Stock-based Compensation

6 Months Ended

Jun. 30, 2017

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, 2017 and 2016, the Company granted annual Restricted Stock Awards (RSAs) of 48,717 and 72,317, respectively, to officers and directors of the Company. During those same periods, 14,186and 10,600 RSAs were canceled, respectively. During the three months ended June 30, 2017 and 2016, no RSAs were granted and 3,284 and 2,869 RSAs were canceled, respectively. Employee RSAs granted in 2017 and 2016 vest over 36 months.  Director RSAs generally vest at the end of 12 months. During the first six months of 2017 and 2016, the RSAs granted were valued at $36.75 and $25.17 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, 2017 and 2016, the Company granted 31,389 and 43,659 performance-based Restricted Stock Unit Awards (RSUs), respectively, to officers. During those same periods, the Company issued 38,709 and 28,424 RSUs, respectively, and canceled 19,735 and 6,602 RSUs, respectively.During the three months ended June 30, 2017 and 2016, 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 2017 and 2016 awards may be earned upon the completion of the three-year performance and are recognized as expense ratably over the three-year performance period using a fair market value of $36.75 per share and $25.17 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 $1.5 million and $1.4 million for the six months ended June 30, 2017 and June 30, 2016, respectively.