Stock Based Compensation

12 Months Ended

Dec. 31, 2014

NOTE 19 — STOCK-BASED COMPENSATION

Stock based compensation expense that has been charged against income was $2,690,000 and $129,000 for the years ended December 31, 2014 and 2013, respectively. There was no stock based compensation expensed recognized for the year ended December 31, 2012.

2014 Omnibus Incentive Plan

In connection with the Company’s initial public offering in November 2014, the Company adopted the 2014 Omnibus Incentive Plan (Omnibus Incentive Plan). The Omnibus Incentive Plan provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, our common stock. The aggregate number of shares of our common stock available for issuance under the Omnibus Incentive Plan is 1,200,000 shares. On December 1, 2014, the Company granted 378,343 shares of restricted stock awards to certain officers and employees in accordance with the provisions of the Omnibus Incentive Plan. RSAs granted to employees under the Omnibus Incentive Plan typically vest one-third on the grant date and one-third each year over two years, and therefore are fully vested on the second anniversary of the grant date.

A summary of changes in the Company’s nonvested RSAs under the Omnibus Incentive Plan for the year ended December 31, 2014 were as follows:

				Weighted-Average
				Grant-Date
Nonvested RSAs	Shares			Fair Value
Nonvested at January 1, 2014		—			—
Granted		378,343			14.71
Vested		(126,087	)		14.71
Forfeited		—			—
Nonvested at December 31, 2014		252,256		$	14.71

Compensation expense for RSAs granted under the Omnibus Incentive Plan will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date.

As of December 31, 2014, there was $3,479,000 of total unrecognized compensation cost related to nonvested RSAs granted under the Omnibus Incentive Plan. The cost is expected to be recognized over two years.

Amended and Restricted Stock Plan

The Company’s Amended and Restricted Stock Plan (the Terminated 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. Compensation expense for RSUs granted under the Terminated Plan was recognized over the vesting period of the awards based on the fair value of the stock at the issue 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. Upon effectiveness of the 2014 Omnibus Incentive Plan in November 2014, no additional awards were permissible under the Terminated Plan.

A summary of changes in the Company’s nonvested RSUs under the Terminated Plan for the years ended December 31, 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 December 31, 2014		—		$	—

Nonvested at January 1, 2013		—		$	—
Granted		26,120			10.77
Vested		—			—
Forfeited		—			—
Nonvested at December 31, 2013		26,120		$	10.77

- 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.

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