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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2016
Stock Based Compensation |
Stock Based Compensation | Note 14 — Stock Based Compensation The Company’s 2016 Incentive Plan, approved by the Company’s stockholders in June 2016, permits the Company to grant, among other things, stock options, restricted stock units, performance share awards and dividend equivalent rights and any one or more of the foregoing to its employees, officers, directors and consultants. A maximum of 750,000 shares of the Company’s common stock is authorized for issuance pursuant to this Plan, none of which have been issued. An aggregate of 804,750 shares of restricted stock and restricted stock units are outstanding under the Company’s 2012 and 2009 equity incentive plans (collectively, the “Prior Plans”) and have not yet vested. No additional awards may be granted under the Prior Plans. 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. 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 during the nine months ended September 30, 2016. 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 |  | Nine Months Ended |
|  | September 30, |  | September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Restricted share grants |  | — |  | — |  | 139,225 |  | 129,975 |
Per share grant price |  | — |  | — |  | $ | 21.74 |  | $ | 24.60 |
Deferred compensation to be recognized over vesting period |  | — |  | — |  | $ | 3,027,000 |  | $ | 3,197,000 |
Number of non-vested shares: |  |  |  |  |  |  |  |  |
Non-vested beginning of period |  | 605,000 |  | 538,990 |  | 538,755 |  | 480,995 |
Grants |  | — |  | — |  | 139,225 |  | 129,975 |
Vested during period |  | — |  | — |  | (72,730 | ) | (71,980 | )
Forfeitures |  | (250 | ) | — |  | (500 | ) | — |
Non-vested end of period |  | 604,750 |  | 538,990 |  | 604,750 |  | $ | 538,990 |
The following information includes the 200,000 Units:
Average per share value of non- vested shares (based on grant price) |  | $ | 18.00 |  | $ | 17.12 |  | $ | 18.00 |  | $ | 17.12 |
Value of shares vested during the period (based on grant price) |  | $ | — |  | $ | — |  | $ | 1,177,000 |  | $ | 607,000 |
Average value of shares forfeited during the period (based on grant price) |  | $ | 21.05 |  | $ | — |  | $ | 21.05 |  | $ | — |
The total charge to operations for all incentive plans is as follows: |  |  |  |  |  |  |  |  |
Outstanding restricted stock grants |  | $ | 639,000 |  | $ | 550,000 |  | $ | 1,930,000 |  | $ | 1,653,000 |
Outstanding restricted stock units |  | 131,000 |  | 30,000 |  | 246,000 |  | 89,000 |
Total charge to general and administrative expense on the income statement |  | $ | 770,000 |  | $ | 580,000 |  | $ | 2,176,000 |  | $ | 1,742,000 |
As of September 30, 2016, there were approximately $6,758,000 of total compensation costs related to non-vested awards that have not yet been recognized, including $110,000 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 2.0 years.

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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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