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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Based Compensation | NOTE 14 – STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $585,000 and $1,864,000 for the three and nine months ended September 30, 2016, respectively, and $846,000 and $2,394,000 for the three and nine months ended September 30, 2015, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“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, the Company’s common stock. The aggregate number of shares of common stock available for issuance under the Omnibus Incentive Plan is 1,200,000 shares. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the nine months ended September 30, 2016 were as follows:
|  |  |  |  |  | Weighted-Average |
|  |  |  |  |  | Grant-Date |
Nonvested RSAs |  | Shares |  |  | Fair Value |
Nonvested at January 1, 2016 |  |  | 201,270 |  |  | $ | 14.24 |
Granted |  |  | 101,105 |  |  |  | 15.87 |
Vested |  |  | (47,727 | ) |  |  | 14.60 |
Forfeited |  |  | (7,274 | ) |  |  | 15.06 |
Nonvested at September 30, 2016 |  |  | 247,374 |  |  | $ | 14.82 |
RSAs granted to employees under the Omnibus Incentive Plan typically vest over two to three years. Compensation expense for RSAs granted under the Omnibus Incentive Program will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of September 30, 2016, there was $1,263,000 of unrecognized compensation cost related to nonvested RSAs granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 2.71 years. Stock Options A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the nine months ended September 30, 2016 were as follows:
|  |  |  |  |  | Weighted-Average |
Stock Options |  | Shares |  |  | Exercise Price |
Outstanding at January 1, 2016 |  |  | — |  |  | $ | — |
Granted |  |  | 164,175 |  |  |  | 15.87 |
Exercised |  |  | — |  |  |  | — |
Forfeited or expired |  |  | — |  |  |  | — |
Outstanding at September 30, 2016 |  |  | 164,175 |  |  | $ | 15.87 |
Stock options outstanding at September 30, 2016 had an intrinsic value of $652,000, a weighted-average remaining contractual term of 9.50 years, were all expected to vest, and were not exercisable. The weighted-average grant date fair value of options granted during the nine months ended September 30, 2016 was $5.85 per option. Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten year contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities were determined based on historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of the options granted was determined based on the SEC simplified method. The risk-free interest rate for the expected term of the options was derived from the Treasury Constant Maturity yield curve on the valuation date. The fair value of the stock options granted was determined using the following weighted-average assumptions:
|  | 2016 |
Risk-free interest rate |  |  | 1.49 | %
Expected Term |  | 6.25 Years |
Expected stock price volatility |  |  | 34.96 | %
Dividend yield |  |  | — |
As of September 30, 2016, there was $711,000 of unrecognized compensation cost related to nonvested stock options granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 3.50 years.

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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=65895303&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=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: 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 5: 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 6: 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 + Details
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