STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2014

7. STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

For the three months ended March 31, 2014, 156,696 shares of unvested restricted stock were awarded at a market value of $11.18. Of the restricted shares granted, 80,591 shares have performance based vesting conditions. The value of the shares is amortized to compensation expense over the related service period, which is normally three years, or over the estimated performance period. Shares of unvested restricted stock are forfeited if a recipient leaves the Company before the vesting date. Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity for the three months ended March 31, 2014:

	Number of
	Shares
Outstanding at beginning of period	520,195
Awarded	156,696
Forfeited	(34,944	)
Vested	(96,339	)
Outstanding at end of period	545,608

For the quarters ended March 31, 2014 and 2013, stock compensation expense, net of forfeitures, of $379 and $224 was recorded, respectively.

- 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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