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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company grants equity based awards to employees and non-employee directors. Equity based awards include RSA's, Stock Options, PSU's and Stock Appreciation Rights ("SAR's"). Stock-based compensation expense related to employees is included within the Payroll and benefits line item in the Condensed Consolidated Statements of Operations. Stock-based compensation expense related to non-employee directors is included within the General and administrative line item in the Condensed Consolidated Statements of Operations. Total stock-based compensation expense for the three and six months ended June 30, 2017 and 2016 was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Restricted stock award expense |  | $ | 367 |  |  | $ | 584 |  |  | $ | 805 |  |  | $ | 982 |
Stock option expense |  | 165 |  |  | 103 |  |  | 300 |  |  | 139 |
PSU expense |  | 34 |  |  | 125 |  |  | 68 |  |  | 316 |
SAR expense |  | — |  |  | 95 |  |  | — |  |  | 106 |
Total stock-based compensation expense |  | $ | 566 |  |  | $ | 907 |  |  | $ | 1,173 |  |  | $ | 1,543 |
The amount of unrecognized compensation cost as of June 30, 2017, and the expected weighted-average period over which the cost will be recognized is as follows:
|  | As of June 30, 2017
(in thousands) |  | Unrecognized Compensation Cost |  | Expected Weighted-Average Period of Recognition (in years)
Restricted stock award expense |  | $ | 2,043 |  |  | 2.52 |
Stock option expense |  | 431 |  |  | 1.15 |
PSU expense |  | 69 |  |  | 0.51 |
Total unrecognized stock-based compensation expense |  | $ | 2,543 |  |  | 2.23 |
Restricted Stock Awards Restricted stock is typically granted with vesting terms of three years. The fair value of restricted stock awards is determined based on the closing price of the Company’s common stock on the authorization date of the grant multiplied by the number of shares subject to the stock award. Compensation expense for restricted stock awards is recognized over the entire vesting period on a straight-line basis. A summary of restricted stock award activity under the Company's various stock compensation plans for the six months ended June 30, 2017 is presented below:
|  | Shares |  | Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2017 |  | 297,347 |  |  | $ | 8.03 |
Granted |  | 159,092 |  |  | $ | 9.58 |
Vested |  | (183,450 | ) |  | $ | 7.94 |
Forfeited |  | (1,202 | ) |  | $ | 9.01 |
Non-vested at June 30, 2017 |  | 271,787 |  |  | $ | 9.00 |
Stock Options Stock options generally vest over three years and have a contractual limit of five years from the date of grant to exercise. The fair value of stock options granted is determined on the date of grant using the Black-Scholes option pricing model and the related expense is recognized on a straight-line basis over the entire vesting period. A summary of option activity for the six months ended June 30, 2017 is presented below:
|  | Number of Options Outstanding and Exercisable |  | Weighted- Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted- Average Remaining Contractual Term (in years)
Options outstanding, January 1, 2017 |  | 632,446 |  |  | $ | 11.61 |  |  |  |  |
Options granted |  | — |  |  | — |  |  |  |  |
Options exercised |  | — |  |  | — |  |  |  |  |
Options expired / forfeited |  | — |  |  | — |  |  |  |  |
Options outstanding, June 30, 2017 |  | 632,446 |  |  | $ | 11.61 |  |  | $ | 167 |  |  | 2.67
Options exercisable as of June 30, 2017 |  | 251,114 |  |  | $ | 13.38 |  |  | $ | 67 |  |  | 2.85
Performance Share Units Compensation expense is recognized for PSU awards on a straight-line basis over the applicable service period, which is generally three years, based on the estimated fair value at the date of grant using a Monte Carlo simulation model. There were no PSU's granted during the six months ended June 30, 2017. A summary of PSU activity for the six months ended June 30, 2017 is presented below:
|  | Units |  | Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2017 |  | 49,516 |  |  | $ | 25.20 |
Granted |  | — |  |  | — |
Vested / Settled (1) |  | (30,110 | ) |  | $ | (28.59 | )
Forfeited / Canceled |  | — |  |  | — |
Non-vested at June 30, 2017 |  | 19,406 |  |  | $ | 19.95 |
(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. The following table shows the PSU's that were settled by issuing shares of the Company's common stock relative to a broad stock index and a peer group performance index.
|  | 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
Six Months Ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2014 |  | 6,476 |  |  | 3,573 |  |  | 0.75 |  |  | 1.00 |  |  | — |  |  | — |
|  | 2015 |  | 3,869 |  |  | 2,310 |  |  | 0.60 |  |  | 0.60 |  |  | — |  |  | — |
Six Months Ended June 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2013 |  | 28,566 |  |  | 1,572 |  |  | 0.63 |  |  | 1.00 |  |  | — |  |  | — |
|  | 2014 |  | 11,487 |  |  | — |  |  | 0.63 |  |  | 0.63 |  |  | — |  |  | — |
|  | 2015 |  | 13,529 |  |  | — |  |  | 0.50 |  |  | 0.50 |  |  | — |  |  | — |
Stock Appreciation Rights SAR's generally vest over three years and have a contractual limit of five years from the date of grant to exercise. The fair value of SAR's granted is determined on the date of grant using the Black-Scholes option pricing model and the related expense is recognized on a straight-line basis over the derived service period of the respective awards. The Company did not grant any SAR's during the six months ended June 30, 2017.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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