Stock-Based Compensation

12 Months Ended

Dec. 31, 2012

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

(11) STOCK-BASED COMPENSATION

Compensation expense for our stock-based plans was $4.3 million, $1.5 million, and $0.2 million for 2012, 2011, and 2010 respectively.

1995 Incentive Plan – The PHI, Inc. 1995 Incentive Plan is authorized to issue up to 175,000 shares of voting common stock and 575,000 shares of non-voting common stock in the form of stock options, restricted stock, stock appreciation rights, performance shares, stock awards, and cash awards. As of December 31, 2012, there were 32,542 voting shares and 738 non-voting shares available for grant. Time-vested restricted stock units granted under the plan generally have forfeiture restrictions that lapse 100% after three years. As of December 31, 2012, there were 83,978 voting restricted stock units outstanding with a weighted average grant date fair value of $20.42 per share, an aggregate value of $1.7 million, which vested on January 1, 2013.

2012 Long-Term Incentive Plan – The PHI Long-Term Incentive Plan (“LTIP”), approved by the shareholders at the Company’s 2012 Annual Meeting of Shareholders, is authorized to issue up to 750,000 shares of non-voting stock. As of December 31, 2012, 560,433 shares were available for grant. Time-vested restricted stock units granted under the plan generally have forfeiture restrictions that lapse 100% after three years. Performance-based units that have been granted under the plan, whose vesting is contingent upon meeting company-wide performance goals, have forfeiture restrictions that lapse, if at all, at the end of a three-year performance period.

Non-Voting Time-Vested Restricted Stock Units – The following table summarizes the activity for non-voting time-vested restricted stock units for the year ended December 31, 2012.

	Share Units			Weighted Average Grant-Date Fair Value			Remaining Average Contractual Life (in years)		Aggregate Value (in thousands)
Outstanding at January 1, 2012		179,483		$	19.48			1.38	$	3,496
Granted		43,854			23.71
Forfeited		—			—
Vested and released to participants		(163,364	)		(19.36	)
Outstanding at December 31, 2012		59,973		$	22.89			1.83	$	1,373

The weighted average grant-date fair value of time-vested restricted stock units granted during 2011 and 2010 were $19.36 and $21.05 per share, respectively. The total fair value of awards that vested in 2012 was $3.2 million. No awards vested in 2011 and 2010. As of December 31, 2012, there was $0.9 million that is expected to be recognized over a weighted average period of 2.19 years.

Non-voting Performance Units – The following table summarizes the activity for non-voting performance units for the year ended December 31, 2012.

	Share Units		Weighted Average Grant-Date Fair Value		Remaining Average Contractual Life (in years)		Aggregate Value (in thousands)
Outstanding at January 1, 2012		—	$	—		—	$	—
Granted		152,044		23.11
Forfeited		—		—
Vested and released to participants		—		—
Outstanding at December 31, 2012		152,044	$	23.11		2.20	$	3,514

The aggregate value of the awards in the above table reflects the impact of current expectations of achievement through the end of the performance cycle. As of December 31, 2012, there was a total of $2.6 million of unrecognized compensation cost related to the non-vested performance units that is expected to be recognized over a weighted average period of 2.2 years.