Quarterly report pursuant to Section 13 or 15(d)

Stock-based Expense

v3.5.0.2
Stock-based Expense
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Expense
Stock-based Expense
During the three and six months ended June 30, 2016, the Company made the following grants of restricted stock:
Three Months Ended June 30, 2016
 
Six Months Ended June 30, 2016
 
Condition to Become Eligible to Vest
306,055

 
1,565,127

 
Shares vest ratably over a period of twelve quarters beginning on the first day of the second calendar quarter immediately following the grant date.
55,783

 
55,783

 
Shares vest ratably over a period of four quarters beginning on the first day of the calendar quarter immediately following the grant date.
During the six months ended June 30, 2016, we granted 729,300 shares of restricted stock which require the achievement of certain market-based conditions to become eligible to vest. The shares become eligible to vest based on the achievement of the following conditions:
Three Months Ended June 30, 2016
 
Six Months Ended June 30, 2016
 
Condition to Become Eligible to Vest
—

 
364,651

 
After the grant date and prior to July 1, 2019, the average closing price per share of the Company’s common stock equals or exceeds $27.28 for twenty consecutive trading days
—

 
364,649

 
After the grant date and prior to July 1, 2019, the average closing price per share of the Company’s common stock equals or exceeds $32.15 for twenty consecutive trading days

Shares that become eligible to vest, if any, become Eligible Shares. These awards vest ratably over four calendar quarters beginning on the first day of the next calendar quarter immediately following the date on which they become Eligible Shares. Vesting is conditional upon the recipient remaining a service provider, as defined in the plan document, to the Company through each applicable vesting date.
During the second quarter of 2016, we issued 21,400 shares of restricted stock to certain non-employees as payment for consulting services to be provided over the subsequent four quarterly periods. The shares vest as the consulting services are performed.
All stock options and restricted stock awards granted during 2016 were granted under the Amended and Restated 2010 Equity Incentive Plan, as amended.