Stock Based Compensation

3 Months Ended

Mar. 31, 2017

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

Stock Based Compensation

STOCK BASED COMPENSATION

We record all stock-based awards, which consist of RSUs, restricted stock and the option to purchase common stock under the ESPP, at fair value as of the grant date. Stock based compensation expense is recognized based on a straight-line amortization basis over the respective service period. Forfeitures and withdrawals are accounted for on an as incurred basis.

The following table reflects the items for stock based compensation expense on the condensed consolidated statements of income for the periods stated:

	For the Three Months Ended March 31,
(Dollars in thousands)	2017		2016
2015 LTIP (performance-based)	$	488	$	529
2017 LTIP (time-based)	344		—
ESPP	15		—
Board of Directors restricted stock	108		108
Total stock based compensation expense	$	955	$	637

The increase in stock based compensation expense during the three months ended March 31, 2017, compared to the same period in 2016, was due primarily to RSU awards granted as part of the 2017 LTIP under the 2012 Equity Plan which vest on December 31, 2017, 2018 and 2019 in equal thirds and RSU awards granted in 2017 as part of the 2015 LTIP. These awards are being amortized over the requisite service period . This was partially offset by lower stock based compensation related to the 2015 and 2016 grants made under the 2015 LTIP due to our expectation that only 50% of the awards will vest based on the related performance criteria and our assessment of the anticipated future performance applied to the performance criteria.