Quarterly report pursuant to Section 13 or 15(d)

Equity Incentive Plan (Notes)

v2.4.1.9
Equity Incentive Plan (Notes)
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Equity Incentive Plan
On February 5, 2014 and February 12, 2015, the Company granted 1,103,162 and 206,275 shares of restricted common stock, respectively, pursuant to the Company’s Restated 2009 Equity Incentive Plan, or the Plan. The estimated fair value of these awards was $9.79 and $10.30 per share on grant date, based on the closing market price of the Company’s common stock on the NYSE on such date. However, as the cost of these awards is measured at fair value at each reporting date based on the price of the Company’s stock as of period end in accordance with ASC 505, Equity, or ASC 505, the fair value of these awards as of March 31, 2015 was $10.62 per share based on the closing market price of the Company’s common stock on the NYSE on such date. The shares underlying the grants vest in three equal annual installments commencing on the date of the grant, as long as such grantee complies with the terms and conditions of his or her applicable restricted stock award agreement.
No shares of restricted common stock were granted to the Company’s independent directors during the three months ended March 31, 2015 and 2014.
The following table summarizes the activity related to restricted common stock for the three months ended March 31, 2015 and 2014:
 
Three Months Ended March 31,
 
2015
 
2014
(in thousands)
Shares
 
Weighted Average Grant Date Fair Market Value
 
Shares
 
Weighted Average Grant Date Fair Market Value
Outstanding at Beginning of Period
2,002,406

 
$
10.32

 
1,024,459

 
$
11.22

Granted
206,275

 
10.30

 
1,103,162

 
9.79

Vested
(365,662
)
 
(9.79
)
 
—

 
—

Forfeited
(55,474
)
 
(10.19
)
 
(3,065
)
 
(9.79
)
Outstanding at End of Period
1,787,545

 
$
10.43

 
2,124,556

 
$
10.48



For the three months ended March 31, 2015 and 2014, the Company recognized compensation costs related to restricted common stock of $2.7 million and $3.1 million, respectively.