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Share-Based Compensation and Other Benefit Plans
 6 Months Ended
Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation and Other Benefit Plans
Share-Based Compensation and Other Benefit Plans
The Penn Virginia Corporation 2013 Amended and Restated Long-Term Incentive Plan (the “LTI Plan”) permits the grant of incentive and nonqualified stock options, common stock, deferred common stock units, restricted stock and restricted stock units to our employees and directors. We recognize compensation expense related to the LTI Plan as a component of “General and administrative” on our Condensed Consolidated Statements of Operations.
With the exception of performance-based restricted stock units (“PBRSUs”), all of the awards issued under the LTI Plan are classified as equity instruments because they result in the issuance of common stock on the date of grant, upon exercise or are otherwise payable in common stock upon vesting, as applicable. The compensation cost attributable to these awards is measured at the grant date and recognized over the applicable vesting period as a non-cash item of expense. Because the PBRSUs are payable in cash, they are typically considered liability-classified awards and are included in “Accounts payable and accrued liabilities” (current portion) and “Other liabilities” (noncurrent portion) on our Condensed Consolidated Balance Sheets. Compensation cost associated with the PBRSUs is measured at the end of each reporting period and recognized based on the period of time that has elapsed during each of the individual performance periods.
As of June 30, 2016, we had $7.1 million of vested PBRSUs; however, the corresponding obligation has been included in “Liabilities subject to compromise” on our Condensed Consolidated Balance Sheet as of June 30, 2016 (see Note 3). None of of our remaining unvested PBRSUs had value as of June 30, 2016.
In April 2016, we canceled all of our outstanding and unvested restricted stock unit awards which resulted in a reversal of share-based compensation of approximately $3.6 million. In addition, a substantial portion of our stock option awards were forfeited in connection with our 2016 reduction in force actions as described in Note 10. Accordingly, we recorded reversals to share-based compensation expense associated with those items as well. We continue to account for all remaining stock option grants that have not been forfeited in the normal course although we anticipate that these remaining share-based compensation awards will ultimately be canceled in connection with our emergence from bankruptcy in the third quarter of 2016.
The following table summarizes our share-based compensation expense recognized for the periods presented:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2016
 
2015
 
2016
 
2015
Equity-classified awards:
 
 
 
 
 
 
 
Stock option awards
$
155

 
$
387

 
$
(147
)
 
$
780

Common, deferred and restricted stock and stock unit awards
(3,476
)
 
729

 
(3,775
)
 
1,326

 
(3,321
)
 
1,116

 
(3,922
)
 
2,106

Liability-classified awards
(12
)
 
(214
)
 
(19
)
 
165

 
$
(3,333
)
 
$
902

 
$
(3,941
)
 
$
2,271


We maintain the Penn Virginia Corporation and Affiliated Companies Employees 401(k) Plan (the “401(k) Plan”), a defined contribution plan, which covers substantially all of our employees. We recognized $0.3 million and $0.5 million of expense attributable the 401(k) Plan for the six months ended June 30, 2016 and 2015. In accordance with motions filed with the Bankruptcy Court, we continue to provide for and remit employer matching contributions to the 401(k) Plan.
We maintain unqualified legacy defined benefit pension and defined benefit postretirement plans that cover a limited population of former employees, all of whom retired prior to 2000. The combined expense recognized with respect to these plans was less than $0.1 million for each of the six months ended June 30, 2016 and 2015. In accordance with motions filed with the Bankruptcy Court, we continue to provide for and pay the benefits associated with these plans.