Quarterly report pursuant to Section 13 or 15(d)

Stock Compensation

v3.5.0.2
Stock Compensation
 6 Months Ended
Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Compensation

(6)

STOCK COMPENSATION

For stock-based awards, the Company recognized compensation expense based on the grant date fair value. Share-based compensation expense was $6.2 million and $4.5 million for the three months ended June 30, 2016 and 2015, respectively. Share-based compensation expense was $10.9 million and $8.9 million for the six months ended June 30, 2016 and 2015, respectively.

A summary of the status and changes of the Company’s nonvested shares related to the 2007 Incentive Award Plan (the “2007 Plan”), as of and for the six months ended June 30, 2016 is presented below:

 

 

 

Shares

 

 

Weighted Average

Grant-Date Fair Value

 

Nonvested at December 31, 2015

 

 

2,725,500

 

 

$

15.77

 

Granted

 

 

1,434,000

 

 

 

31.75

 

Vested

 

 

(468,000

)

 

 

9.88

 

Cancelled

 

 

(12,000

)

 

 

17.47

 

Nonvested at June 30, 2016

 

 

3,679,500

 

 

 

22.74

 

 

As of June 30, 2016, there was $68.3 million of unrecognized compensation cost related to nonvested common shares. The cost is expected to be amortized over a weighted average period of 2.4 years.