Share-Based Payments

9 Months Ended

Sep. 30, 2014

Share-Based Payments

Note 16 — Share-Based Payments

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”) provides for the awarding of stock options and restricted stock to employees, officers and non-employee directors. Under the Plan, the Company grants directors, certain executives and other key employees restricted common stock, with vesting contingent upon completion of specified service periods ranging from one to five years. The Company also grants certain executives performance-based awards, with vesting contingent upon the Company’s achievement of specified financial goals.  The Plan is more fully described in Notes 15 and 18 to the Consolidated Financial Statements in the Company’s 2013 Annual Report on Form 10-K.

The following table summarizes the total share-based compensation expense and related tax benefits recognized for the three and nine months ended September 30, 2013 and 2014 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2014		2013		2014
Restricted stock compensation expense	$	172	$	359	$	563	$	997
Tax benefit related to restricted stock compensation	$	—	$	—	$	—	$	—

 Stock option activity pursuant to the Plan for the nine months ended September 30, 2014 is summarized as follows:

	Plan Stock Options
	Number of Shares			Weighted Average Exercise Price
Outstanding and Exercisable, December 31, 2013		127,144		$	20.20
Granted		―			―
Exercised		―			―
Cancelled		(47,500	)		19.36
Outstanding and Exercisable, September 30, 2014		79,644			20.70

Restricted stock award activity pursuant to the Plan for the nine months ended September 30, 2014 is summarized as follows:

	Restricted Stock Awards
	Number of Shares			Weighted Average Grant Price
Outstanding, December 31, 2013		721,752			$	6.88
Awarded		610,143				6.72
Released		(56,872	)			12.79
Forfeited		12,658				6.32
Outstanding, September 30, 2014		1,262,365			$	6.59