Share-Based Compensation

12 Months Ended

Dec. 31, 2015

Note 15. Share-Based Compensation

The following tables set forth certain share-based compensation information for 2015, 2014, and 2013, respectively:


	Years ended December 31,
	2015	2014	2013
Expense relating to share grants	$ 3,261,000	$ 3,761,000	$ 4,108,000
Amounts capitalized	(93,000)	(230,000)	(407,000)
Total charged to operations	$ 3,168,000	$ 3,531,000	$ 3,701,000

		Weighted average
	Shares	grant date value
Unvested shares, December 31, 2014	3,666,000	$ 4.89
Restricted share grants	180,000	7.43
Vested during period	(399,000)	4.98
Forfeitures/cancellations	(18,000)	5.14
Unvested shares, December 31, 2015	3,429,000	$ 5.03

At December 31, 2015, 1.5 million shares remained available for grants pursuant to the 2012 Plan and, at that date, there remained an aggregate of $6.6 million applicable to all grants and awards to be expensed over a weighted average period of 2.4 years.

During 2015, there were 180,000 time-based restricted shares issued, with a weighted average grant date fair value of $7.43 per share. During 2014, there were 133,000 time-based restricted shares granted, with a weighted average grant date fair value of $6.32 per share. During 2013, there were 584,000 time-based restricted shares granted with a weighted average grant date fair value of $5.65 per share.

The total fair values of shares vested during 2015, 2014, and 2013 were $2,869,000, $934,000, and $1,863,000, respectively.

The Company’s President and Chief Executive Officer has received restricted share grants totaling 2.5 million shares as provided in his employment agreement, one-half of which is time-based, vesting upon the seventh anniversary of the date of grant (vesting on June 15, 2018), and the other half performance-based, to be earned if the total annual return on an investment in the Company’s common stock is at least an average of 6.5% per year for the seven years ending June 15, 2018. An independent appraisal determined the value of the performance-based award to be $4.39 per share compared to a market price at the date of grant of $4.98 per share. Consistent with such awards to other recipients, dividends have been paid on all the shares.