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STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2016
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, 2016, there were approximately 2,248,300 shares available for grant. During the first quarter of 2016, the Company recorded accelerated amortization of restricted stock of approximately $660 thousand that related to shares held by an executive officer that vested immediately upon his death.

 

Stock-based compensation for the three months ended March 31, 2016 and 2015 were as follows:

 

(in thousands)   Three months ended March 31,  
    2016     2015  
Pre – tax cost   $ 1,168     $ 487  
After tax cost   $ 753     $ 314  
 

Restricted Stock

 

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2016:

 

    Shares     Weighted
Average
Grant-Date
Fair Value		  
Non-vested shares at December 31, 2015     1,254,200     $ 6.80  
Granted     371,950       5.77  
Vested     (410,450 )     6.39  
Forfeited     -       -  
Non-vested shares at March 31, 2016     1,215,700     $ 6.59  

 

The total fair value of shares vested was approximately $2,560,000 during the three months ended March 31, 2016 and $2,254,000 during the three months ended March 31, 2015. Tax benefits for compensation tax deductions in excess of compensation expense totaling approximately $151,000 for the three months ended March 31, 2016 and $185,000 for the three months ended March 31, 2015 were credited to capital in excess of par value and classified as financing cash flows.

 

Other Information

 

As of March 31, 2016, total unrecognized compensation cost related to non-vested restricted shares was approximately $7,887,000. This cost is expected to be recognized over a weighted-average period of 4.2 years.