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STOCK-BASED COMPENSATION
 6 Months Ended
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.