Stock-Based Incentive Plans

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Incentive Plans

13. STOCK-BASED INCENTIVE PLANS

We do not have any employees as we are externally managed by our Manager. However, as of December 31, 2015, our Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were compensated, in part, through the issuance of stock-based instruments.

We had stock-based incentive awards outstanding under five benefit plans as of December 31, 2015: (i) our amended and restated 1997 non-employee director stock plan, or 1997 Plan; (ii) our 2007 long-term incentive plan, or 2007 Plan; (iii) our 2011 long-term incentive plan, or 2011 Plan; (iv) our 2013 stock incentive plan, or 2013 Plan; and (v) our 2013 manager incentive plan, or 2013 Manager Plan. We refer to our 1997 Plan, our 2007 Plan, and our 2011 Plan collectively as our Expired Plans and we refer to our 2013 Plan and 2013 Manager Plan collectively as our Current Plans.

Our Expired Plans have expired and no new awards may be issued under them. Under our Current Plans, a maximum of 2,160,106 shares of our class A common stock may be issued to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of December 31, 2015, there were 264,902 shares available under the Current Plans.

The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-average grant date fair value per share:

	Restricted Class A Common Stock			Weighted-Average Grant Date Fair Value Per Share
Balance as of December 31, 2013		700,000		$	25.69
Granted		490,381			27.82
Vested		(270,662	)		25.57
Balance as of December 31, 2014		919,719		$	26.86
Granted		679,958			28.25
Vested		(456,626	)		26.94
Forfeited		(28,143	)		28.28
Balance as of December 31, 2015		1,114,908		$	27.64

These shares generally vest in quarterly installments over a three-year period, pursuant to the terms of the respective award agreements and the terms of the Current Plans. The 1,114,908 shares of restricted class A common stock outstanding as of December 31, 2015 will vest as follows: 567,705 shares will vest in 2016; 383,866 shares will vest in 2017; and 163,337 shares will vest in 2018. As of December 31, 2015, total unrecognized compensation cost relating to nonvested share-based compensation arrangements was $29.8 million. This cost is expected to be recognized over a weighted average period of 1.2 years from December 31, 2015.