Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation Plans (Tables)

v2.4.0.8
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