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STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 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 June 30, 2018, there were approximately 1,869,900 shares available for grant.

 

Stock-based compensation for the three and six months ended June 30, 2018 and 2017 were as follows:

 

Restricted Stock

 

  Three months ended June 30,     Six months ended June 30,  
(in thousands)   2018     2017     2018     2017  
Pre – tax cost   $ 528     $ 853     $ 1,044     $ 1,361  
After tax cost   $ 411     $ 550     $ 814     $ 878  

 

The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 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     (283,790 )     6.45  
Forfeited     (800 )     5.77  
Non-vested shares at June 30, 2018     949,710     $ 9.41  

 

The total fair value of shares vested was approximately $4,289,000 during the six months ended June 30, 2018 and approximately $4,183,000 during the six months ended June 30, 2017.

 

Other Information

 

As of June 30, 2018, total unrecognized compensation cost related to non-vested restricted shares was approximately $8,118,000. This cost is expected to be recognized over a weighted-average period of 3.7 years.

 

For the six months ended June 30, 2018, approximately $583,000 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 $650,000 as of June 30, 2017.