Share-Based Compensation |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation |
SHARE-BASED COMPENSATION
We have granted stock, restricted stock, phantom units and options to purchase common stock to employees, outside directors and a consultant under the Amended and Restated 2003 Stock Incentive Plan, as amended (the “2003 Plan”), 2011 Incentive Plan, as amended (the “2011 Plan”), the 2015 Long-Term Cash Incentive Plan (the “2015 Plan”) and the 2015 Employee Inducement Incentive Plan (the “Inducement Plan”).
The 2003 Plan and 2011 Plan provide for the issuance of 21.0 million shares and 35.0 million shares, respectively, of our common stock that may be in the form of non-qualified stock options, incentive stock options, purchased stock, restricted (non-vested) stock, bonus (unrestricted) stock, stock appreciation rights, phantom units and other share-based performance awards deemed by the Compensation Committee of our Board of Directors (the “Compensation Committee”) to be consistent with the purposes of the 2003 Plan and 2011 Plan. As of September 30, 2016, all of the shares under the 2003 Plan have been granted and 26.6 million shares, net of cancellations, have been granted under the 2011 Plan. The 2015 Plan generally provides for cash-settled awards in the form of stock appreciation rights, phantom unit awards, performance unit awards, other-stock based awards and cash awards. As of September 30, 2016, 6.3 million phantom units have been granted under the 2015 Plan. See Note 20—Subsequent Events regarding the termination of 2014-2018 Long-Term Cash Incentive Program (“2014-2018 LTIP”) under the 2015 Plan. The Inducement Plan provides for the issuance of up to 1.0 million shares of our common stock in the form of non-qualified stock options, restricted stock awards, stock appreciation rights, performance awards, phantom stock awards and other stock-based awards deemed by the Compensation Committee to provide us with an opportunity to attract employees. As of September 30, 2016, 0.2 million shares of restricted stock have been granted under the Inducement Plan.
Total share-based compensation expense consisted of the following (in thousands):
The total unrecognized compensation cost at September 30, 2016 relating to non-vested share-based compensation arrangements was $138.0 million, which is expected to be recognized over a weighted average period of 1.4 years.
During the three and nine months ended September 30, 2016, we recognized $4.3 million and $5.6 million, respectively, of share-based compensation expense related to the modification of share-based compensation awards resulting from employee terminations.
We received $0.1 million in each of the three and nine months ended September 30, 2016 and $0.4 million and $2.3 million in the three and nine months ended September 30, 2015, respectively, of proceeds from the exercise of stock options.
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