Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.3.0.814
Stock-based Compensation
9 Months Ended
Sep. 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 such 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 three and nine months ended September 30, 2015, the Company made the following grants of restricted stock, which vest based on the passage of time as described below:
Three Months Ended September 30, 2015
 
Nine Months Ended September 30, 2015
 
Vesting Period

 
22,335

 
Granted shares vested upon the grant date

 
162,695

 
Granted shares vest ratably over a period of two quarters
4,824

 
64,616

 
Granted shares vest ratably over a period of four quarters

 
24,665

 
Granted shares vest ratably over a period of eight quarters
61,795

 
561,318

 
Granted shares vest ratably over a period of twelve quarters
During the three and nine months ended September 30, 2015, the Company made the following grants of restricted stock, which require the achievement of certain market-based conditions to become eligible to vest as described below:
Three Months Ended September 30, 2015
 
Nine Months Ended September 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

 
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

 
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 third quarter of 2015, the Company granted 20,000 shares of performance-based restricted stock. The shares become eligible to vest if the underlying performance condition has been achieved as of December 31, 2016. If the shares become eligible to vest they will vest ratably over a period of four quarters, beginning January 15, 2017. If the performance condition is not satisfied none of the shares will vest.
During the three and nine months ended September 30, 2015, the Company made the following grants of stock options, which vest based on the passage of time as described below:
Three Months Ended September 30, 2015
 
Nine Months Ended September 30, 2015
 
Vesting Period
22,700

 
42,825

 
Granted options vested upon the grant date
31,790

 
31,790

 
Granted options vest ratably over a period of seven quarters

 
40,420

 
Granted options vest ratably over a period of eight quarters
205,135

 
2,066,085

 
Granted options vest ratably over a period of twelve quarters

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