| Summary of amounts related to 2015 cash LTIP |
A summary of compensation expense for the 2015 Cash LTIP is
presented below:
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| |
|
Successor |
|
|
Predecessor |
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| |
|
Period from
March 22,
2017
through
March 31,
2017 |
|
|
Period from
January 1,
2017
through
March 21,
2017 |
|
|
Three months
ended
March 31,
2016 |
|
|
2015 Cash LTIP expense (net of amounts capitalized)
|
|
$ |
13 |
|
|
$ |
5 |
|
|
$ |
159 |
|
|
2015 Cash LTIP payments
|
|
|
— |
|
|
|
17 |
|
|
|
42 |
|
|
Amounts related to our 2015 Cash LTIP are presented below:
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| |
|
For the Year Ended December 31, |
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| |
|
2016 |
|
|
2015 |
|
|
Long-Term Cash Incentive Plan
|
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|
|
|
|
|
|
|
|
Amount awarded
|
|
$ |
— |
|
|
$ |
3,297 |
|
|
Expense
|
|
|
1,008 |
|
|
|
610 |
|
|
Payments
|
|
|
666 |
|
|
|
— |
|
|
| Rollforward of unvested deferred compensation |
A summary of our restricted stock activity for the Predecessor
period in 2017 is presented below:
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| |
|
Time Vested |
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|
Performance Vested |
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| |
|
Weighted
average
grant date
fair value |
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|
Restricted
shares |
|
|
Vest
date
fair
value |
|
|
Weighted
average
grant date
fair value |
|
|
Restricted
shares |
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| |
|
($ per share) |
|
|
|
|
|
|
|
|
($ per share) |
|
|
|
|
|
Unvested and outstanding at January 1, 2017—Predecessor
|
|
$ |
790.91 |
|
|
|
6,667 |
|
|
|
|
|
|
$ |
277.33 |
|
|
|
21,475 |
|
|
Granted
|
|
$ |
— |
|
|
|
— |
|
|
|
|
|
|
$ |
— |
|
|
|
— |
|
|
Vested
|
|
$ |
812.91 |
|
|
|
(2,602 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
|
Forfeited
|
|
$ |
785.70 |
|
|
|
(468 |
) |
|
|
|
|
|
$ |
195.75 |
|
|
|
(986 |
) |
|
Cancelled
|
|
$ |
775.66 |
|
|
|
(3,597 |
) |
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|
|
|
|
$ |
281.26 |
|
|
|
(20,489 |
) |
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|
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|
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|
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Unvested and outstanding at March 21, 2017—Predecessor
|
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$ |
— |
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|
|
— |
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|
|
|
|
|
$ |
— |
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|
|
— |
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|
|
|
|
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|
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|
A summary of our phantom stock and RSU activity during the three
years ended December 31, 2016 is presented in the following
table:
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| |
|
Phantom Plan |
|
|
RSU Plan |
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| |
|
Weighted
average
grant date
fair value |
|
|
Phantom
shares |
|
|
Vest
date
fair
value |
|
|
Weighted
average
grant date
fair value |
|
|
Restricted Stock Units |
|
|
Vest
date
fair
value |
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| |
|
(per share) |
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|
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(per share) |
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Unvested and outstanding at January 1, 2014
|
|
$ |
17.01 |
|
|
|
53,162 |
|
|
|
|
|
|
$ |
13.53 |
|
|
|
325,297 |
|
|
|
|
|
|
Granted
|
|
$ |
— |
|
|
|
— |
|
|
|
|
|
|
$ |
8.52 |
|
|
|
504,752 |
|
|
|
|
|
|
Vested
|
|
$ |
12.61 |
|
|
|
(22,041 |
) |
|
$ |
212 |
|
|
$ |
13.96 |
|
|
|
(118,400 |
) |
|
$ |
1,094 |
|
|
Forfeited
|
|
$ |
19.95 |
|
|
|
(7,942 |
) |
|
|
|
|
|
$ |
9.85 |
|
|
|
(142,489 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Unvested and outstanding at December 31, 2014
|
|
$ |
20.18 |
|
|
|
23,179 |
|
|
|
|
|
|
$ |
9.91 |
|
|
|
569,160 |
|
|
|
|
|
|
Granted
|
|
$ |
— |
|
|
|
— |
|
|
|
|
|
|
$ |
14.88 |
|
|
|
59,571 |
|
|
|
|
|
|
Vested
|
|
$ |
24.48 |
|
|
|
(6,456 |
) |
|
$ |
25 |
|
|
$ |
10.73 |
|
|
|
(216,941 |
) |
|
$ |
855 |
|
|
Forfeited
|
|
$ |
18.33 |
|
|
|
(6,104 |
) |
|
|
|
|
|
$ |
9.56 |
|
|
|
(141,904 |
) |
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|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Unvested and outstanding at December 31, 2015
|
|
$ |
18.62 |
|
|
|
10,619 |
|
|
|
|
|
|
$ |
10.53 |
|
|
|
269,886 |
|
|
|
|
|
|
Granted
|
|
$ |
— |
|
|
|
— |
|
|
|
|
|
|
$ |
— |
|
|
|
— |
|
|
|
|
|
|
Vested
|
|
$ |
18.39 |
|
|
|
(9,729 |
) |
|
$ |
— |
|
|
$ |
9.01 |
|
|
|
(140,818 |
) |
|
$ |
— |
|
|
Forfeited
|
|
$ |
21.09 |
|
|
|
(890 |
) |
|
|
|
|
|
$ |
8.23 |
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|
|
(30,472 |
) |
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|
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|
|
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|
|
Unvested and outstanding at December 31, 2016
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
$ |
7.18 |
|
|
|
98,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
A summary of our Time and Performance award activity during the
three years ended December 31, 2016 is presented in the
following table:
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Time Vested |
|
|
Performance Vested |
|
| |
|
Weighted
average
grant date
fair value |
|
|
Restricted
shares |
|
|
Vest
date
fair
value |
|
|
Weighted
average
grant date
fair value |
|
|
Restricted
shares |
|
| |
|
($ per share) |
|
|
|
|
|
|
|
|
($ per share) |
|
|
|
|
|
Unvested and outstanding at January 1, 2014
|
|
$ |
634.67 |
|
|
|
19,246 |
|
|
|
|
|
|
$ |
307.45 |
|
|
|
46,701 |
|
|
Granted
|
|
$ |
818.50 |
|
|
|
5,245 |
|
|
|
|
|
|
$ |
204.90 |
|
|
|
10,033 |
|
|
Vested
|
|
$ |
643.55 |
|
|
|
(4,951 |
) |
|
$ |
4,118 |
|
|
$ |
— |
|
|
|
— |
|
|
Forfeited
|
|
$ |
631.54 |
|
|
|
(3,045 |
) |
|
|
|
|
|
$ |
264.54 |
|
|
|
(8,452 |
) |
|
Modified
|
|
$ |
969.00 |
|
|
|
9,339 |
|
|
|
|
|
|
$ |
296.69 |
|
|
|
(9,339 |
) |
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|
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|
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|
|
|
|
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|
|
Unvested and outstanding at December 31, 2014
|
|
$ |
791.52 |
|
|
|
25,834 |
|
|
|
|
|
|
$ |
292.92 |
|
|
|
38,943 |
|
|
Granted
|
|
$ |
533.80 |
|
|
|
610 |
|
|
|
|
|
|
$ |
113.90 |
|
|
|
599 |
|
|
Vested
|
|
$ |
775.17 |
|
|
|
(8,468 |
) |
|
$ |
4,497 |
|
|
$ |
— |
|
|
|
— |
|
|
Forfeited
|
|
$ |
774.21 |
|
|
|
(3,997 |
) |
|
|
|
|
|
$ |
323.53 |
|
|
|
(11,094 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Unvested and outstanding at December 31, 2015
|
|
$ |
795.13 |
|
|
|
13,979 |
|
|
|
|
|
|
$ |
278.97 |
|
|
|
28,448 |
|
|
Granted
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
Vested
|
|
$ |
798.85 |
|
|
|
(5,279 |
) |
|
$ |
93 |
|
|
$ |
— |
|
|
|
— |
|
|
Forfeited
|
|
$ |
799.30 |
|
|
|
(2,033 |
) |
|
|
|
|
|
$ |
283.99 |
|
|
|
(6,973 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unvested and outstanding at December 31, 2016
|
|
$ |
790.91 |
|
|
|
6,667 |
|
|
|
|
|
|
$ |
277.33 |
|
|
|
21,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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| Stock-based compensation cost |
We recognized stock-based compensation expense as follows for the
periods indicated:
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|
|
|
|
|
|
|
|
|
|
|
| |
|
Successor |
|
|
Predecessor |
|
| |
|
Period from
March 22,
2017
through
March 31,
2017 |
|
|
Period from
January 1,
2017
through
March 21,
2017 |
|
|
Three months
ended
March 31,
2016 |
|
|
Stock-based compensation cost (credit)
|
|
$ |
— |
|
|
$ |
194 |
|
|
$ |
(898 |
) |
|
Less: stock-based compensation cost capitalized
|
|
|
— |
|
|
|
(39 |
) |
|
|
(124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense (credit)
|
|
$ |
— |
|
|
$ |
155 |
|
|
$ |
(1,022 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments for stock-based compensation
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
49 |
|
|
We recognized stock-based compensation expense as follows for the
years ended December 31:
|
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|
|
|
|
|
|
|
|
|
|
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Stock-based compensation cost
|
|
$ |
(6,196 |
) |
|
$ |
(2,169 |
) |
|
$ |
6,235 |
|
|
Less: stock-based compensation cost capitalized
|
|
|
958 |
|
|
|
229 |
|
|
|
(2,346 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation (credit) expense
|
|
$ |
(5,238 |
) |
|
$ |
(1,940 |
) |
|
$ |
3,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized tax (expense) benefit associated with stock-based
compensation
|
|
$ |
— |
|
|
$ |
(229 |
) |
|
$ |
1,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on investment targets for Performance Vested shares |
|
Effective January 1, 2013, we amended and restated the
Performance Vested awards to reflect that: (i) those shares
which would vest if CCMP receives net cash proceeds from a
Transaction that yields a return of at least 400% per share,
or 20% of the Performance Vested awards then outstanding, were
removed from the initial Performance Vested awards and an equal
number of Time Vested shares were granted effective as of
January 1, 2013; and (ii) the remaining number of
Performance Vested shares outstanding were reallocated among five
targets for vesting. Effective October 1, 2014, we terminated
all outstanding grants of Performance Vested awards and issued new
grants of Performance Vested awards to reflect that (i) a
certain number of shares which would vest if CCMP receives net
proceeds from a Transaction that yields a return of at least
350% per share were removed from the initial Performance
Vested awards and an equal amount were granted effective as of
October 1, 2014, as Time Vested awards; and (ii) the
remaining number of shares subject to the previous Performance
Vested awards were reallocated among three targets for vesting.
These vesting targets will apply for any new grants of Performance
Vested awards. As a result of these modifications, vesting
requirements for all remaining Performance Vested awards are set at
the following levels:
|
|
|
|
Return on investment target
|
|
Shares vested
|
|
175% per share
|
|
33% of shares multiplied by the
Vesting Fraction |
|
200% per share
|
|
33% of shares multiplied by the
Vesting Fraction |
|
250% per share
|
|
34% of shares multiplied by the
Vesting Fraction |
|