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SHARE-BASED COMPENSATION PLAN | 12 Months Ended
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Dec. 31, 2016
SHARE-BASED COMPENSATION PLAN [Abstract] |
SHARE-BASED COMPENSATION PLAN |
9. | SHARE-BASED COMPENSATION PLAN
Equity Incentive Plan 2011 In 2011, the Board of Directors decided to establish an incentive plan involving a maximum of 400,000 restricted shares of which all shares were allocated among the management of the Company and the members of the Board of Directors. On February 23, 2011, at a grant date fair value of $23.88 per share, 326,000 restricted shares were granted with a four-year cliff-vesting period. On August 5, 2011, at a grant date fair value of $18.05 per share, 74,000 restricted shares were granted with a five-year cliff-vesting period. The shares are forfeited if the grantee leaves the Company before that time. The holders of the restricted shares are entitled to receive dividends paid in the period as well as voting rights. In 2013 the Board of Directors amended the vesting requirements for 174,000 shares allocated under the 2011 Equity Incentive Plan and the vesting requirements were lifted. The lifting of the vesting requirements was in relation to the acquisition of Scandic American Shipping Ltd. This resulted in $1.1 million being charged to General and Administrative expense in the first quarter of 2013. In 2014 the Company repurchased 10,000 restricted common shares outstanding. In 2015, the Company repurchased from employees who have resigned a total of 33,000 restricted common shares and granted these amongst new employees with a four-year cliff vesting period and various grant date fair values. In 2016, the Company received 13,500 shares from employees who have resigned. The shares are held as treasury shares at December 31, 2016. The compensation expense is recognized on a straight-line basis over the vesting period and is recorded as part of General and Administrative expenses. The total compensation expense related to restricted shares under the plan was $0.4 million, $0.4 million, and $1.1 million for the years ended December 31, 2016, December 31, 2015 and December 31, 2014, respectively. As of December 31, 2016, unrecognized cost related to unvested shares aggregated to $1.5 million, which will be recognized over a weighted period of 2.7 years. The tables below summarize the Company’s restricted stock awards as of December 31, 2016:
|  | Restricted shares - Employees |  |  | Weighted- average grant-date fair value - Employees |
Non-vested at January 1, 2016 |  |  | 33,000 |  |  | $ | 9.84 |
Granted during the year |  |  | 137,665 |  |  |  | 14.65 |
Vested during the year |  |  | - |  |  |  | - |
Forfeited during the year |  |  | (13,500 | ) |  |  | (13.40 | )
Non-vested at December 31, 2016 |  |  | 157,165 |  |  |  | 13.75 |

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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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