Stockholders' Equity
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Stockholders' Equity
Changes in Accumulated Other Comprehensive Income (Loss) by Component
 
 
 
Year Ended December 31, 2015 
 (in thousands)
 
 
Foreign currency
translation
adjustments
 
Changes in
derivative
financial
instruments
 
Total
accumulated
comprehensive
income (loss)
Balance, December 31, 2014
 
$
6,863

 
$
(4,075
)
 
$
2,788

Other comprehensive loss before reclassifications
 
(8,828
)
 
(2,928
)
 
(11,756
)
Amounts reclassified from accumulated other comprehensive income
 
—

 
2,959

 
2,959

Net current-period other comprehensive income (loss)
 
(8,828
)
 
31

 
(8,797
)
Balance, December 31, 2015
 
$
(1,965
)
 
$
(4,044
)
 
$
(6,009
)
 
 
 
Year Ended December 31, 2014 
 (in thousands)
 
 
Foreign currency
translation
adjustments
 
Changes in
derivative
financial
instruments
 
Total
accumulated
comprehensive
income (loss)
Balance, December 31, 2013
 
$
11,280

 
$
(2,473
)
 
$
8,807

Other comprehensive loss before reclassifications
 
(4,417
)
 
(3,108
)
 
(7,525
)
Amounts reclassified from accumulated other comprehensive income
 
—

 
1,506

 
1,506

Net current-period other comprehensive loss
 
(4,417
)
 
(1,602
)
 
(6,019
)
Balance, December 31, 2014
 
$
6,863

 
$
(4,075
)
 
$
2,788

 
 
Year Ended December 31, 2013 
 (in thousands)
 
 
Foreign currency
translation
adjustments
 
Changes in
derivative
financial
instruments
 
Total
accumulated
comprehensive
income (loss)
Balance, December 31, 2012
 
$
14,945

 
$
(1,441
)
 
$
13,504

Other comprehensive loss before reclassifications
 
(3,797
)
 
(2,053
)
 
(5,850
)
Amounts reclassified from accumulated other comprehensive income
 
132

 
1,021

 
1,153

Net current-period other comprehensive income (loss)
 
(3,665
)
 
(1,032
)
 
(4,697
)
Balance, December 31, 2013
 
$
11,280

 
$
(2,473
)
 
$
8,807


Reclassifications out of Accumulated Other Comprehensive Income (Loss)
 
Year Ended December 31, 2015 
 (in thousands)
Details about Accumulated Other
Comprehensive Income Components
 
Amount
Reclassified from
Accumulated Other
Comprehensive Income
 
Details about
Accumulated Other
Comprehensive
Income Components
Interest rate contracts
 
$
2,959

 
Interest expense, net
Total
 
$
2,959

 
 
Year Ended December 31, 2014 
 (in thousands)
Details about Accumulated Other
Comprehensive Income Components
 
Amount
Reclassified from
Accumulated Other
Comprehensive Income
 
Details about
Accumulated Other
Comprehensive
Income Components
Interest rate contracts
 
$
1,506

 
Interest expense, net
Total
 
$
1,506

 
 
Year Ended December 31, 2013 
 (in thousands)
Details about Accumulated Other
Comprehensive Income Components
 
Amount
Reclassified from
Accumulated Other
Comprehensive Income
 
Details about
Accumulated Other
Comprehensive
Income Components
Interest rate contracts
 
$
1,021

 
Interest expense, net
Total
 
$
1,021

 
 

Stock Ownership Plans
In May 1996, the Company established the Willbros Group, Inc. 1996 Stock Plan (the “1996 Plan”) with 1,125,000 shares of common stock authorized for issuance to provide for awards to key employees of the Company, and the Willbros Group, Inc. Director Stock Plan (the “Director Plan”) with 125,000 shares of common stock authorized for issuance to provide for the grant of stock options to non-employee directors. The number of shares authorized for issuance under the 1996 Plan, and the Director Plan, was increased to 4,825,000 and 225,000, respectively, by stockholder approval. The Director Plan expired August 16, 2006.
In 2006, the Company established the 2006 Director Restricted Stock Plan (the “2006 Director Plan”) with 50,000 shares authorized for issuance to grant shares of restricted stock and restricted stock rights to non-employee directors. The number of shares authorized for issuance under the 2006 Director Plan was increased in 2008 to 250,000, in 2012 to 550,000 and in 2014 to 750,000 by stockholder approval.
On May 26, 2010, the Company established the Willbros Group, Inc. 2010 Stock and Incentive Compensation Plan (the “2010 Plan”) with 2,100,000 shares of common stock authorized for issuance (increased in 2012 to 3,450,000 shares and in 2014 to 6,050,000 shares by stockholder approval) to provide for awards to key employees of the Company. All future grants of stock awards to key employees will be made through the 2010 Plan. As a result, the 1996 Plan was frozen, with the exception of normal vesting, forfeiture and other activity associated with awards previously granted under the 1996 Plan. At December 31, 2015, the 2010 Plan had 1,595,967 shares available for grant.
Restricted stock and restricted stock units or rights, also described collectively as restricted stock units (“RSUs”), and options granted to employees vest generally over a three to four years period. Options granted under the 2010 Plan expire 10 years subsequent to the grant date. Upon stock option exercise, common shares are issued from treasury stock. Options granted under the Director Plan are fully vested. Restricted stock and restricted stock rights granted under the 2006 Director Plan vest one year after the date of grant. At December 31, 2015, the 2006 Director Plan had 62,085 shares available for grant. For RSUs, certain provisions allow for accelerated vesting in the event of involuntary termination not for cause or a change of control of the Company. During the years ended December 31, 2015, 2014, and 2013, $2.3 million, $1.8 million and $0.2 million, respectively, of compensation expense was recognized due to accelerated vesting of RSUs due to retirements and separation from the Company.
Stock-based compensation related to RSUs is recorded based on the Company’s stock price as of the grant date. Expense from both stock options and RSUs, which is inclusive of both liability-based and equity-based stock awards, totaled $8.6 million, $13.6 million and $7.1 million respectively, for the years ended December 31, 2015, 2014, and 2013.
The Company determines fair value of stock options as of its grant date using the Black-Scholes valuation method. No options were granted during the years ended December 31, 2015, 2014, or 2013.
The Company’s stock option activity and related information consist of:
 
 
 
Year Ended December 31,
 
 
2015
 
 
Shares
 
Weighted-Average
Exercise Price
Outstanding, beginning of year
 
227,750

 
$
15.28

Granted
 
—

 
—

Exercised
 
—

 
—

Forfeited or expired
 
(172,750
)
 
14.57

Outstanding, end of year
 
55,000

 
$
17.53

Exercisable at end of year
 
55,000

 
$
17.53


As of December 31, 2015, there was no aggregate intrinsic value of stock options outstanding and exercisable and the weighted average remaining contractual term of stock options outstanding and exercisable was 0.6 years. There was no intrinsic value of options exercised or material tax benefit realized during the years ended December 31, 2015, 2014 and 2013, respectively and no options vested during the years ended December 31, 2015, 2014, and 2013.
The Company’s RSU activity and related information consist of:
 
 
 
Year Ended December 31,
 
 
2015
 
 
Shares
 
Weighted-Average
Grant-Date Fair
Value
Nonvested, beginning of year
 
1,404,274

 
$
10.28

Granted
 
1,990,172

 
3.04

Vested
 
(1,346,472
)
 
7.29

Forfeited
 
(93,469
)
 
8.02

Nonvested, end of year
 
1,954,505

 
$
5.01


The total fair value of RSUs vested during the years ended December 31, 2015, 2014 and 2013 was $9.8 million, $8.9 million and $4.8 million, respectively.
As of December 31, 2015, there was a total of $7.3 million of unrecognized compensation cost, net of estimated forfeitures, related to all non-vested stock-based compensation arrangements granted under the Company’s stock ownership plans. That cost is expected to be recognized over a weighted-average period of 1.85 years.