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Stock Based Compensation
 3 Months Ended
Mar. 31, 2015
Share-based Compensation [Abstract]  
Stock Based Compensation
Share Based Compensation
The Company has a Long Term Equity Incentive Plan (the “2006 Plan”), as approved by the Company’s stockholders in May 2006. This 2006 Plan replaced the Long Term Equity Incentive Plan (the “Original Plan”) as originally approved by the stockholders in May 1997 and as amended in May 2000. The 2006 Plan allows for grants to directors and employees of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, performance units and other incentive awards (“Stock Awards”) up to an aggregate of 3,000,000 awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock Awards can be granted under the 2006 Plan through the earlier of December 31, 2015, or the date the maximum number of available awards under the 2006 Plan have been granted.
Stock Options
The following summarizes the activity relating to stock options under the plans mentioned above for the three months ended March 31, 2015:
 
Number of
Options
 
Weighted Average
Exercise Price
Outstanding at December 31, 2014
3,000

 
$
6.40

Exercised
(3,000
)
 
6.40

Granted
—

 
—

Forfeited
—

 
—

Outstanding at March 31, 2015
—

 
$
—



There was no compensation cost related to incentive stock options for the three months ended March 31, 2015 and 2014, as all options were fully vested.

Tax benefits received as a result of disqualifed dispositions related to stock options were $8,000 during the three months ended March 31, 2015, which was recorded as a credit to income tax expense of $5,000 and credit to additional paid in capital of $3,000. Tax benefits received as a result of disqualified dispositions related to stock options were $298,000 during the three months ended March 31, 2014, which was recorded as a credit to income tax expense of $75,000 and a credit to additional paid in capital of $223,000.
Restricted Stock
In 2006, the Company began granting shares of its common stock to certain directors, officers, and key managers in the form of unvested stock (“Restricted Stock”). These awards are recorded at the market value of Core Molding Technologies’ common stock on the date of issuance and amortized ratably as compensation expense over the applicable vesting period.
The following summarizes the status of Restricted Stock and changes during the three months ended March 31, 2015:
 
Number of
Shares
 
Weighted Average
Grant Date
Fair Value
Unvested balance at December 31, 2014
104,068

 
$
10.79

Granted
—

 
—

Vested
—

 
—

Forfeited
—

 
—

Unvested balance at March 31, 2015
104,068

 
$
10.79


At March 31, 2015 and 2014, there was $666,000 and $480,000, respectively, of total unrecognized compensation expense related to Restricted Stock granted under the 2006 Plan. That cost is expected to be recognized over the weighted-average period of 1.5 years. Total compensation cost related to restricted stock grants for the three months ended March 31, 2015 and 2014 was $110,000 and $91,000, respectively, all of which was recorded to selling, general and administrative expense.

Compensation expense for restricted stock is recorded at the fair market value at the time of the grant over the vesting period of the restricted stock grant. The Company does not receive a tax deduction for restricted stock until the restricted stock vests. The tax deduction for restricted stock is based on the fair market value as of the vesting date. There were no tax benefits for vested restricted stock recorded for the three month ended March 31, 2015 and 2014.