Share-Based Payments

9 Months Ended

Sep. 30, 2016

Share-Based Payments

Note 16 — Share-Based Payments

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”), as amended, 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 officers 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 officers 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 17 to the Consolidated Financial Statements in the Company’s 2015 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, 2015 and 2016 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2016		2015		2016
Restricted stock compensation expense	$	508	$	170	$	1,452	$	1,254
Tax benefit related to restricted stock compensation		—		—		—		—

No stock options were outstanding as of December 31, 2015 and there has been no stock option activity pursuant to the Plan for the nine months ended September 30, 2016.

Restricted stock award activity pursuant to the Plan for the nine months ended September 30, 2016 is summarized as follows:

	Restricted Stock Awards
				Weighted
				Average
	Number of			Grant
	Shares			Price
Outstanding, December 31, 2015		411,409		$	6.61
Awarded		645,884			7.00
Released		(125,246	)		7.05
Forfeited		(24,822	)		6.32
Outstanding, September 30, 2016		907,225			6.84

As of September 30, 2016, there was $1.2 million of total unrecognized compensation cost related to non-vested restricted stock awards, which is expected to be recognized over a weighted-average period of 1.01 years.