XML 21 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 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 September 30, 2016, there were approximately 2,250,300 shares available for grant.

  

Stock-based compensation for the three and nine months ended September 30, 2016 and 2015 were as follows:

 

(in thousands)   Three months ended
September 30,		     Nine months ended
September 30,		  
    2016     2015     2016     2015  
Pre – tax cost   $ 487     $ 497     $ 2,142     $ 1,481  
After tax cost   $ 314     $ 321     $ 1,381     $ 955  

 

Restricted Stock

 

The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 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     (422,450 )     6.43  
Forfeited     (2,400 )     6.29  
Non-vested shares at September 30, 2016     1,201,300     $ 6.58  

 

The total fair value of shares vested was approximately $2,560,000 during the nine months ended September 30, 2016 and $2,254,000 during the nine months ended September 30, 2015. Tax benefits for compensation tax deductions in excess of compensation expense totaling approximately $134,000 for the nine months ended September 30, 2016 and $221,000 for the nine months ended September 30, 2015 were credited to capital in excess of par value and classified as financing activity in the consolidated statement of cash flows.

 

Other Information

 

As of September 30, 2016, total unrecognized compensation cost related to non-vested restricted shares was approximately $6,913,000. This cost is expected to be recognized over a weighted-average period of 3.8 years.