Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.4.0.3
Stock-based Compensation
3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation
Stock-based Compensation
During the three months ended March 31, 2016, the Company awarded 1,259,072 shares of restricted stock, which vest ratably over a period of twelve quarters beginning on the first day of the second calendar quarter immediately following the grant date. Vesting is conditional upon the recipient remaining a service provider, as defined in the plan document, to the Company at each applicable vesting date.
During the three months ended March 31, 2016, 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 March 31, 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. Such awards granted in February 2016 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.
All stock options and restricted stock awards granted during the quarter ended March 31, 2016 were granted under the Amended and Restated 2010 Equity Incentive Plan, as amended.