Share-Based Compensation

12 Months Ended

Dec. 31, 2015

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

The compensation expense that has been charged against income for those arrangements was $2.9 million, $2.7 million and $5.3 million for the years ended December 31, 2015, 2014 and 2013, respectively. Share-based compensation expense is classified in selling, general and administrative expenses in the consolidated statement of income.

Restricted Stock Awards — Restricted stock is a grant of shares of common stock that may not be sold, encumbered or disposed of, and that may be forfeited in the event of certain terminations of employment, prior to the end of a restricted period set by the compensation committee of the board of directors. A participant granted restricted stock generally has all of the rights of a stockholder, unless the compensation committee determines otherwise. The following table summarizes information about restricted stock grants (in millions, except for share data):



Grant	Shares	Vesting Schedule	Unearned Compensation		Remaining Period (in months)
November 2013	470,997	3 equal annual installments commencing on October 20, 2014	$	0.6	10
October 2014	506,171	3 equal annual installments commencing on October 20, 2015	$	1.5	22
April 2015	27,174	3 equal annual installments commencing on October 20, 2015	$	0.1	22
July 2015	38,772	cliff vest as of October 20, 2018	$	0.2	34
October 2015	595,509	3 equal annual installments commencing on October 20, 2016	$	1.5	34
October 2015	138,888	fully vests as of October 20, 2016	$	0.3	10

As of December 31, 2015, there was approximately $4.2 million of unrecognized compensation expense related to non-vested share-based compensation arrangements granted under our equity incentive plans. This expense is subject to future adjustments for vesting and forfeitures and will be recognized on a straight-line basis over the remaining period listed above for each grant.

We currently estimate the forfeiture rate for November 2015, November 2014 and November 2013 restricted stock awards at 8.5%, 10.3% and 8.2% respectively, for all participants of each plan. A summary of the status of our restricted stock awards as of December 31, 2015 and changes during the twelve-month period ending December 31, 2015, 2014 and 2013 is presented below:



	2015				2014				2013
	Shares (000’s)		Weighted- Average Grant-Date Fair Value		Shares (000’s)		Weighted- Average Grant-Date Fair Value		Shares (000’s)		Weighted- Average Grant-Date Fair Value
Nonvested - beginning of year	915		$	6.96	855		$	7.59	908		$	10.10
Granted	818		3.24		577		6.91		571		6.96
Vested	(400	)	7.06		(379	)	8.06		(489	)	11.05
Forfeited	(205	)	6.93		(138	)	7.59		(135	)	9.30
Nonvested - end of year	1,128		$	4.24	915		$	6.96	855		$	7.59

We expect employees to surrender approximately 197 thousand shares of our common stock in connection with the vesting of restricted stock during 2016 to satisfy income tax withholding obligations.

As of December 31, 2015, a total of 1,279,573 shares were available for future grants from the shares authorized for award under our 2014 Equity Incentive Plan, including cumulative forfeitures.

Repurchase of Common Stock — We did not repurchase any of our common stock on the open market as part of a stock repurchase program during 2015; however, our employees surrendered 99,920 shares of our common stock to satisfy tax withholding obligations on the vesting of restricted stock awards issued under our 2014 EIP and the Fourth Amended and Restated Equity Incentive Plan.