Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

Stock-Based Compensation [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Stock Plans

The Loral amended and restated 2005 stock incentive plan (the “Stock Incentive Plan”) allows for the grant of several forms of stock-based compensation awards including stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses and other stock-based awards (collectively, the “Awards”). The total number of shares of voting common stock reserved and available for issuance under the Stock Incentive Plan is 1,403,746 shares of which 1,319,533 were available for future grant at December 31, 2014. This number of shares of voting common stock available for issuance would be reduced if restricted stock units are settled in voting common stock. In addition, shares of common stock that are issuable under awards that expire, are forfeited or canceled, or withheld in payment of the exercise price or taxes relating to an Award, will again be available for Awards under the Stock Incentive Plan.

In June 2009, the Company introduced a performance based long-term incentive compensation program consisting of SS/L phantom stock appreciation rights (“SS/L Phantom SARs”). Because SS/L common stock was not freely tradable on the open market and thus did not have a readily ascertainable market value, SS/L equity value under the program was derived from an income-based calculation. Each SS/L Phantom SAR provided the recipient with the right to receive an amount equal to the increase in SS/L’s notional stock price over the base price multiplied by the number of SS/L Phantom SARs vested on the applicable vesting date, subject to adjustment. The SS/L notional stock price was frozen as of December 31, 2011 in connection with the Sale. SS/L Phantom SARs were paid out in cash on each vesting date.

As of December 31, 2014, there were no SS/L Phantom SARs remaining.  During the years ended December 31, 2014, 2013 and 2012, cash payments of $0.5 million, $0.5 million and $2.0 million, respectively, were made related to SS/L Phantom SARs.

During the years ended December 31, 2014, 2013 and 2012, the following activity occurred under the Stock Incentive Plan (in thousands):

	Year Ended December 31,
	2014		2013		2012
Total intrinsic value of options exercised	$	—	$	—	$	17,472
Total fair value of restricted stock vested	$	—	$	—	$	287
Total fair value of restricted stock units vested	$	—	$	2,241	$	1,403

Stock-based compensation expense consists of the following (in thousands):

	Year Ended December 31,
	2014		2013		2012
Stock-based compensation	$	12	$	488	$	1,796

As of December 31, 2014, there is no unrecognized compensation cost related to non-vested awards.