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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2014
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION |
4. | STOCK-BASED COMPENSATION
The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. All future equity compensation awards by the Company will be issued under the 2014 plan. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of June 30, 2014, there were approximately 2,940,000 shares available for grant. Stock-based compensation for the three and six months ended June 30, 2014 and 2013 were as follows:
(in thousands) |  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Pre – tax cost |  | $ | 459 |  |  | $ | 429 |  |  | $ | 904 |  |  | $ | 844 |
After tax cost |  | $ | 296 |  |  | $ | 277 |  |  | $ | 582 |  |  | $ | 545 |
Stock Options Transactions involving Marine Products stock options for the six months ended June 30, 2014 were as follows:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life in years |  | Aggregate Intrinsic Value
Outstanding at December 31, 2013 |  |  | 41,600 |  |  | $ | 12.47 |  |  | 0.33 |  |
Granted |  |  | - |  |  |  | - |  |  | N/A |  |
Exercised |  |  | - |  |  |  | - |  |  | N/A |  |
Forfeited |  |  | - |  |  |  | - |  |  | N/A |  |
Expired |  |  | (41,600 | ) |  |  | 12.47 |  |  | N/A |  |
Outstanding at June 30, 2014 |  |  | 0 |  |  |  | N/A |  |  | N/A |  | N/A
There were no stock options exercised during the six months ended June 30, 2014 and 2013. Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2014:
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested shares at December 31, 2013 |  |  | 1,268,200 |  |  | $ | 6.01 |
Granted |  |  | 273,000 |  |  | $ | 7.90 |
Vested |  |  | (276,100 | ) |  | $ | 5.76 |
Forfeited |  |  | (3,550 | ) |  | $ | 6.09 |
Non-vested shares at June 30, 2014 |  |  | 1,261,550 |  |  | $ | 6.47 |
The total fair value of shares vested was approximately $2,356,000 during the six months ended June 30, 2014 and $1,457,000 during the six months ended June 30, 2013. Tax benefits for compensation tax deductions in excess of compensation expense totaling approximately $298,000 for the six months ended June 30, 2014 and $95,000 for the six months ended June 30, 2013 were credited to capital in excess of par value and classified as financing cash flows. Other Information As of June 30, 2014, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,488,000. This cost is expected to be recognized over a weighted-average period of 3.9 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 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 Reference 4: 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=6418621&loc=d3e17540-113929 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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