XML 48 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
STOCK-BASED COMPENSATION
 3 Months Ended
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.