Stock Based Compensation

6 Months Ended

Jun. 30, 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 June 30,				For the Six Months Ended June 30,
(Dollars in thousands)	2017		2016		2017		2016
2015 LTIP (performance-based)	$	508	$	622	$	998	$	1,153
2017 LTIP (time-based)	371		—		714		—
ESPP	15		—		30		—
Board of Directors restricted stock	104		108		211		215
Total stock based compensation expense	$	998	$	730	$	1,953	$	1,368

In the fourth quarter of 2016 we determined that only 50% of the 2015 and 2016 grants made under the 2015 LTIP were expected to vest based on the related performance criteria and our assessment of the anticipated future performance applied to the performance criteria. As such, expenses listed in the table above reflect only the portion of grants and related expense that we anticipate will vest for those awards.