Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation

v2.4.0.8
Share-Based Compensation
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
(3) SHARE-BASED COMPENSATION

For stock-based awards the Company recognized compensation expense based on the grant date fair value. Share-based compensation expense was $2.0 million and $0.6 million for the three months ended September 30, 2014 and 2013, respectively. Share-based compensation expense was $4.9 million and $1.8 million for the nine months ended September 30, 2014 and 2013, respectively.

 

A summary of the status and changes of our nonvested shares related to the Company’s Equity Incentive Plans as of and for the nine months ended September 30, 2014 is presented below:

 

     Shares     Weighted Average
Grant-Date Fair
Value
 

Nonvested at December 31, 2013

     276,166      $ 20.05   

Granted

     446,000        36.03   

Vested

     (17,333     22.87   

Cancelled

     (7,500     18.75   
  

 

 

   

Nonvested at September 30, 2014

     697,333        30.21   
  

 

 

   

As of September 30, 2014, there was $16.9 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.