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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 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 June 30, 2015, there were approximately 2,620,250 shares available for grant. 

 

Stock-based compensation for the three and six months ended June 30, 2015 and 2014 were as follows:  

                                 
(in thousands)     Three months ended June 30,     Six months ended June 30,  
      2015       2014       2015       2014  
Pre – tax cost   $ 497     $ 459     $ 984     $ 904  
After tax cost   $ 320     $ 296     $ 634     $ 582  

 

Restricted Stock

 

The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 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 June 30, 2015       1,255,350     $ 6.80  

 

The total fair value of shares vested was approximately $2,254,000 during the six months ended June 30, 2015 and $2,356,000 during the six months ended June 30, 2014. Tax benefits for compensation tax deductions in excess of compensation expense totaling approximately $203,000 for the six months ended June 30, 2015 and $298,000 for the six months ended June 30, 2014 were credited to capital in excess of par value and classified as financing cash flows.

 

Other Information 

 

As of June 30, 2015, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,918,000. This cost is expected to be recognized over a weighted-average period of 3.86 years.