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RESTRICTED STOCK
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
RESTRICTED STOCK
RESTRICTED STOCK

A summary of the activity of the Company's restricted stock awards for the three months ended March 31, 2016 is presented below:
 
Restricted Stock
 
Weighted Average Grant-Date Fair Value
Unvested at December 31, 2015:
1,363,175

 
$
1.64

Granted
130,000

 
1.89

Vested
(149,325
)
 
1.53

Forfeited
(42,500
)
 
1.71

Unvested at March 31, 2016:
1,301,350

 
$
1.68



The Company measures the fair value of restricted shares based on the price of the Company's common stock on the grant date, and compensation expense is recorded over the vesting period. The related compensation expense recognized for restricted stock awards for the three months ended March 31, 2016 and 2015 was $75,000 and $135,000, respectively. At March 31, 2016, the Company estimates there was $2.0 million of total unrecognized compensation cost related to unvested restricted stock granted under the plan. That cost is expected to be recognized over the next three years. The grant-date fair value of restricted stock grants vested during the three months ended March 31, 2016 was $1.53.