|9 Months Ended|
Sep. 30, 2015
|Disclosure of Compensation Related Costs, Share-based Payments [Abstract]|
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:
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:
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:
All stock options and restricted stock were granted under the Amended and Restated 2010 Equity Incentive Plan, as amended.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef