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STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2017

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, 2017, there were approximately 2,054,200 shares available for grant.

Stock-based compensation for the three and nine months ended September 30, 2017 and 2016 were as follows:

(in thousands)		Three months ended  September 30,								Nine months ended  September 30,
		2017				2016				2017				2016
Pre – tax cost		$	874			$	487			$	2,235			$	2,142
After tax cost		$	563			$	314			$	1,441			$	1,381

Restricted Stock

The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2017:

		Shares				Weighted  Average  Grant-Date  Fair Value
Non-vested shares at December 31, 2016			1,200,900			$	6.58
Granted			202,400				13.39
Vested			(344,250	)			6.93
Forfeited			(7,350	)			8.62
Non-vested shares at September 30, 2017			1,051,700				7.76

The total fair value of shares vested was approximately $4,182,680 during the nine months ended September 30, 2017 and $2,560,000 during the nine months ended September 30, 2016. Excess tax benefits realized from tax compensation deductions in excess of compensation expense have been reflected as follows:

· Approximately $672,000 for the nine months ended September 30, 2017 has been recorded as a discrete income tax provision adjustment and classified within operating activities in the consolidated statements of cash flows; and

· Approximately $134,000 for the nine months ended September 30, 2016 were credited to capital in excess of par value and classified within financing activities as an inflow in addition to being disclosed as an outflow within operating activities in the consolidated statements of cash flows.

The change in classification beginning in the first quarter of 2017 resulted from the adoption of the amendments in ASU 2016-09.

Other Information

As of September 30, 2017, total unrecognized compensation cost related to non-vested restricted shares was approximately $6,906,000. This cost is expected to be recognized over a weighted-average period of 3.5 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
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-URI http://asc.fasb.org/subtopic&trid=2208855

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- References

No definition available.

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