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Stock-Based Compensation (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Summary of Weighted Average Assumptions Used for Grants |
The following are the weighted average assumptions used for grants
during the years ended December 31, 2013, and 2012,
respectively, and for valuation of the modified time-based awards
in June 2014:
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Year Ended
December 31, |
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2014 |
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2013 |
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2012 |
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Dividend yield
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0.00 |
% |
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0.00 |
% |
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0.00 |
% |
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Expected volatility
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65.0 |
% |
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73.25 |
% |
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75.71 |
% |
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Risk-free interest rate
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1.54 |
% |
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0.52 |
% |
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0.58 |
% |
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Expected term (in years) for performance-based shares
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N/A |
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3.85 |
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3.85 |
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Expected term (in years) for time-based and modified time-based
shares
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4.50 |
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9.21 |
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10.32 |
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| Summary of Stock-based Compensation Expense |
The amount of stock-based compensation expense recorded within
“Selling, general and administrative expenses” in the
consolidated statements of operations for the years ended
December 31, 2014, 2013, and 2012, respectively, was as
follows:
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Year Ended
December 31, |
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2014 |
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2013 |
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2012 |
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Time-based Restricted Stock Awards
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$ |
7,037 |
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$ |
8,346 |
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$ |
4,192 |
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Modified Time-based Restricted Stock Awards
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2,469 |
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— |
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— |
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Restricted Stock Units- under 2014 Omnibus Plan
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100 |
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— |
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— |
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Liability awards
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50 |
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46 |
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861 |
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Management Retention Awards
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896 |
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1,416 |
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2,275 |
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Parent Company Restricted Stock Sales
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— |
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171 |
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— |
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Total stock-based compensation expense
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$ |
10,552 |
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$ |
9,979 |
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$ |
7,328 |
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| Time-based Restricted Stock Awards [Member] |
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| Summary of Parent's Modified Time-based Restricted Stock Awards |
The following table summarizes the activity in the Parent’s
time-based restricted stock awards during the year ended
December 31, 2014:
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Time-based restricted stock
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Shares |
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Weighted-Average
Grant Date
Fair Value per Share |
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Unvested, December 31, 2013
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131,190 |
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$ |
164.97 |
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Granted
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— |
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— |
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Vested
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(66,143 |
) |
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163.03 |
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Forfeited
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(2,499 |
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135.21 |
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Unvested, December 31, 2014
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62,548 |
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$ |
172.64 |
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| Summary of Weighted-average Grant Date Fair Value per Share of Modified Time-based Restricted Stock Awards Granted Total and Fair Value of Awards Vested |
The following table summarizes the weighted-average grant date fair
value per share of time-based restricted stock awards granted
during the years ended December 31, 2014, 2013, and 2012, as
well as the total fair value of awards vested during those
periods:
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Time-Based Restricted Stock |
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Weighted-Average Grant Date
Fair Value per Share
of Grants during Period |
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Total Fair Value
of Awards Vested
during Period |
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Year Ended December 31, 2014
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N/A |
(1) |
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$ |
10,783 |
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Year Ended December 31, 2013
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$ |
155.40 |
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$ |
6,795 |
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Year Ended December 31, 2012
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$ |
204.32 |
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$ |
9,100 |
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| (1) |
There were no grants of time-based
restricted stock awards by the Parent during the year-ended
December 31, 2014. |
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| Modified Time-based Restricted Stock Awards [Member] |
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| Summary of Parent's Modified Time-based Restricted Stock Awards |
The following table summarizes the activity in the Parent’s
modified time-based restricted stock awards during the year ended
December 31, 2014:
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Modified time-based restricted stock
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Shares |
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Weighted-Average
Grant Date
Fair Value per Share |
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Unvested, December 31, 2013
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118,123 |
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$ |
131.83 |
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Granted*
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— |
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— |
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Vested*
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— |
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— |
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Forfeited*
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(10,068 |
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97.45 |
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Unvested, June 10, 2014*
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108,055 |
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$ |
115.30 |
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Granted
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— |
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— |
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Vested
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(775 |
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115.30 |
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Forfeited
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— |
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— |
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Unvested, December 31, 2014
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107,280 |
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$ |
115.30 |
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| * |
Represents activity and balances
during the current year prior to the June 2014 modification
discussed above. Note that the fair value of all unvested awards
was adjusted to reflect the updated fair value per share upon
modification. |
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| Summary of Weighted-average Grant Date Fair Value per Share of Modified Time-based Restricted Stock Awards Granted Total and Fair Value of Awards Vested |
The following table summarizes the weighted-average grant date fair
value per share of modified time-based restricted stock awards
(named performance-based awards, prior to June 2014 modification)
granted during the years ended December 31, 2014, 2013, and
2012, as well as the total fair value of awards vested during those
periods:
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Modified Time-Based Restricted Stock |
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Weighted-Average Grant Date
Fair Value per Share
of Grants during Period |
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Total Fair Value
of Awards Vested
during Period |
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Year Ended December 31, 2014
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N/A |
(1) |
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$ |
— |
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Year Ended December 31, 2013
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$ |
114.50 |
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$ |
— |
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Year Ended December 31, 2012
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$ |
170.43 |
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$ |
— |
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| (1) |
There were no grants of
performance-based restricted stock awards (or modified time-based
restricted stock awards) by the Parent during the year-ended
December 31, 2014. |
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