Cobalt Annual Report 2015 - page 121

Cobalt International Energy, Inc.
Notes to Consolidated Financial Statements (Continued)
F-29
14. Equity based Compensation (Continued)
The following table summarizes the information about the stock appreciation rights awarded to employees for the year ended
December 31, 2015:
Year Ended December 31,
2015
Stock
Appreciation
Rights
Weighted
Average
Grant Date
Fair Value
Per Share
Non-vested rights at beginning of year ...........................................................................
$ —
Granted............................................................................................................................ 1,526,835
$ 2.74
Vested .............................................................................................................................
$ —
Forfeited or expired.........................................................................................................
(74,503)
$ 2.74
Non-vested rights at end of year ..................................................................................... 1,452,332
$ 2.74
Weighted-average vesting period remaining................................................................... 2.14 years
Unrecognized compensation ($ in thousands)................................................................. $ 3,568
The table below summarizes the equity-based compensation costs recognized for years ended December 31, 2015, 2014 and
2013:
Year Ended December 31,
2015
2014
2013
($ in thousands)
Restricted stock:
Employees ........................................................................... $ 18,585 $ 20,971 $
15,470
Non-employee directors ......................................................
1,493
1,476
1,260
Stock options:
Employees ...........................................................................
6,228
9,295
7,405
Restricted stock units (performance-based)..............................
4,619
Stock Appreciation Rights........................................................
1,442
$ 27,748 $ 31,742 $
28,754
15. Employee Benefit Plan
In 2006, the Company established the Cobalt International Energy, L.P., defined contribution 401(k) plan (the “Plan”). All
employees of the Company after three months of continuous employment are eligible to participate in the Plan. The plan is
discretionary and provides a 6% employee contribution match as determined by the Company’s Board of Directors. For the years
ended December 31, 2015, 2014 and 2013, the Company recorded $1.7 million, $1.0 million, and $0.8 million, respectively, in
benefits contributions to the Plan, which are included in general and administrative expenses.
16. Income Taxes
For the years ended December 31, 2015, 2014 and 2013, the Company recorded a net deferred tax asset of $896.3 million,
$568.0 million, and $461.6 million, respectively with a corresponding full valuation allowance of $896.3 million, $568.0 million, and
$461.6 million, respectively, for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for income tax purposes.
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