Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

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Stock-based Compensation
6 Months Ended
Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation
Stock-based Compensation
In January 2015, the Company adopted the First Amendment to the Company's Amended and Restated 2010 Equity Incentive Plan. The amendment prohibits the repricing of stock options and stock appreciation rights other than in connection with a change in the Company's corporate structure.
In April 2015, the Company adopted the Second Amendment to the Company's Amended and Restated 2010 Equity Incentive Plan. This amendment increased the value of the automatic annual award of restricted stock received by outside directors, adjusted the vesting of the annual restricted stock awards to occur ratably over a period of four calendar quarters and modified the timing and pro ration of awards for independent directors initially elected or appointed on a date other than April 1st.
During the six months ended June 30, 2015, we granted 591,165 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, 2015
 
Six Months Ended June 30, 2015
 
Condition to Become Eligible to Vest
 
30,000
 
After the grant date and prior to July 1, 2017, the average closing price per share of the Company's common stock equals or exceeds $25.00 for twenty consecutive trading days
 
30,000
 
After the grant date and prior to July 1, 2017, the average closing price per share of the Company's common stock equals or exceeds $30.00 for twenty consecutive trading days
4,224
 
235,579
 
After the grant date and prior to July 1, 2018, the average closing price per share of the Company's common stock equals or exceeds $30.00 for twenty consecutive trading days
4,231
 
265,586
 
After the grant date and prior to July 1, 2018, the average closing price per share of the Company's common stock equals or exceeds $35.00 for twenty consecutive trading days
 
30,000
 
After the grant date and prior to July 1, 2018, the average closing price per share of the Company's common stock equals or exceeds $40.00 for twenty consecutive trading days

Shares that become eligible to vest, if any, become Eligible Shares. Eligible Shares vest ratably over the four calendar quarters following the date they become Eligible Shares. However, all unvested Eligible Shares will be fully vested on July 1, 2018.
During the three and six months ended June 30, 2015, we granted the following stock options:
Three Months Ended June 30, 2015
 
Six Months Ended June 30, 2015
 
Vesting Period
112,060

 
1,860,950

 
Granted options vest ratably over a period of twelve quarters
20,125

 
20,125

 
Granted options vested upon the grant date
40,420

 
40,420

 
Granted options vest ratably over a period of eight quarters

During the three and six months ended June 30, 2015, we granted the following restricted stock:
Three Months Ended June 30, 2015
 
Six Months Ended June 30, 2015
 
Vesting Period
33,257

 
499,523

 
Granted shares vest ratably over a period of twelve quarters

 
162,695

 
Granted shares vest ratably over a period of two quarters
22,335

 
22,335

 
Granted shares vested upon the grant date
59,792

 
59,792

 
Granted shares vest ratably over a period of four quarters
24,665

 
24,665

 
Granted shares vest ratably over a period of eight quarters

All stock options and restricted stock were granted under the Amended and Restated 2010 Equity Incentive Plan, as amended.