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Share-based Compensation (Tables)
12 Months Ended
Dec. 31, 2013
Compensation Expense Table

Compensation expense consisted of the following:

 

    Successor     Predecessor  
    Year Ended
December 31,
2013
    Year Ended
December 31,
2012
    Eleven Months
Ended
December 31,
2011
    One Month
Ended
January 31,
2011 (1)
 

Restricted shares and restricted share units

  $ 10      $ 29      $ 14      $ —     

Options

    5        2        —          —     

T-Bucks EPP

    2        1        —          —     
 

 

 

   

 

 

   

 

 

   

 

 

 

Total compensation expense

  $ 17      $ 32      $ 14      $ —     
 

 

 

   

 

 

   

 

 

   

 

 

 
Restricted Stock Share Activity with Employees

The following table presents a summary of activity for the years ended December 31, 2013 and 2012:

 

     Number of
Shares
    Weighted Average
Grant Date
Fair Value
 

Outstanding, January 1, 2012

     —        $ —     

Converted in connection with the Transaction

     420,765        16.99   

Granted

     357,505        25.18   

Vested

     (24,620     20.87   

Forfeited

     (11,575     29.32   
  

 

 

   

 

 

 

Outstanding, December 31, 2012

     742,075        20.61   

Granted

     524,372        21.18   

Vested

     (100,540     22.91   

Forfeited

     (17,112     24.24   
  

 

 

   

 

 

 

Outstanding, December 31, 2013

     1,148,795      $ 20.61   
  

 

 

   

 

 

 

Expected to vest, December 31, 2013

     1,135,905      $ 20.60   
  

 

 

   

 

 

 
Restricted Stock Share Activity with Employees in Units
    Number of
Shares
    Weighted Average
Grant Date
Fair Value
 

Outstanding, January 1, 2012

    —        $ —     

Granted

    18,990        21.10   
 

 

 

   

 

 

 

Outstanding, December 31, 2012

    18,990        21.10   

Granted

    295,655        21.06   

Vested

    (7,775     20.43   

Forfeited

    (3,546     21.36   
 

 

 

   

 

 

 

Outstanding at December 31, 2013

    303,324      $ 21.08   
 

 

 

   

 

 

 

Expected to vest, December 31, 2013

    294,542      $ 21.07   
 

 

 

   

 

 

 
Activity for Company's Options

The following table presents a summary of activity for the years ended December 31, 2013 and 2012:

 

    Number of
Options
    Weighted
Average
Exercise
Price
    Weighted
Average
Contractual
Life (years)
    Intrinsic
Value
 

Outstanding, January 1, 2012

    —        $ —         

Converted in connection with the Transaction

    517,330        24.56       

Issued

    247,904        23.83       

Forfeited

    (152,795     22.39       
 

 

 

   

 

 

     

Outstanding, December 31, 2012

    612,439        24.81       

Issued

    1,590,438        19.17       

Exercised

    (51,751     21.90       

Forfeited

    (22,861     20.54       

Expired

    (33,494     25.65       
 

 

 

   

 

 

   

 

 

   

 

 

 

Outstanding, December 31, 2013

    2,094,771      $ 20.63        8.97      $ 7   
 

 

 

   

 

 

   

 

 

   

 

 

 

Expected to vest, December 31, 2013

    1,822,535      $ 20.19        9.05      $ 6   
 

 

 

   

 

 

   

 

 

   

 

 

 

Exercisable, December 31, 2013

    226,822      $ 24.32        8.27      $ —     
 

 

 

   

 

 

   

 

 

   

 

 

 
Assumptions used in Black-Scholes Model

The assumptions used in the Black-Scholes option-pricing model were as follows:

 

     February 25,
2013
    March 11,
2013
    September 3,
2013
 

Number of options granted

     1,544,872        8,238        37,328   

Fair market value and exercise price

   $ 19.09      $ 21.49      $ 21.94   

Risk-free interest rate

     1.04     1.19     2.10

Expected dividend yield

     5.24     4.65     4.56

Expected volatility

     56     56     56

Maturity

     10        10        10   

Expected term (years)

     6        6        6   

Per-unit fair value of options granted

   $ 6.28      $ 7.48      $ 7.92   
Restricted Stock [Member]
 
Restricted Stock Share Activity with Employees

The following table summarizes restricted shares activity during the years ended December 31, 2012 and 2011:

 

     Number of
Shares
    Weighted Average
Grant Date
Fair Value
 

Balance, January 1, 2011

     —        $ —     

Granted

     1,734,090        22.81   

Vested

     (545,675     24.50   

Forfeited

     (10,420     24.50   
  

 

 

   

 

 

 

Balance, December 31, 2011

     1,177,995        22.01   

Granted

     52,915        24.36   

Vested

     (61,165     24.50   

Earned in connection with the Transaction

     (748,980     24.57   

Converted in connection with the Transaction

     (420,765     16.99   
  

 

 

   

 

 

 

Balance, December 31, 2012

     —        $ —     
  

 

 

   

 

 

 
Stock Option [Member]
 
Activity for Company's Options

The following table presents a summary of activity for the years ended December 31, 2012 and 2011:

 

     Number of
Options
    Weighted
Average

Exercise
Price
 

Balance at January 1, 2011

     —        $ —     

Issued

     345,000        22.00   
  

 

 

   

 

 

 

Balance at December 31, 2011

     345,000      $ 22.00   

Issued

     172,330        29.69   

Converted in connection with the Transaction

     (517,330     24.56   
  

 

 

   

 

 

 

Outstanding at December 31, 2012

     —        $ —