Stock-Based Compensation

9 Months Ended

Sep. 30, 2015

The Company recognizes stock-based compensation in accordance with the provisions of ASC Topic 718, Compensation--Stock-Based Compensation. Stock-based compensation expense was $958 and $984 for the three months ended September 30, 2015 and 2014, respectively, and $2,832 and $2,827 for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $1,809 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.15 years. As of September 30, 2015, there was $4,705 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 2.44 years.

The Company granted 40 and 203 restricted stock awards to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three and nine months ended September 30, 2015, respectively. The Company granted 0 and 265 restricted stock awards to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three and nine months ended September 30, 2014, respectively. The restricted stock awards vest ratably over four years from the date of grant subject to the recipient remaining employed through the applicable vesting dates. Compensation expense for restricted stock awards is measured at fair value on the date of grant based on the number of shares granted and the quoted market closing price of the Company’s common stock. Such value is recognized as expense over the vesting period of the award, net of estimated forfeitures.

The Company granted 0 and 95 stock options during the three and nine months ended September 30, 2015, respectively, and 50 and 107 stock options during the three and nine months ended September 30, 2014, respectively, to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan.

The fair value of stock options granted during the nine months ended September 30, 2015 and 2014 was estimated as of the date of grant using the Black-Scholes option-pricing model. The weighted-average fair value per share for all options granted during the nine months ended September 30, 2015 and 2014 was $4.72 and $5.30, respectively. The weighted-average assumptions used to value options as of their grant date were as follows:




	Nine Months Ended		Nine Months Ended
	September 30, 2015		September 30, 2014
Risk-free interest rate	1.54	%	1.28	%
Expected volatility	44.30	%	47.49	%
Expected life (in years)	4.18		4.84
Dividend yield	0	%	0	%