Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 8. Stock-Based Compensation

The Company’s amended 2014 Long-term Incentive Plan (the “2014 Plan”) allows, among other things, for the grant of restricted stock units (“RSUs”).  The holders of outstanding RSUs do not receive dividends or have voting rights prior to vesting.  The Company determines the fair value of granted RSUs based on the market price of the Common Stock of the Company on the date of the grant.  Compensation expense is for granted RSUs is recognized on a straight-line basis over the vesting and is net of forfeitures, as incurred.

The table below summarizes nonvested RSU awards activity for the three months ended March 31, 2017:

	Shares			Weighted-Average Grant Date Fair Value
Nonvested RSUs at December 31, 2016		781,500		$	12.53
Granted		48,000		$	13.38
Forfeited		(25,000	)	$	13.30
Vested		(285,875	)	$	12.24
Nonvested RSUs at March 31, 2017		518,625		$	12.72

The future compensation cost of the RSU awards at March 31, 2017 is $5.5 million which will be amortized over the remaining vesting period. The weighted average remaining vesting period of the future compensation cost is 0.65 years. Stock-based compensation for the three months ended March 31, 2017 recorded in the Condensed Consolidated Statements of Operations was $1.3 million, with a corresponding increase in Additional paid-in capital in the Condensed Consolidated Balance Sheet.

No RSUs were issued prior to May 20, 2016. Therefore, there was no nonvested RSU awards activity, nor any stock-based compensation recognized in the Condensed Consolidated Statements of Operations, for the three months ended March 31, 2016.