|
Stock-Based Compensation Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Summary of Stock Option Activity |
The following is a summary of MMREIS’s stock option
activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
Shares
Under
Options |
|
|
Weighted-
Average
Exercise
Price |
|
|
Shares
Under
Options |
|
|
Weighted-
Average
Exercise
Price |
|
|
Shares
Under
Options |
|
|
Weighted-
Average
Exercise
Price |
|
|
Options outstanding at beginning of year:
|
|
|
750 |
|
|
$ |
28.86 |
|
|
|
3,500 |
|
|
$ |
25.67 |
|
|
|
3,025 |
|
|
$ |
25.25 |
|
|
Granted
|
|
|
— |
|
|
|
— |
|
|
|
750 |
|
|
|
28.86 |
|
|
|
6,937 |
|
|
|
25.47 |
|
|
Exercised
|
|
|
(750 |
) |
|
|
28.86 |
|
|
|
(3,500 |
) |
|
|
25.67 |
|
|
|
(6,462 |
) |
|
|
25.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding at end of year
|
|
|
— |
|
|
$ |
— |
|
|
|
750 |
|
|
$ |
28.86 |
|
|
|
3,500 |
|
|
$ |
25.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Restricted Common Stock Activity |
The following is a summary of MMREIS’s restricted common
stock activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
Restricted
Stock |
|
|
Weighted-
Average
Grant
Date Fair
Value |
|
|
Restricted
Stock |
|
|
Weighted-
Average
Grant
Date Fair
Value |
|
|
Restricted
Stock |
|
|
Weighted-
Average
Grant
Date Fair
Value |
|
|
Restricted common stock outstanding at beginning of year:
|
|
|
27,999 |
|
|
$ |
23.67 |
|
|
|
24,499 |
|
|
$ |
23.36 |
|
|
|
28,447 |
|
|
$ |
20.95 |
|
|
Issued upon exercise of stock options
|
|
|
750 |
|
|
|
28.86 |
|
|
|
3,500 |
|
|
|
25.87 |
|
|
|
6,462 |
|
|
|
25.28 |
|
|
Canceled
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,866 |
) |
|
|
23.07 |
|
|
Repurchased
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,544 |
) |
|
|
15.40 |
|
|
Exchange of common stock
|
|
|
(28,749 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock outstanding at end of year
|
|
|
— |
|
|
$ |
— |
|
|
|
27,999 |
|
|
$ |
23.67 |
|
|
|
24,499 |
|
|
$ |
23.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted common stock vested at end of year
|
|
|
28,749 |
|
|
|
|
|
|
|
22,682 |
|
|
|
|
|
|
|
18,960 |
|
|
|
|
|
|
Restricted common stock unvested at end of year
|
|
|
— |
|
|
|
|
|
|
|
5,317 |
|
|
|
|
|
|
|
5,539 |
|
|
|
|
|
|
| Summary of SARs Activity |
The following is a summary of MMREIS’s SARs activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
SARs outstanding at beginning of period:
|
|
|
28,733 |
|
|
|
27,983 |
|
|
|
31,456 |
|
|
Granted
|
|
|
— |
|
|
|
750 |
|
|
|
6,937 |
|
|
Canceled
|
|
|
— |
|
|
|
— |
|
|
|
(1,866 |
) |
|
Repurchased
|
|
|
— |
|
|
|
— |
|
|
|
(8,544 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SARs outstanding at end of period
|
|
|
— |
|
|
|
28,733 |
|
|
|
27,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SARs vested at end of period
|
|
|
28,733 |
|
|
|
22,666 |
|
|
|
18,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Formula Settlement Value and Compensation Cost Related to Non Vested Stock and SARs |
The total formula-settlement value and total compensation cost
related to non-vested stock and SARs are as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31,
|
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Restricted common stock
|
|
$ |
— |
|
|
$ |
447 |
|
|
$ |
615 |
|
|
Rights under SARs
|
|
$ |
— |
|
|
$ |
371 |
|
|
$ |
458 |
|
|
| Fair Value of Restricted Stock and SARs Vested |
The total fair value of restricted stock and SARs that vested
during the years ended December 31 was as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Restricted common stock
|
|
$ |
470 |
|
|
$ |
961 |
|
|
$ |
471 |
|
|
Rights under SARs
|
|
$ |
405 |
|
|
$ |
818 |
|
|
$ |
358 |
|
|
| Components of Share-Based Compensation Included in Consolidated Statements of Income |
The following table summarizes the components of share-based
compensation included in the consolidated statements of income (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended
December 31, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Restricted stock and SARs (prior to IPO)
|
|
$ |
4,679 |
|
|
$ |
7,448 |
|
|
$ |
2,851 |
|
|
Non-cash stock based compensation charge (prior to IPO)
|
|
|
30,886 |
|
|
|
— |
|
|
|
— |
|
|
RSAs – non-employee directors
|
|
|
20 |
|
|
|
— |
|
|
|
— |
|
|
RSUs – employee
|
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
RSUs – independent contractors
|
|
|
168 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
35,841 |
|
|
$ |
7,448 |
|
|
$ |
2,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post IPO [Member]
|
|
| Summary of Vested and Nonvested RSU and RSA Activity Under 2013 Plan |
The following table summarizes the Company’s vested and
nonvested RSU and RSA activity under the 2013 Plan for the year
ended December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
RSA Grants to Non-
employee Directors
|
|
|
RSU Grants to
Employee |
|
|
RSU Grants to
Independent
Contractors |
|
|
Total |
|
|
Weighted-
Average Grant
Date Fair Value
Per Share |
|
|
Nonvested shares at December 31, 2012
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
Granted
|
|
|
30,000 |
|
|
|
313,155 |
|
|
|
570,760 |
|
|
|
913,915 |
|
|
|
14.46 |
|
|
Vested
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Forfeited/canceled
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested shares at December 31, 2013
|
|
|
30,000 |
|
|
|
313,155 |
|
|
|
570,760 |
|
|
|
913,915 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average grant date fair value per share for shares granted
during the period
|
|
$ |
12.00 |
|
|
$ |
14.54 |
|
|
$ |
14.54 |
|
|
|
|
|
|
|
|
|
|