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Stock-based Compensation
9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation
Stock-based Compensation
 
Equity Incentive Plan
 
During the nine months ended September 30, 2016 and 2015, the Company granted annual Restricted Stock Awards (RSAs) of 72,317 and 60,997, respectively, to officers and directors of the Company. During those same periods, 13,319 and 15,780 RSAs were canceled, respectively. During the three months ended September 30, 2016 and 2015, no RSAs were granted and 2,719 and 2,560 RSAs were canceled, 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 nine 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 nine months ended September 30, 2016 and 2015, the Company granted 43,659 and 38,983 performance-based Restricted Stock Unit Awards (RSUs), respectively, to officers.  During those same periods, the Company issued 28,424 and 0 RSUs, respectively, and no RSUs were canceled. During the three months ended September 30, 2016 and 2015, the Company did not grant, issue or cancel any RSUs.  Each RSU 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. 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 $2.1 million and $2.0 million for the nine months ended September 30, 2016 and September 30, 2015 respectively.