Annual report pursuant to Section 13 and 15(d)

Equity Incentive Plan (Tables)

v2.4.0.8
Equity Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2013
Equity Incentive Plan [Abstract]  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]
On May 23, 2012 and May 21, 2013, the Company granted 32,021 and 36,335 shares of restricted common stock, respectively, to its independent directors pursuant to the Plan. The estimated fair value of these awards was $10.15 and $11.56 per share, respectively, based on the closing price of the Company’s common stock on such date. The grants vested immediately. Additionally, on December 18, 2013, the Company granted 3,697 shares of restricted common stock to a newly appointed independent director pursuant to the Plan. The estimated fair value of these awards was $9.19 per share, based on the closing price of the Company’s common stock on such date. These grants also vested immediately.
On May 29, 2013, the Company granted 1,020,969 shares of restricted common stock to its executive officers and other key employees of Pine River pursuant to the Plan. The estimated fair value of these awards was $11.23 per share on grant date, May 29, 2013, based on the closing price of the Company’s common stock on such date. However, as the cost of these awards is measured at fair value at each reporting date based on the price of the Company’s stock as of period end in accordance with ASC 505, the fair value of these awards as of December 31, 2013 is $9.28 per share based on the closing price of the Company’s common stock on such date. The grants will vest in three annual installments commencing on the date of the grant, as long as such individual is employed on the vesting date.
 
2013
 
2012
 
Shares
 
Weighted Average Grant Date Fair Market Value
 
Shares
 
Weighted Average Grant Date Fair Market Value
Outstanding at Beginning of Period
25,325

 
$
9.69

 
51,447

 
$
9.55

Granted
1,061,001

 
11.23

 
32,021

 
10.15

Vested
(61,867
)
 
(10.81
)
 
(58,143
)
 
(9.82
)
Forfeited
—

 
—

 
—

 
—

Outstanding at End of Period
1,024,459

 
$
11.22

 
25,325

 
$
9.69


For the years ended December 31, 2013, 2012 and 2011, the Company recognized compensation costs related to restricted stock of $3.9 million, $0.5 million, and $0.3 million, respectively.