General and administrative expenses (Tables)

12 Months Ended

Dec. 31, 2018

General and Administrative Expenses:

(Dollars in thousands)	2018		2017		2016
Total Compensation to Employees and Directors	$	11,289	$	11,655	$	15,998
Office and Administrative Expenses		2,449		2,147		2,213
Audit, Legal and Consultancy		1,314		3,377		1,180
Total General and Administrative Expenses	$	15,052	$	17,180	$	19,391

	Number of shares/options		Vesting Period	Fair value 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
(17) Granted January 2018, restricted shares		355,000	1 year		3.92
(18) Granted January 2018, restricted shares		212,000	3 years	$	2.30

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, 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

Outstanding at December 31, 2017		1,086,331		310,000		9.64
Granted		567,000
Exercised*		1,085,331
Forfeited		22,500		310,000		9.64
Outstanding at December 31, 2018		545,500		-	$	-

(Dollars in thousands)		2018				2017				2016
Expense recognized from stock compensation			2,458				4,806				6,936

Remuneration of Executives and Directors as a group:

Shares held by Executives and Directors:

		2018				2017				2016
Executives and Directors as a group*			3,155,503				2,729,680				2,416,385