STOCK BASED COMPENSATION

12 Months Ended

Dec. 31, 2015

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

STOCK BASED COMPENSATION

STOCK-BASED COMPENSATION

On July 7, 2005, the Company’s shareholders approved the LMI Aerospace, Inc. 2005 Long-term Incentive Plan (the “2005 Plan”).  The 2005 Plan provides for the grant of non-qualified stock options, incentive stock options, shares of restricted stock, restricted stock units, stock appreciation rights, performance awards and other share-based grants and cash bonus awards to employees and directors.  All share-based grants or awards are subject to a time-based vesting schedule.  The Company has issued shares of restricted stock and restricted stock units in the periods presented.

A summary of the activity for non-vested restricted stock awards under the 2005 Plan is presented below: 

	2015
Restricted Stock Awards	Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1	296,782		$	16.58
Granted	131,703		13.22
Vested	(131,986	)	17.57
Forfeited	(43,065	)	15.31
Outstanding at December 31	253,434		$	14.54

Common stock compensation expense related to restricted stock awards granted under the 2005 Plan was $1,284, $1,850 and $1,615 for the years ended December 31, 2015, 2014 and 2013, respectively. Total unrecognized compensation costs related to non-vested share-based awards granted or awarded under the 2005 Plan were $1,762 and $2,036 as of December 31, 2015 and December 31, 2014, respectively.  These costs are expected to be recognized over a weighted average period of 1.6 and 1.2 years as of December 31, 2015 and 2014, respectively. The fair value of restricted stock awards that vested during the years ended December 31, 2015, 2014 and 2013, based on the market price on the vesting date, was $1,559, $1,083 and $602, respectively.

As of July 7, 2015 the Company was no longer able to grant awards under the 2005 Plan.

On June 24, 2015, the Company's shareholders approved the LMI Aerospace, Inc. 2015 Incentive Compensation Plan (the “2015 Plan”), which became effective on July 1, 2015. Under the 2015 Plan, the Company, through the Compensation Committee of the Board of Directors, may, at its discretion, grant stock options, restricted shares of common stock, and other various stock-based awards to directors, officers, employees and consultants. A total of 750,000 shares of the Company’s common stock have been reserved for issuance under the 2015 Plan.

All outstanding share-based grants are in the form of restricted stock. A summary of the activity for non-vested restricted stock awards under the 2015 Plan is presented below:

	2015
Restricted Stock Awards	Shares	Weighted Average Grant Date Fair Value
Outstanding at January 1	—	$	—
Granted	61,801	9.79
Vested	—	—
Forfeited	—	—
Outstanding at December 31	61,801	$	9.79

Common stock compensation expense related to restricted stock awards granted under the 2015 Plan was $303 for the year ended December 31, 2015.  Total unrecognized compensation costs related to non-vested share-based awards granted or awarded under the 2015 Plan were $303 as of December 31, 2015.  These costs are expected to be recognized over a weighted average period of 0.5 years as of December 31, 2015.  As of December 31, 2015, no shares of restricted stock had vested under the 2015 Plan.