XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2018
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION
5. 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, 2018, there were approximately 1,869,100 shares available for grant.

 

Stock-based compensation for the three months ended March 31, 2018 and 2017 were as follows:

 

(in thousands)   Three months ended March 31,  
    2018     2017  
Pre – tax cost   $ 516     $ 508  
After tax cost   $ 402     $ 328  

 

Restricted Stock

 

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2018:

 

    Shares    

Weighted

Average

Grant-Date

Fair Value

  
Non-vested shares at December 31, 2017     1,040,800     $ 7.76  
Granted     193,500       13.97  
Vested     (271,790 )     6.40  
Forfeited     -       -  
Non-vested shares at March 31, 2018     962,510     $ 9.39  

  

The total fair value of shares vested was approximately $4,121,000 during the three months ended March 31, 2018 and approximately $3,165,000 during the three months ended March 31, 2017.

 

Other Information

 

As of March 31, 2018, total unrecognized compensation cost related to non-vested restricted shares was approximately $8,646,000. This cost is expected to be recognized over a weighted-average period of 3.9 years.

 

For the three months ended March 31, 2018 approximately $545,000 of excess tax benefit for stock based compensation awards has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $580,000 as of March 31, 2017.