Stock-based Compensation

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

Stock-based Compensation

Equity Incentive Plan

During the three months ended March 31, 2016 and 2015, the Company granted annual Restricted Stock Awards (RSAs) of 72,317 and 59,151 shares, respectively, of common stock to officers and directors of the Company and 7,731 and 5,193 shares of RSAs were canceled during the three months ended March 31, 2016 and March 31, 2015, respectively. Employee RSAs granted in 2016 and 2015 vest over 36 months.  Director RSAs generally vest at the end of 12 months. During the first three months of 2016 and 2015, the RSAs granted were valued at $25.17 and $24.30 per share, respectively, based upon the fair market value of the Company’s common stock on the date of grant.

During the three months ended March 31, 2016 and 2015, the Company granted performance-based Restricted Stock Unit Awards (RSUs) of 43,659 shares and 37,137 shares of common stock, respectively, to officers.  Each award reflects a target number of shares that may be issued to the award recipient.  The 2016 and 2015 awards may be earned upon the completion of the 3 year performance period ending on March 1, 2019 and March 3, 2018, respectively.  During the three months ended March 31, 2016, the Company issued 28,424 of RSU shares and canceled 6,602 shares. There were no RSU shares issued or canceled during the three months ended March 31, 2015. The 2016 and 2015 RSUs are recognized as expense ratably over the 3 year performance period using a fair market value of $25.17 per share and $24.30 per share, respectively, and an estimate of RSUs earned during the performance period.

The Company has recorded compensation costs for the RSAs and RSUs in administrative and general operating expenses in the amount of$0.7 millionand$0.6 millionfor the three months ended March 31, 2016 and March 31, 2015 respectively.