|W&T OFFSHORE INC filed this Form 10-Q on 05/04/2017|
W&T OFFSHORE, INC. AND SUBSIDIARIES
For the outstanding RSUs issued to the eligible employees as of March 31, 2017, vesting is expected to occur as follows:
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:
There were no grants, forfeitures or vesting of Restricted Shares during the three months ended March 31, 2017.