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Stock Based Compensation
 3 Months Ended
Mar. 31, 2015
Stock Based Compensation  
Stock Based Compensation

 

 

Note 14 - Stock Based Compensation

 

A maximum of 600,000 shares of the Company’s common stock is authorized for issuance pursuant to the Company’s 2012 Incentive Plan, of which 359,000 shares of restricted stock are outstanding as of March 31, 2015.  For accounting purposes, the restricted stock is not included in the shares shown as outstanding on the balance sheet until they vest; however dividends are paid on the unvested shares.  An aggregate of 381,000 shares of restricted stock and restricted stock units outstanding under the Company’s 2009 equity incentive plan have not yet vested and no additional awards may be granted under this plan.

 

Pursuant to the Pay-for-Performance Program, there are 200,000 performance share awards in the form of restricted stock units (the “Units”) outstanding under the Company’s 2009 Incentive Plan. The holders of Units are not entitled to dividends or to vote the underlying shares until the Units vest and shares are issued. Accordingly, for accounting purposes, the shares underlying the Units are not included in the shares shown as outstanding on the balance sheet.  No Units were forfeited or vested in the three months ended March 31, 2015.

 

As of March 31, 2015 and December 31, 2014, there were no options outstanding under the Company’s equity incentive plans.

 

The following is a summary of the activity of the equity incentive plans (excluding, except as otherwise noted, the 200,000 Units):

 

 

 

Three Months Ended
March 31,

 

 

 

2015

 

2014

 

Restricted share grants

 
129,975

 
118,850

 

Per share grant price

 

$
24.60

 

$
20.54

 

Deferred compensation to be recognized over vesting period

 

$
3,197,000

 

$
2,441,000

 

Number of non-vested shares:

 

 

 

 

 

Non-vested beginning of period

 
480,995

 
470,015

 

Grants

 
129,975

 
118,850

 

Vested during period

 
(70,685

)
(101,300

)

Forfeitures

 

—

 
(6,520

)

Non-vested end of period

 
540,285

 
481,045

 

 

 

 

 

 

 

Average per share value of non-vested shares (based on grant price)

 

$
17.12

 

$
14.55

 

 

 

 

 

 

 

Value of shares vested during the period (based on grant price)

 

$
586,000

 

$
621,000

 

 

 

 

 

 

 

The total charge to operations for all incentive plans, including the 200,000 units, is as follows:

 

 

 

 

 

Outstanding restricted stock grants

 

$
548,000

 

$
443,000

 

Outstanding restricted stock units

 
29,000

 
29,000

 

Total charge to operations

 

$
577,000

 

$
472,000

 

 

As of March 31, 2015, there were approximately $7,476,000 of total compensation costs related to non-vested awards that have not yet been recognized, including $267,000 related to the Units (net of forfeiture and performance assumptions which are re-evaluated quarterly). These compensation costs will be charged to general and administrative expense over the remaining respective vesting periods. The weighted average vesting period is approximately 2.8 years.