Annual report pursuant to Section 13 and 15(d)

Equity

v3.3.1.900
Equity
 12 Months Ended
Dec. 31, 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   

12/15/15

      12/30/15         1/7/16       $ 0.30   

We completed the following public offerings of common stock:

 

Closing Date

    Shares
Issued 1		      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 IPO, 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 year ended December 31, 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 December 31, 2015, we have concluded that it is probable that the performance conditions will be met.

For the years ended December 31, 2015 and 2014, we recorded $11 million and $5 million of equity-based compensation expense, respectively. For the year ended December 31,2013, we recorded $7 million of equity-based compensation expense, including the compensation expense associated with the reallocation of Predecessor’s membership units to employees at the time of the IPO. The total unrecognized compensation expense related to awards of shares of restricted common stock was $9 million as of December 31, 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—April 23, 2013

      606,415       $ 12.50       $ 7.6   

Granted

      10,800         12.37         0.1   

Vested

      —           —           —     

Forfeited

      (18,400 )       12.50         (0.2 ) 
  

 

 

     

 

 

     

 

 

  

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

      (285,289 )       13.61         (3.9 ) 

Forfeited

      (18,110 )       15.54         (0.3 ) 
  

 

 

     

 

 

     

 

 

  

Ending Balance—December 31, 2015

      1,248,069       $ 15.16       $ 18.9