SHARE-BASED COMPENSATION (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Summary of restricted common stock transactions |
The following table summarizes the Company's restricted common stock transactions: | | | | | | | | | | | | | | Non-Employee Directors | | Non-Employees | | Employees | | Total | Unvested shares as of January 1, 2015 | 12,301 |
| | 453,213 |
| | 40,396 |
| | 505,910 |
| Issued | 13,896 |
| | 250,390 |
| | 43,326 |
| | 307,612 |
| Vested | (10,930 | ) | | (81,281 | ) | | (21,561 | ) | | (113,772 | ) | Forfeited | — |
| | (4,665 | ) | | (3,716 | ) | | (8,381 | ) | Unvested shares as of December 31, 2015 | 15,267 |
| | 617,657 |
| | 58,445 |
| | 691,369 |
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| Schedule of restricted stock granted |
The following table summarizes the restricted common stock grants during the year ended December 31, 2015: | | | | | | | | Date | | Shares | | Vesting/Year | | Date(s) | February 3, 2015 | | 1,819 | | 100% | | 2/3/16 | February 5, 2015 | | 241,524 | | 33.3% | | 2/5/16, 2/5/17, 2/5/18 | February 5, 2015 | | 28,818 | | 33.3% | | 2/5/16, 2/5/17, 2/5/18 | March 9, 2015 | | 8,047 | | 100% | | 3/9/16 | March 12, 2015 | | 1,906 | | 100% | | 3/12/16 | March 31, 2015 | | 8,841 | | 100% | | 5/15/16 (1) | June 8, 2015 | | 2,124 | | 100% | | 6/8/16 | August 10, 2015 | | 14,503 | | 100% | | 3/31/16, 3/31/17, 3/31/18 | September 1, 2015 (2) | | 30 | | various | | various |
| | (1) | In connection with a grant of restricted common stock made on September 24, 2014, the Company agreed to issue up to 17,682 additional shares of common stock if certain commercial real estate loan origination performance thresholds were achieved by personnel from the Company’s commercial real estate loan origination team. The performance criteria are measured at the end of two annual measurement periods which began April 1, 2014. The agreement also provided dividend equivalent rights pursuant to which the dividends that would have been paid on the shares had they been issued on the date of grant were paid at the end of each annual measurement period if the performance criteria were met. If the performance criteria are not met, the accrued dividends are forfeited. As a consequence, the Company did not record the dividend equivalent rights until earned. On March 31, 2015, the first annual measurement period ended and 8,841 shares were earned. These shares will vest over the subsequent 12 months at a rate of one-fourth per quarter. In addition, approximately $21,000 of accrued dividend equivalent rights were earned and paid. As of December 31, 2015, it was determined that the performance criteria for the final 8,841 shares were earned prior to the end of the measurement period, March 31, 2016. As of December 31, 2015, $42,000 of accrued dividend equivalent rights were accrued and will be paid in April 2016. These performance shares will vest over the subsequent 12 months at a rate of one-fourth per quarter. |
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| Summary of stock option transactions |
The following table summarizes the Company's preferred stock: | | | | | | | | | | | | | | | | Year ended December 31, 2015 | | Total Outstanding | | Number of Shares Sold | | Weighted Average Offering Price | | Number of Shares | | Weighted Average Offering Price | 8.50% Series A Preferred Stock | — |
| | $ | — |
| | 1,069,016 |
| | $ | 24.05 |
| 8.25% Series B Preferred Stock | 139,333 |
| | $ | 22.34 |
| | 5,740,479 |
| | $ | 23.81 |
| 8.625% Series C Preferred Stock | — |
| | $ | — |
| | 4,800,000 |
| | $ | 25.00 |
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The following table summarizes the status of the Company’s vested stock options as of December 31, 2015: | | | | | | | | | | | | | | | Vested Options | | Number of Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in thousands) | Vested as of January 1, 2015 | | 160,167 |
| | $ | 57.80 |
| | | | | Vested | | — |
| | $ | — |
| | | | | Exercised | | — |
| | $ | — |
| | | | | Forfeited | | — |
| | $ | — |
| | | | | Expired | | (133,917 | ) | | $ | 60.00 |
| | | | | Vested as of December 31, 2015 | | 26,250 |
| | $ | 46.60 |
| | 3.20 | | $ | — |
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| Summary of share based compensation expense |
The components of equity compensation expense for the periods presented are as follows (in thousands): | | | | | | | | | | | | | | December 31, | | 2015 | | 2014 | | 2013 | Options granted to Manager and non-employees | $ | — |
| | $ | (2 | ) | | $ | 6 |
| Restricted shares granted to non-employees | 2,163 |
| | 5,679 |
| | 10,142 |
| Restricted shares granted to employees | 725 |
| | 633 |
| | 106 |
| Restricted shares granted to non-employee directors | 257 |
| | 256 |
| | 218 |
| Total equity compensation expense | $ | 3,145 |
| | $ | 6,566 |
| | $ | 10,472 |
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