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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2015
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | NOTE 5 — STOCK-BASED COMPENSATION Pursuant to the Company’s 1998 Stock Incentive Plan, as amended, the Company issues stock options and restricted stock awards to employees and outside directors. The Company did not issue any stock options during the three and six months ended June 30, 2015 and 2014. The restricted stock awards vest ratably in three years or cliff vest in three or five years of continued employment from the date of grant. Some of the restricted stock awards also include a Company financial performance requirement for vesting. The Company receives an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted stock when the restrictions are released and the shares are issued. Restricted stock awards are forfeited if the employees terminate employment before the restrictions lapse or if the established financial goals are not achieved. The Company recognized the following stock compensation expense and related net tax benefit associated with its various employee share-based compensation plans:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
($ in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Compensation expense related to restricted stock awards |  | $ | 3,698 |  |  | $ | 3,565 |  |  | $ | 7,652 |  |  | $ | 6,745 |
Net tax benefit recognized in equity for stock compensation plans |  | $ | 51 |  |  | $ | 79 |  |  | $ | 3,196 |  |  | $ | 3,787 |
The following table presents a summary of the activity for the Company’s time-based and performance-based restricted stock awards as of June 30, 2015, including changes during the six months ended June 30, 2015:
| June 30, 2015
| Restricted Stock Awards
| Time-Based |  | Performance-Based
| Shares |  | Weighted Average Price |  | Shares |  | Weighted Average Price
Outstanding at beginning of period | 751,020 |  |  | $ | 30.61 |  |  | 518,553 |  |  | $ | 29.64 |
Granted | 430,078 |  |  | 40.07 |  |  | 149,284 |  |  | 39.95 |
Vested | (213,625 | ) |  | 23.32 |  |  | (144,445 | ) |  | 22.05 |
Forfeited | (37,221 | ) |  | 36.14 |  |  | — |  |  | — |
Outstanding at end of period | 930,252 |  |  | $ | 36.44 |  |  | 523,392 |  |  | $ | 35.64 |
As of June 30, 2015, total unrecognized compensation cost related to time-based and performance-based restricted stock awards amounted to $27.3 million and $11.0 million, respectively. These costs are expected to be recognized over a weighted average period of 2.22 years and 2.09 years, respectively.

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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 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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