Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.3.0.814
Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Equity
11. Equity

Dividends and Distributions

Our board of directors declared the following dividends in 2014 and 2015:

 

Announced Date

    Record Date    Pay Date    Amount per
share		  

3/13/14

    3/27/14    4/9/14    $ 0.22   

6/17/14

    6/27/14    7/10/14    $ 0.22   

9/16/14

    9/26/14    10/9/14    $ 0.22   

12/8/14

    12/19/14    1/9/15    $ 0.26   

3/17/15

    3/30/15    4/9/15    $ 0.26   

6/16/15

    6/30/15    7/9/15    $ 0.26   

9/16/15

    9/30/15    10/8/15    $ 0.26   

We completed the following public offerings of common stock:

 

Closing Date

    Shares Issued1      Price Per
Share		      Net Proceeds 2  
     (amounts in millions, except per share amounts)  

4/23/13

      14.15       $ 12.50       $ 160   

4/29/14

      5.75       $ 13.00       $ 70   

10/31/14

      4.60       $ 13.60       $ 59   

5/4/15

      4.60       $ 18.50       $ 82   

10/19/15

      5.75       $ 18.00       $ 99   

 

1  Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.
2  Net proceeds from the offerings is shown after deducting underwriting discounts, commissions, other offering costs and, in the case of our initial public offering, formation transaction costs.

Awards of Shares of Restricted Common Stock under our 2013 Plan

We recognize equity-based compensation expense as described in Note 2 and have issued both awards with service conditions and awards with both service and performance conditions. During the nine months ended September 30, 2015, our board of directors awarded employees and directors 196,517 shares of restricted common stock that vest in 2015 to 2019 and 390,131 shares of restricted common stock to certain employees that vest upon the achievement of certain performance targets. As of September 30, 2015, we have concluded that it is probable that the performance conditions will be met.

For the three and nine months ended September 30, 2015, we recorded $2.7 million and $7.7 million respectively, of equity-based compensation expense as compared to $1.7 million and $3.6 million, respectively, for the three and nine months ended September 30, 2014. The total unrecognized compensation expense related to awards of shares of restricted common stock was $11.8 million as of September 30, 2015, that is expected to be recognized over a weighted-average term of approximately two years. The calculation of the equity-based compensation expense assumes a forfeiture rate up to 5%.

A summary of the unvested shares of restricted common stock that have been issued is as follows:

 

     Restricted
Shares of
Common Stock		      Weighted Average
Share Price		      Value
(in millions) 		 

Balance — December 31, 2013

      598,815       $ 12.50       $ 7.5   

Granted

      529,100         14.18         7.5   

Vested

      (149,709 )       12.50         (1.9 ) 

Forfeited

      (13,386 )       12.99         (0.2 ) 
  

 

 

     

 

 

     

 

 

  

Balance — December 31, 2014

      964,820       $ 13.41       $ 12.9   

Granted

      586,648         17.29         10.2   

Vested

      (235,774 )       13.16         (3.1 ) 

Forfeited

      (18,110 )       15.54         (0.3 ) 
  

 

 

     

 

 

     

 

 

  

Ending Balance — September 30, 2015

      1,297,584       $ 15.18       $ 19.7