Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation

v2.4.0.8
Share-Based Compensation
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation

As discussed in Note 7, 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, 2013, 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 1,192. 

The following table presents share-based compensation expense for each respective period:
 
For the year ended December 31,
 
2013
 
2012
 
2011
Share-based compensation expense for:
Equity-based

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

 
$
—

 
$
—

 
$
—

 
$
24

 
$
—

RSU equity awards
3,975

 
—

 
4,210

 
—

 
2,832

 
—

Cash-settleable RSU awards
—

 
5,347

 
—

 
2,916

 
—

 
1,335

401(k) contributions in shares
219

 
—

 
218

 
—

 
202

 
—

Total share-based compensation expense (a)
$
4,194

 
$
5,347

 
$
4,428

 
$
2,916

 
$
3,058

 
$
1,335


(a)
The portion of this share-based compensation expense that was included in general and administrative expense totaled $5,751, $4,081 and $2,502 for the same years respectively, and the portion capitalized to oil and gas properties was $3,791, $3,263 and $1,891, respectively. 

The following table presents the specified share-based compensation expense for the indicated periods:
 
For the year ended December 31,
Unrecognized compensation costs related to:
2013
 
2012
 
2011
Unvested RSU equity awards
5,331

 
6,320

 
5,748

Unvested cash-settleable RSU awards
7,669

 
2,826

 
2,498


The Company’s future expected share-based compensation cost related to unvested RSU and cash-settleable RSU awards is expected to be recognized over a weighted-average period of 1.4 years.

The following table summarizes the Company’s cash-settleable RSU awards for the periods indicated:
Consolidated Balance Sheets Classification
 
2013
 
2012
 
2011
Accounts payable and accrued liabilities - current portion
 
$
4,173

 
$
1,429

 
$
604

Other long-term liabilities - non-current portion
 
3,409

 
1,017

 
2,309

Total cash-settleable RSU awards
 
$
7,582

 
$
2,446

 
$
2,913



Stock Options

The Company issued no stock options for the past three years and had no options vest or forfeit during 2013. Additionally, no options were exercised, 15 options expired unexercised during the year. As of December 31, 2013, the Company had 52 options outstanding and exercisable at a weighted average exercise price per option of $13.75, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 2.3 years.

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. 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, 2013:
 
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
2,295

 
$
5.58

 
 
Granted
944

 
3.82

 
 
Vested (a)
(754
)
 
5.10

 
 
Forfeited
(223
)
 
5.37

 
 
Outstanding at the end of the period
2,262

 
$
5.03

 
1.5
a.
The fair value of shares vested was $2,689.