SEC Filings


10-Q
W&T OFFSHORE INC filed this Form 10-Q on 05/04/2017
Entire Document
 

W&T OFFSHORE, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

A summary of activity in 2017 related to RSUs is as follows:

 

 

Restricted Stock Units

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

Grant Date Fair

 

 

Units

 

 

Value Per Unit

 

Nonvested, December 31, 2016

 

6,107,248

 

 

$

2.73

 

Granted

 

2,080,181

 

 

 

2.77

 

Forfeited

 

(29,227

)

 

 

3.33

 

Nonvested, March 31, 2017

 

8,158,202

 

 

 

2.74

 

 

For the outstanding RSUs issued to the eligible employees as of March 31, 2017, vesting is expected to occur as follows:  

 

 

Restricted Stock Units

 

2017

 

2,287,697

 

2018

 

3,790,324

 

2019

 

2,080,181

 

Total

 

8,158,202

 

The fair value of Restricted Stock Units granted during the three months ended March 31, 2017 was $5.8 million based on the Company’s closing price on the date of grant.

Awards to Non-Employee Directors.  Under the Director Compensation Plan, shares of restricted stock (“Restricted Shares”) have been granted to the Company’s non-employee directors.  Grants to non-employee directors were made during 2016, 2015 and 2014.  As of March 31, 2017, there were 317,896 shares of common stock available for issuance in satisfaction of awards under the Director Compensation Plan.  The shares available are reduced when Restricted Shares are granted.  

We recognize compensation cost for share-based payments to non-employee directors over the period during which the recipient is required to provide service in exchange for the award.  Compensation cost is based on the fair value of the equity instrument on the date of grant.  The fair values for the Restricted Shares granted were determined using the Company’s closing price on the grant date.   No forfeitures were estimated for the non-employee directors’ awards.

The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods unless approved by the Board of Directors.  Restricted Shares cannot be sold, transferred or disposed of during the restricted period.  The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares.  

For the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2017, vesting is expected to occur as follows:

 

Restricted Shares

 

2017

 

62,136

 

2018

 

57,120

 

2019

 

42,040

 

Total

 

161,296

 

 

There were no grants, forfeitures or vesting of Restricted Shares during the three months ended March 31, 2017.

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