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Stock Based Compensation | 6 Months Ended
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Jun. 30, 2017
Stock Based Compensation |
Stock Based Compensation | Note 13 — Stock Based Compensation The Company’s 2016 Incentive Plan (‘‘Plan’’), approved by the Company’s stockholders in June 2016, permits the Company to grant, among other things, stock options, restricted stock, 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, of which, as of June 30, 2017, 140,100 shares had been issued, 100 shares were forefeited and 3,000 shares had vested. Under the Company’s 2012 Incentive Plan, as of June 30, 2017, 500,700 shares had been issued, 3,350 shares were forfeited and 21,450 shares had vested. No additional awards may be granted under this plan. 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. The restricted stock grants are charged to General and administrative expense over the respective vesting periods based on the market value of the common stock on the grant date. All unvested restricted stock awards provide for vesting upon the fifth anniversary of the date of grant, and under certain circumstances may vest earlier. In 2010, restricted stock units exchangeable for 200,000 shares of common stock (the “Units”) were awarded pursuant to the Company’s Pay-for-Performance program adopted 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 financial statement purposes, the shares underlying the Units are not included in the shares shown as outstanding on the balance sheet. Though they are deemed to have vested as of June 30, 2017, they had not been issued. In August 2017, the Compensation Committee determined that the performance metrics with respect to 113,584 shares of common stock issuable pursuant to the restricted stock units had been satisfied — accordingly, these shares were issued and restricted stock units with respect to the 86,416 share balance were forfeited. 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 June 30, |  | Six Months Ended June 30, |
|  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Restricted stock grants |  | — |  | — |  | 140,100 |  | 139,225 |
Per share grant price |  | — |  | — |  | $ | 24.75 |  | $ | 21.74 |
Deferred compensation to be recognized over vesting period |  | — |  | — |  | $ | 3,467,000 |  | $ | 3,027,000 |
Number of non-vested shares: |  |  |  |  |  |  |  |  |
Non-vested beginning of period |  | 626,400 |  | 605,000 |  | 591,750 |  | 538,755 |
Grants |  | — |  | — |  | 140,100 |  | 139,225 |
Vested during period |  | (13,500 | ) | — |  | (118,450 | ) | (72,730 | )
Forfeitures |  | — |  | — |  | (500 | ) | (250 | )
Non-vested end of period |  | 612,900 |  | 605,000 |  | 612,900 |  | 605,000 |
The following information includes the 200,000 Units: |  |  |  |  |  |  |  |  |
Average per share value of non-vested shares (based on grant price) |  | $ | 22.75 |  | $ | 18.00 |  | $ | 22.75 |  | $ | 18.00 |
Value of stock vested during the period (based on grant price) |  | $ | 1,248,000 |  | $ | — |  | $ | 3,008,000 |  | $ | 1,177,000 |
Average per share value of shares forfeited during the period (based on grant price) |  | $ | 8.29 |  | $ | — |  | $ | 8.37 |  | $ | 21.05 |
The total charge to operations for all incentive plans is as follows: |  |  |  |  |  |  |  |  |
Outstanding restricted stock grants |  | $ | 878,000 |  | $ | 641,000 |  | $ | 1,571,000 |  | $ | 1,291,000 |
Outstanding restricted stock units |  | 37,000 |  | 99,000 |  | 86,000 |  | 115,000 |
Total charge to operations |  | $ | 915,000 |  | $ | 740,000 |  | $ | 1,657,000 |  | $ | 1,406,000 |
As of June 30, 2017, there were $7,584,000 of total compensation costs related to non-vested awards that have not yet been recognized. These compensation costs will be charged to General and administrative expense over the remaining respective vesting periods. The weighted average vesting period is 2.7 years for the restricted stock.

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