grant date was approximately $1 million and $0.3 million, respectively, to be expensed over a remaining service period of approximately 3.5 years. Employee Benefit Plan The Company has a defined contribution employee benefit plan covering substantially all of its employees. We make a matching contribution equal to 100% of each pre-tax dollar contributed by the participant on the first 3% of eligible compensation and 50% on the next 2% of eligible compensation. The Company made contributions to the plan of approximately $404,000, $310,000 and $279,000 during the years ended December 31, 2015, 2014 and 2013, respectively.

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 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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