Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation

v2.4.0.6
Share-Based Compensation
 12 Months Ended
Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation

As discussed in Note 8, the Company grants various forms of share-based compensation awards to employees of the Company and its subsidiaries and to non-employee members of the Board of Directors.  At December 31, 2012, shares available for future share-based awards, including stock options or restricted stock grants, under the Company's only active plan, the 2011 Plan, were 1,669.  

The following table presents share-based compensation expense for each respective period:
 
For the year ended December 31,
 
2012
 
2011
 
2010
Share-based compensation expense for:
Equity-based

 
Liability-based
 
Equity-based
 
Liability-based
 
Equity-based
 
Liability-based
Options
$
—

 
$
—

 
$
24

 
$
—

 
$
206

 
$
—

RSU equity awards
4,210

 
—

 
2,832

 
—

 
3,898

 
—

Cash-settleable RSU awards
—

 
2,916

 
—

 
1,335

 
—

 
1,396

401(k) contributions in shares
218

 
—

 
202

 
—

 
201

 
—

Total share-based compensation expense (a)
$
4,428

 
$
2,916

 
$
3,058

 
$
1,335

 
$
4,305

 
$
1,396


(a)
The portion of this share-based compensation expense that was included in general and administrative expense totaled $4,081, $2,502 and $3,107 for the same years respectively, and the portion capitalized to oil and gas properties was $3,263, $1,891 and $2,594, respectively. 

The following table presents the specified share-based compensation expense for the indicated periods:
 
 As of December 31,
Unrecognized compensation costs related to:
2012
 
2011
 
2010
Unvested options
 
 
$
—

 
 
 
$
—

 
 
 
$
57

Unvested RSU equity awards
 
 
6,320

 
 
 
5,748

 
 
 
3,353

Unvested cash-settleable RSU awards
 
 
2,826

 
 
 
2,498

 
 
 
2,676

 
 
 
 
 
 
 
 
 
 
 
 
Future expected share-based compensation expense for:
 
 
2013
 
2014
 
2015
 
Thereafter
 
Total
RSU equity awards
 
 
3,565

 
2,182

 
573

 
—

 
6,320

Cash-settleable RSU awards
 
 
1,862

 
937

 
27

 
—

 
2,826



The following table summarizes the Company's cash-settleable RSU awards for the periods indicated:
Consolidated Balance Sheets Classification
 
2012
 
2011
 
2010
Accounts payable and accrued liabilities - current portion
 
$
1,429

 
$
604

 
$
—

Other long-term liabilities - non-current portion
 
1,017

 
2,309

 
1,578

Total cash-settleable RSU awards
 
$
2,446

 
$
2,913

 
$
1,578



Stock Options

The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option awards with the following weighted-average assumptions for the indicated periods.  However, the Company issued no stock options for the past three years and no options vested during 2012. As of December 31, 2012, the Company had 67 options outstanding and exercisable at a weighted average exercise price per option of $11.82, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 2.7 years. During 2012, 31 options were exercised at a weighted average exercise price per option of $3.72 and with an aggregate intrinsic value of $56. Also During 2012, 60 options expired unexercised and 15 options were forfeited. As of December 31, 2011, the Company had 173 options outstanding and exercisable at a weighted average exercise price per option of $8.66, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 2.0 years. The Company net-share settles option exercises and therefore receives no cash proceeds from the exercise of stock options.

Restricted Stock Units
 
The following table represents unvested restricted stock activity for the year ended December 31, 2012:

 
Weighted average
 
Number of Shares
 
Grant-Date Fair Value per Share
 
Period over which expense is expected to be recognized
Outstanding at the beginning of the period
1,918

 
$
5.16

 
 
Granted
1,008

 
5.22

 
 
Vested (a)
(530
)
 
3.29

 
 
Forfeited
(101
)
 
5.88

 
 
Outstanding at the end of the period
2,295

 
$
5.58

 
1.5
a.
The fair value of shares vested was $2,817.