Share-Based Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

Share-Based Award Activity

During the nine months ended September 30, 2019, the Company granted restricted stock awards (“RSAs”) under its 2014 Omnibus Equity Incentive Plan to executive officers (“EOs”) and members of the BOD. The RSAs granted to the EOs were 100% vested and non-forfeitable on the grant date. Some members of the BOD elected to defer up to 100% of their annual retainer fee in the form of common stock. The RSAs granted to the BOD will become fully vested on the earlier of (i) the first anniversary of the date of grant or (ii) the date of the Company’s 2020 annual meeting of stockholders. The fair value of the RSAs granted to EOs and the BOD was recorded as share-based compensation expense on the grant date or over the vesting period, as applicable. The Company withheld 59,116 shares of common stock from EOs, at a total cost of $0.5 million, to satisfy statutory minimum tax requirements upon grant of the RSAs.

A summary of share-based awards activity during the nine months ended September 30, 2019 is as follows:

	Number of Shares		Weighted Average Grant Date Fair Value per Share
	(in thousands)
Nonvested, December 31, 2018	34		$	12.00
Granted	219		$	9.14
Vested	(194	)	$	9.67
Forfeited	—		$	—
Nonvested, September 30, 2019	59		$	9.05

Stock Options

A summary of stock options activity during the nine months ended September 30, 2019 is as follows:

	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Options outstanding, December 31, 2018	500	$	7.49
Granted	—	—
Exercised	—	—
Forfeited	—	—
Options outstanding, September 30, 2019	500	$	7.49	5.08	$	1,605
Options exercisable, September 30, 2019	400	$	7.49	5.08	$	1,284

A summary of unvested stock options activity during the nine months ended September 30, 2019 is as follows:

	Number of Shares	Weighted Average Grant Date Fair Value per Share
	(in thousands)
Unvested, December 31, 2018	100	$	2.88
Granted	—	—
Vested	—	—
Forfeited	—	—
Unvested, September 30, 2019	100	$	2.88

Share-Based Compensation Expense

Share-based compensation expense was $0.2 million and $2.0 million for the three and nine months ended September 30, 2019, respectively, and $0.2 million and $1.6 million for the three and nine months ended September 30, 2018, respectively. Recognized tax benefit related to share-based compensation expense was $0.0 million and $0.5 million for the three and nine

months ended September 30, 2019, respectively, and $0.0 million and $0.4 million for the three and nine months ended September 30, 2018, respectively.

As of September 30, 2019, the estimated total remaining unamortized share-based compensation expense related to unvested RSAs, net of forfeitures, was $0.3 million which is expected to be recognized over a weighted-average period of 0.6 years. As of September 30, 2019, the estimated total remaining unamortized share-based compensation expense related to stock options, net of forfeitures, was $0.02 million which is expected to be recognized over a weighted-average period of 0.1 years.