Stock Based Compensation

9 Months Ended

Sep. 30, 2014

NOTE 14 – STOCK BASED COMPENSATION

The Company’s Amended and Restricted Stock Plan (the Plan) provided for the issuance of up to 750,000 shares of restricted TBI common stock to officers, directors and employees of the Company and its subsidiaries. As of September 30, 2014, 58,395 restricted stock units (RSUs) had been issued pursuant to the Plan. Compensation expense for RSUs granted under the Plan was recognized over the vesting period of the awards based on the fair value of the stock at the issue date. The fair value of the stock was determined by the Company considering applicable discounts for, among other things, a repurchase option granted to the Company in certain circumstances. RSUs granted to employees under the Plan typically vested one third each year over three years, and therefore fully vested on the third anniversary of the grant date. In August 2014, the Company approved the immediate and full acceleration of vesting on all remaining nonvested RSUs in anticipation of its contemplated initial public offering. As a result, the Company recognized all remaining unrecognized compensation cost associated with these shares during the third quarter of 2014.

Stock based compensation expense that has been charged against income for RSU awards was $417 and $613 for the three and nine month periods ended September 30, 2014, respectively, and $43 and $86 for the three and nine month periods ended September 30, 2013, respectively.

A summary of changes in the Company’s nonvested RSUs for the nine months ended September 30, 2014 and 2013 were as follows:

				Weighted-Average
				Grant-Date
Nonvested RSUs	Units			Fair Value
Nonvested at January 1, 2014		26,120		$	10.77
Granted		32,275			14.08
Vested		(58,395	)		12.60
Forfeited		—			—
Nonvested at September 30, 2014		—		$	—

Nonvested at January 1, 2013		—		$	—
Granted		26,120			10.77
Vested		—			—
Forfeited		—			—
Nonvested at September 30, 2013		26,120		$	10.77

In connection with the Company’s initial public offering in November 2014, the Company adopted the 2014 Omnibus Incentive Plan. See Note 17 – Subsequent Events for additional information.

- 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+ Details