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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Allocation of Compensation Expense | Total stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014 was as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Restricted stock award expense |  | $ | 415 |  |  | $ | 1,202 |  |  | $ | 2,354 |  |  | $ | 2,202 |
Stock option expense |  | 46 |  |  | 41 |  |  | 616 |  |  | 72 |
PSU expense |  | 157 |  |  | 743 |  |  | 2,590 |  |  | 1,457 |
SAR expense |  | 19 |  |  | — |  |  | 536 |  |  | — |
Total stock-based compensation expense |  | $ | 637 |  |  | $ | 1,986 |  |  | $ | 6,096 |  |  | $ | 3,731 |
Schedule of Unrecognized Compensation Cost | The amount of unrecognized compensation cost as of September 30, 2015, and the expected weighted average period over which the cost will be recognized is as follows:
|  | As of September 30, 2015
(in thousands) |  | Unrecognized Compensation Cost |  | Expected Weighted Average Period of Recognition (in years)
Restricted stock award expense |  | $ | 1,510 |  |  | 0.9 |
Stock option expense |  | 290 |  |  | 1.1 |
PSU expense |  | 918 |  |  | 1.0 |
SAR expense |  | 951 |  |  | 0.5 |
Total unrecognized stock-based compensation expense |  | $ | 3,669 |  |  | 0.9 |
Summary of Restricted Stock Activity | A summary of restricted stock award activity under the Company's various stock compensation plans for the nine months ended September 30, 2015 is presented below:
Non-vested at (in thousands, except for per share amounts) |  | Shares |  | Weighted Average Grant Date Fair Value
Non-vested at January 1, 2015 |  | 209,921 |  |  | $ | 13.59 |
Granted |  | 127,943 |  |  | 14.97 |
Vested |  | (157,623 | ) |  | 17.78 |
Forfeited |  | (16,659 | ) |  | 17.79 |
Non-vested at September 30, 2015 |  | 163,582 |  |  | $ | 10.20 |
Schedule of Stock Options, Valuation Assumptions | The fair value of the Company's options that were granted during the nine months ended September 30, 2015 was estimated at the date of grant using a Black-Scholes options pricing model with the following weighted average assumptions:
|  | Nine Months Ended September 30, 2015
Stock options granted: |  |
Risk-free interest rate |  | 1.8 | %
Dividend yield |  | — | %
Volatility |  | 74.5 | %
Expected term (in years) |  | 5.0 |
Summary of Option Activity | A summary of option activity (collectively referred to as options in the below table) for the nine months ended September 30, 2015 is presented below:
(in thousands, except for per share amounts) |  | Number of Options Outstanding and Exercisable |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term (in years)
Options outstanding, January 1, 2015 |  | 74,200 |  |  | $ | 13.76 |  |  |  |  |
Options granted |  | 56,250 |  |  | $ | 13.87 |  |  |  |  |
Options exercised |  | — |  |  | $ | — |  |  |  |  |
Options expired / forfeited |  | (24,200 | ) |  | $ | 7.59 |  |  |  |  |
Options outstanding, September 30, 2015 |  | 106,250 |  |  | $ | 15.22 |  |  | $ | — |  |  | 4.0
Options exercisable as of September 30, 2015 |  | 79,581 |  |  | $ | 14.22 |  |  | $ | — |  |  | 4.2
Performance Share Unit Valuation Assumptions | The fair value of the Company's SAR's that were granted during the nine months ended September 30, 2015 was estimated at the date of grant using a Black-Scholes options pricing model with the following weighted average assumptions:
|  | Nine Months Ended September 30, 2015
SAR's granted: |  |
Risk-free interest rate |  | 1.8 | %
Dividend yield |  | — | %
Volatility |  | 74.5 | %
Expected term (in years) |  | 5.0 |
The fair value of the Company's PSU's granted during the nine months ended September 30, 2015 were estimated at the date of grant with the following weighted-average assumptions:
|  | Nine Months Ended September 30, 2015
PSUs granted: |  |
Risk-free interest rate |  | 1.0 | %
Dividend yield |  | — | %
Volatility |  | 64.3 | %
Performance period (in years) |  | 3.0 |
Schedule of PSU Activity | A summary of PSU activity under the Plans for the nine months ended September 30, 2015 is presented below:
(in thousands except per share amounts) |  | Units |  | Weighted Average Grant Date Fair Value
Non-vested at January 1, 2015 |  | 142,357 |  |  | $ | 30.65 |
Granted (1) |  | 69,218 |  |  | 20.10 |
Vested / Settled (1) |  | (13,763 | ) |  | 30.52 |
Forfeited / Canceled (1) |  | (2,420 | ) |  | 26.04 |
Non-vested at September 30, 2015 |  | 195,392 |  |  | $ | 26.98 |
(1) The number of units shown in the table above are based on target performance. The final number of shares of common stock issued may vary depending on the achievement of market conditions established within the awards, which could result in the actual number of shares issued ranging from zero to a maximum of two times the number of units shown in the above table. A summary of SAR's activity for the nine months ended September 30, 2015 is presented below:
(in thousands, except for per share amounts) |  | Number of Options Outstanding and Exercisable |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term (in years)
SAR's outstanding January 1, 2015 |  | — |  |  | $ | — |  |  |  |  |
Granted |  | 243,750 |  |  | $ | 13.87 |  |  |  |  |
Exercised |  | — |  |  | $ | — |  |  |  |  |
Expired / forfeited |  | — |  |  | $ | — |  |  |  |  |
SAR's outstanding June 30, 2015 |  | 243,750 |  |  | $ | 13.87 |  |  | $ | — |  |  | 4.8 |
SAR's exercisable as of June 30, 2015 |  | 43,750 |  |  | $ | 13.87 |  |  | $ | — |  |  | — |
Schedule of Performance-Based Units, Settled | The following table shows the PSUs that were settled during the nine months ended September 30, 2015 by issuing the Company's common stock relative to a broad stock index and a peer group performance index. There were no PSUs settled during the nine months ended September 30, 2014.
|  | Year of Grant |  | Net Number of Issued Shares upon Vesting |  | Shares Withheld to Settle Tax Withholding Obligations |  | TSR Multiple Range |  | Russell 3000 Multiple
|  |  |  |  | Low |  | High |  | Low |  | High
Nine Months Ended September 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2013 |  | 8,768 |  |  | 3,954 |  |  | 1.75 |  |  | 1.75 |  |  | 2.00 |  |  | 2.00 |
|  | 2014 |  | 2,506 |  |  | 1,145 |  |  | 0.63 |  |  | 0.75 |  |  | — |  |  | 0.75 |

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