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Subsequent Events
9 Months Ended
Sep. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events

(16) Subsequent Events

The Board of Directors (the “Board”) of the Company elected Scott J. Dolan to serve as President and Chief Executive Officer and as a member of the Board of the Company, effective October 15, 2012.

The Company has agreed to pay Mr. Dolan a base salary of $650 per year. Mr. Dolan will receive a one-time cash signing bonus of $60. Mr. Dolan will participate in the Company’s short-term incentive plan (“STIP”), with a target bonus for 2012 of 100% of annual base salary. For 2012, Mr. Dolan will receive a guaranteed payment under the Company’s STIP equal to the prorata target bonus. Mr. Dolan will participate in the Company’s Long-term Compensation Plan (“LTCP”), with a target incentive opportunity of 200% of base salary beginning with the 2013-2015 performance period. Mr. Dolan received a pro-rata award of 92 performance share units under the Company’s LTCP for the 2010-2012, 2011-2013 and 2012-2014 performance periods. Approximately 47 performance share units contain a market-based performance condition, for which the Company is currently evaluating the grant date fair value. The remaining awards had a grant date fair value of $12.74, which represents the Company’s closing stock price on the date of grant.

In connection with his appointment, Mr. Dolan received 78 restricted stock units with a grant date fair value of $12.74, which will vest over four years, assuming continued employment by Mr. Dolan, with one-fourth of the restricted stock units vesting on the first anniversary of the grant date, and the remainder in equal annual installments.