Share-Based Compensation

3 Months Ended

Mar. 31, 2016

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

SHARE-BASED COMPENSATION

We measure and account for share-based awards in accordance with ASC Topic 718, “Compensation - Stock Compensation”. Share-based compensation expense associated with stock options with vesting contingent upon the achievement of service conditions is recognized on a straight-line basis, net of estimated forfeitures of unvested stock options, over the requisite service period the awards are expected to vest. We estimate the aggregate intrinsic value of stock options with vesting contingent upon the achievement of service conditions as of the date the award was granted using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires the use of certain input variables, such as expected volatility, risk-free interest rate and expected award life.

Share-Based Award Activity

A summary of restricted stock awards activity during the three months ended March 31, 2016 is as follows:



	Number of Shares (in thousands)	Weighted Average Grant Date Fair Value per Share
Nonvested, December 31, 2015	23	$	8.73
Granted	—	$	—
Vested	—	$	—
Forfeited	—	$	—
Nonvested, March 31, 2016	23	$	8.73

A summary of stock option activity during the three months ended March 31, 2016 is as follows:



	Number of Shares (in thousands)	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Options outstanding, December 31, 2015	500	$	7.49
Granted	—	—
Exercised	—	—
Forfeited	—	—
Options outstanding, March 31, 2016	500	$	7.49	8.62	$	50
Options exercisable, March 31, 2016	100	$	7.49	8.62	$	10

A summary of our unvested stock options during the three months ended March 31, 2016 is as follows:



	Number of Shares (in thousands)	Weighted Average Per Share Grant Date Fair Value
Unvested, December 31, 2015	400	$	2.88
Granted	—	$	—
Vested	—	$	—
Forfeited	—	$	—
Unvested, March 31, 2016	400	$	2.88

Valuation of Share-Based Awards

We utilize the Black-Scholes option pricing model for estimating the grant date fair value of stock options. There were no stock options issued during the three months ended March 31, 2016 and March 31, 2015.

Share-Based Compensation Expense

Share-based compensation expense was $0.2 million and $0.1 million for the three months ended March 31, 2016 and March 31, 2015, respectively. At March 31, 2016, the estimated total remaining unamortized share-based compensation expense related to unvested restricted stock awards and stock options, net of forfeitures, was $1.0 million which is expected to be recognized over a weighted-average period of 3.2 years.