General & Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2017

General and Administrative Expenses:

(Dollars in thousands)	2017		2016		2015
Total Compensation to Employees and Directors	$	11,655	$	15,998	$	17,626
Office and Administrative Expenses		2,147		2,213		2,407
Audit, Legal and Consultancy		3,377		1,180		1,573
Total General and Administrative Expenses	$	17,180	$	19,391	$	21,607

Stock Compensation Series

	Number of		Vesting	Fair value
	shares/ options		Period	at grant date
(1) Granted October 2005, stock options *		965	10 years	$	144.00
(2) Granted March 2012, restricted shares		14,515	3 years		13.80
(3) Granted June 2013, restricted shares		155,000	4 years		4.15
(4) Granted June 2013, stock options**		155,000	5 years		1.31
(5) Granted June 2013, stock options**		155,000	5 years		0.97
(6) Granted February 2014, restricted shares		29,333	3 years		6.92
(7) Granted February 2014, restricted shares		29,333	3 years		6.33
(8) Granted February 2014, restricted shares		29,333	3 years		5.63
(9) Granted February 2014, restricted shares		88,000	3 years		7.61
(10) Granted June 2014, restricted shares		95,666	3 years		6.41
(11) Granted June 2014, restricted shares		95,666	3 years		5.74
(12) Granted June 2014, restricted shares		95,666	3 years		5.13
(13) Granted June 2014, restricted shares		287,000	3 years		7.15
(14) Granted January 2015, restricted shares		850,000	3 years		8.81
(15) Granted January 2016, restricted shares		824,000	2 years		6.65
(16) Granted January 2017, restricted shares		900,000	2 years	$	4.61

The following reconciles the number of outstanding restricted common stock and share options:

	Restricted common stock		Share options		Weighted average exercise price **
Outstanding at December 31, 2013		493,523		310,965		9.64
Granted		750,000
Exercised*		324,008
Forfeited
Outstanding at December 31, 2014		919,515		310,965		9.64

Outstanding at December 31, 2014		919,515		310,965		9.64
Granted		850,000
Exercised*		383,683
Forfeited				965
Outstanding at December 31, 2015		1,385,832		310,000	$	9.64

Outstanding at December 31, 2015		1,385,832		310,000		9.64
Granted		824,000
Exercised*		833,012
Forfeited				-
Outstanding at December 31, 2016		1,376,820		310,000	$	9.64

Outstanding at December 31, 2016		1,376,820		310,000		9.64
Granted		900,000
Exercised*		1,132,988
Forfeited		57,501
Outstanding at December 31, 2017		1,086,331		310,000	$	9.64

Stock Compensation Expense

(Dollars in thousands)	2017					2016				2015
Expense recognized from stock compensation			4,806					6,936				7,436

Remuneration of Executives and Directors as a group:

Shares held by Executives and Directors:

	2017				2016				2015
Executives and Directors as a group*			2,729,680				2,416,385				1,967,768