12.

RESTRICTED STOCK AWARDS:

We have granted non-vested (restricted) stock awards (“restricted stock”) and restricted stock units (“RSUs”) to certain key employees pursuant to the 2011 Plan and the 2007 Plan. The restricted stock awards have varying vesting periods, but generally become fully vested between two and four years after the grant date, depending on the specific award. We accounted for the restricted stock awards granted using the measurement and recognition provisions of ASC 718. Accordingly, the fair value of the restricted stock awards is measured on the grant date and recognized in earnings over the requisite service period for each separately vesting portion of the award.

The following table summarizes restricted stock award activity from September 30, 2014 through December 31, 2014:


	Shares			Weighted Average Grant Date Fair Value
Non-vested balance as of September 30, 2014		3,340		$	6.10
Changes during the period
Awards granted		111,000		$	19.23
Awards vested		(3,340	)	$	6.10

Non-vested balance as of December 31, 2014		111,000		$	19.23

As of December 31, 2014, we had approximately $2.0 million of total unrecognized compensation cost related to non-vested restricted stock awards assuming applicable performance conditions are met. We expect to recognize that cost over a weighted average period of 2.8 years.