Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

(11) STOCK-BASED COMPENSATION

Compensation expense for our stock-based plans was $4.8 million, $2.4 million, and $4.3 million for 2014, 2013, and 2012, respectively.

1995 Incentive Plan – Under the PHI, Inc. 1995 Incentive Plan, we are 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, 2014, 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. There were no awards outstanding under this plan as of December 31, 2014 and December 31, 2013.

2012 Long-Term Incentive Plan – Under the PHI Long-Term Incentive Plan (“LTIP”), we are authorized to issue up to 750,000 shares of non-voting stock. As of December 31, 2014, 163,676 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 restricted stock 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 granted to employees for the year ended December 31, 2014.

	Share Units			Weighted Average Grant-Date Fair Value			Remaining Average Contractual Life (in years)		Aggregate Value (in thousands)
Outstanding at January 1, 2014		61,258		$	24.11			1.65	$	1,477
Granted		142,726			43.25
Forfeited		—			—
Vested and released to participants		(12,329	)		(21.05	)
Outstanding at December 31, 2014		191,655		$	38.56			2.26	$	7,391

The weighted average grant-date fair value of time-vested restricted stock units granted during 2014 and 2013 was $43.25 and $35.09 per share, respectively. The total fair value of awards that vested in 2014 was $0.3 million. The total fair value of awards that vested in 2013 was less than $0.1 million. As of December 31, 2014, there was $4.6 million that is expected to be recognized over a weighted average period of 2.26 years.

The following table summarizes the activity for non-voting time-vested restricted stock units granted to non-employee directors for the year ended December 31, 2014.

	Share Units			Weighted Average Grant-Date Fair Value			Remaining Average Contractual Life (in years)		Aggregate Value (in thousands)
Outstanding at January 1, 2014		3,048		$	38.44			2.85	$	117
Granted		2,202			44.04
Forfeited		—			—
Vested and released to participants		(762	)		(38.44	)
Outstanding at December 31, 2014		4,488		$	41.19			2.48	$	185

Non-Voting Performance-Based Restricted Stock Units – The following table summarizes the activity for non-voting performance-based restricted stock units for the year ended December 31, 2014.

	Share Units		Weighted Average Grant-Date Fair Value		Remaining Average Contractual Life (in years)		Aggregate Value (in thousands)
Outstanding at January 1, 2014		277,026	$	24.55		3.41	$	6,812
Granted		117,643		43.07
Forfeited		—		—
Vested and released to participants		—		—
Outstanding at December 31, 2014		394,669	$	30.07		1.78	$	11,878

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, 2014, there was a total of $5.5 million of unrecognized compensation cost related to the non-vested performance-based restricted stock units that is expected to be recognized over a weighted average period of 1.8 years.