XML 27 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
Stock Based Compensation Plan
 6 Months Ended
Jun. 30, 2016
Stock Based Compensation Plan [Abstract]  
Stock Based Compensation Plan
NOTE J – Stock Based Compensation Plan
As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2015 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans.
The following table summarizes our award activity during the six months ended June 30, 2016:
  
Restricted Stock Awards
  
Stock-Settled
Appreciation Rights
 
 
 
Shares or Units
  
Weighted-Average
Award Price
  
Rights
  
Weighted-Average
Award Price
 
Outstanding at December 31, 2015
  
344,490
  
$
22.87
   
100,875
  
$
18.14
 
Granted
  
205,640
   
18.80
   
—
   
—
 
Restrictions lapsed or exercised
  
(140,864
)
  
18.29
   
—
   
—
 
Forfeited
  
(4,450
)
  
19.29
   
—
   
—
 
Outstanding at June 30, 2016
  
404,816
  
$
21.65
   
100,875
  
$
18.14
 
Exercisable at June 30, 2016
  
—
   
—
   
74,875
  
$
18.14
 
Awards expected to vest
  
408,886
  
$
21.62
   
100,875
  
$
18.14
 

Grants of equity awards are made to certain officers and key employees under stockholder approved long-term incentive plans. The restrictions on most of the awards generally lapse annually, primarily over four year periods. During 2016, the Company granted 58,138 awards for which the shares ultimately issued will be based upon the achievement of various performance measures. The restricted units earned under most of these awards vest after three years. The remaining grants have time-based vesting of one or four years. The compensation is being charged to selling, general and administrative expense over the respective grants' vesting periods, primarily on a straight-line basis.  Stock based compensation expense was approximately $2.2 million for the six months ended June 30, 2016 and June 30, 2015. The aggregate intrinsic value of outstanding restricted common stock grants was $7.3 million at June 30, 2016. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at June 30, 2016 is zero.

As of June 30, 2016, the remaining unamortized compensation cost related to unvested equity awards was approximately $6.1 million and is expected to be recognized over a weighted-average period of 2.4 years.