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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 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 September 30, 2014, there were approximately 2,940,000 shares available for grant.
 
Stock-based compensation for the three months and nine months ended September 30, 2014 and 2013 were as follows:
(in thousands)
Three months ended
September 30,
Nine months ended
September 30,
2014
2013
2014
2013
Pre – tax cost
 $ 468 $ 429 $ 1,372 $ 1,273
After tax cost
 $ 303 $ 276 $ 885 $ 821
 
Stock Options
 
Transactions involving Marine Products stock options for the nine months ended September 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 September 30, 2014
 0 N/A N/A
N/A
 
There were no stock options exercised during the nine months ended September 30, 2014 and 2013.
 
Restricted Stock
 
The following is a summary of the changes in non-vested restricted shares for the nine months ended September 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 September 30, 2014
 1,261,550 $ 6.47
 
The total fair value of shares vested was approximately $2,356,000 during the nine months ended September 30, 2014 and $1,457,000 during the nine months ended September 30, 2013. Tax benefits for compensation tax deductions in excess of compensation expense totaling approximately $311,000 for the nine months ended September 30, 2014 and $108,000 for the nine months ended September 30, 2013 were credited to capital in excess of par value and classified as financing cash flows.
 
Other Information
 
As of September 30, 2014, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,021,000. This cost is expected to be recognized over a weighted-average period of 3.6 years.