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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Compensation Expense Recognized Related to all Stock-Based Awards

The following table presents compensation expense recognized related to all stock-based awards (in thousands):

 

     Three Months Ended      Nine Months Ended  
     September 30,      September 30,  
     2014      2013      2014      2013  

Total stock-based compensation

   $ 3,547       $ 1,283       $ 6,250       $ 3,704   
  

 

 

    

 

 

    

 

 

    

 

 

 
Summary of Stock Option Awards

The following table presents a summary of stock option awards for the nine months ended September 30, 2014:

 

     Nine Months Ended September 30, 2014  
           Weighted      Weighted         
           Average      Average      Aggregate  
           Exercise      Remaining      Intrinsic  
           Price      Contractual      Value  
     Options     Per Share      Life      (in 000’s)  

Options outstanding at December 31, 2013(1)

     285,900      $ 17.04         9.1       $ 827   

Granted

     154,598        16.17         9.5         —     

Assumed in the Merger

     3,379,275        12.62         6.2         3,925   

Exercised

     —             

Forfeited

     (185,159     13.81         
  

 

 

         

Options outstanding at September 30, 2014

     3,634,614        13.07         6.4      
  

 

 

         

Options exercisable at September 30, 2014

     1,828,232        12.26         4.2      
  

 

 

         

 

(1) Options outstanding at December 31, 2013 reflect outstanding options for the legal acquirer, TRI Pointe.
Summary of Fair Value of Stock Option Awards

The fair value of stock option awards assumed in the Merger was determined by using an option-based model with the following assumptions:

 

     2014 Grants     2013 Grants     2012 Grants     2011 Grants  

Dividend yield

     0.00     0.00     0.00     0.00

Expected volatility

     48.99     47.88     43.69     41.58

Risk-free interest rate

     1.97     1.97     1.73     1.73

Expected life (in years)

     6.05        5.81        5.55        5.30   
Summary of Restricted Stock Units

The following table presents a summary of restricted stock units (“RSUs”) for the nine months ended September 30, 2014:

 

     Nine Months Ended September 30, 2014  
           Weighted         
           Average      Aggregate  
     Restricted     Grant Date      Intrinsic  
     Stock     Fair Value      Value  
     Units     Per Share      (in 000’s)  

Nonvested RSUs at December 31, 2013(1)

     145,517      $ 17.68       $ 2,900   

Granted

     274,287        15.59         3,549   

Assumed in the Merger

     726,678        15.74         9,403   

Vested

     (57,811     17.63      

Forfeited

     (139,116     15.85      
  

 

 

      

Nonvested RSUs at September 30, 2014

     949,555        15.87         12,287   
  

 

 

      

 

(1) Nonvested RSUs at December 31, 2013 reflect nonvested RSUs for the legal acquirer, TRI Pointe.