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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2015
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 March 31, 2015, there were approximately 2,620,000 shares available for grant. Stock-based compensation for the three months ended March 31, 2015 and 2014 were as follows:
(in thousands) |  | Three months ended March 31, |
|  | 2015 |  |  | 2014 |
Pre – tax cost |  | $ | 487 |  |  | $ | 444 |
After tax cost |  | $ | 314 |  |  | $ | 287 |
Restricted Stock The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2015:
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested shares at December 31, 2014 |  |  | 1,251,400 |  |  | $ | 6.47 |
Granted |  |  | 319,750 |  |  |  | 7.08 |
Vested |  |  | (313,800 | ) |  |  | 5.77 |
Forfeited |  |  | (2,000 | ) |  |  | 6.40 |
Non-vested shares at March 31, 2015 |  |  | 1,255,350 |  |  | $ | 6.80 |
The total fair value of shares vested was approximately $2,254,000 during the three months ended March 31, 2015 and $2,356,000 during the three months ended March 31, 2014. Tax benefits for compensation tax deductions in excess of compensation expense totaling approximately $185,000 for the three months ended March 31, 2015 and $284,000 for the three months ended March 31, 2014 were credited to capital in excess of par value and classified as financing cash flows. Other Information As of March 31, 2015, total unrecognized compensation cost related to non-vested restricted shares was approximately $8,415,000. This cost is expected to be recognized over a weighted-average period of 4.11 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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