Stock-based Compensation

6 Months Ended

Jun. 30, 2016

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

Stock-based Compensation

Stock-based Compensation

Equity Incentive Plan

During the six months ended June 30, 2016 and 2015, the Company granted annual Restricted Stock Awards (RSAs) of 72,317 and 60,997 shares, respectively, of common stock to officers and directors of the Company and 10,600 and 13,220 shares of RSAs were canceled during the six months ended June 30, 2016 and 2015, respectively. The Company did not grant any shares of RSAs and 2,869 shares of RSAs were canceled during the three months ended June 30, 2016. During the three months ended June 30, 2015, the Company granted 1,846 shares of RSAs and 2,573 shares of RSAs were canceled.  Employee RSAs granted in 2016 and 2015 vest over 36 months.  Director RSAs generally vest at the end of 12 months. During the first six months of 2016 and 2015, the RSAs granted were valued at $25.17 and $24.29 per share, respectively, based upon the fair market value of the Company’s common stock on the date of grant.

During the six months ended June 30, 2016 and 2015, the Company granted performance-based Restricted Stock Unit Awards (RSUs) of 43,659 shares and 38,983 shares of common stock, respectively, to officers.  The Companydid not grantany shares ofRSUs during the three months ended June 30, 2016 and granted1,846shares of RSUs during the three months ended June 30, 2015.  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 three year performance period ending on March 1, 2019 and March 3, 2018, respectively.  During the six months ended June 30, 2016, the Company issued 28,424 RSU shares and no RSU shares were canceled. There were no RSU shares issued or canceled during the six months ended June 30, 2015. There were no RSU shares issued or canceled during the three months ended June 30, 2016 and the three months ended June 30, 2015, respectively. 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 $24.28 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 $1.4 million and $1.0 million for the six months ended June 30, 2016 and June 30, 2015 respectively.