6. Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”) and our Directors’ Restricted Stock Plan. The following table provides our stock-based compensation expense and related income tax benefit for the three-month periods ended March 31, 2016 and 2015 (in thousands).

	Three Months Ended March 31,
	2016			2015
Stock-based compensation expense, gross	$	1,284		$	993
Income tax benefit at our statutory rate associated with stock-based compensation		(501	)		(387	)
Stock-based compensation expense, net	$	783		$	606

2007

Long-

erm Incentive Plan

The 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”) provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or the receipt of other awards based on our performance, to our employees and non-employee directors.

During the three-month period ended March 31, 2016, we granted 218,452 shares of restricted common stock to certain employees, of which 72,816 shares will vest on each of January 31, 2017 and 2018; and 72,820 shares will vest on January 31, 2019. Also during the three-month period ended March 31, 2016, we granted 166,677 shares of restricted Class A common stock to an employee, of which 55,559 shares will vest on each of January 31, 2017, 2018 and 2019.

During the three-month period ended March 31, 2016, we granted

19,048

shares of restricted common stock to certain non-employee directors, that will vest on January 31, 2017. Also during the three-month period ended March 31, 2016, we granted

51,935

shares of restricted Class A common stock to certain non-employee directors, that will vest on January 31, 2017. During the three-month period ended March 31, 2015, we granted

150,308

shares of restricted common stock to certain employees, of which 50,102 shares vested on January 31, 2016; 50,100 shares will vested on January 31, 2017; and 50,106 shares will vest on January 31,2018. Also during the three months ended March 31, 2015, we granted

229,322

shares of restricted Class A common stock to certain employees, of which 76,442 shares vested January 31, 2016; 76,442 shares will vest on January 31, 2017 and 76,438 shares will vest on January 31, 2018. Also during the three-month period ended March 31, 2015, we granted 58,191 shares of restricted Class A common stock to certain non-employee directors, all of which vested on January 31, 2016.

A summary of restricted common stock activity for the three-month periods ended March 31, 2016 and 2015 is as follows:

	Three Months Ended
	March 31, 2016					March 31, 2015
				Weighted-					Weighted-
				Average					Average
	Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		337,506		$	9.57		385,056		$	9.09
Granted		237,500		$	12.88		150,308		$	10.27
Vested		(178,973	)	$	8.46		(197,858	)	$	9.16
Outstanding - end of period		396,033		$	12.06		337,506		$	9.57

A summary of restricted Class A common stock activity for the three-month periods ended March 31, 2016 and 2015 is as follows:

	Three Months Ended
	March 31, 2016					March 31, 2015
				Weighted-					Weighted-
				Average					Average
	Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - Class A common:
Outstanding - beginning of period		374,693		$	9.46		204,473		$	9.81
Granted		218,612		$	11.25		287,513		$	9.37
Vested		(178,223	)	$	10.04		(117,293	)	$	9.85
Outstanding - end of period		415,082		$	10.15		374,693		$	9.46

A summary of stock option activity related to our common stock for the three-month periods ended March 31, 2016 and 2015 is as follows:

	Three Months Ended
	March 31, 2016				March 31, 2015
			Weighted-				Weighted-
	Number of		Average		Number of		Average
	Shares		Exercise		Shares		Exercise
	Underlying		Price		Underlying		Price
	Options		Per Share		Options		Per Share

Stock options - common:
Outstanding - beginning of period		274,746	$	1.99		274,746	$	1.99
Options exercised		-	$	-		-	$	-
Options expired		-	$	-		-	$	-
Outstanding - end of period		274,746	$	1.99		274,746	$	1.99

Exercisable at end of period		206,064	$	1.99		137,376	$	1.99

During the three-month period ended March 31, 2016, we did not have any stock options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was

$2.7

million based on the closing market price of our common stock on March 31, 2016.