Stock-Based Compensation

6 Months Ended

Jun. 30, 2013

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

We account for stock-based compensation under the fair value recognition provisions of ASC Topic 718 - “Compensation - Stock Compensation.”

On June 14, 2012, John Forney began serving as our Chief Executive Officer and we awarded him 86,990 shares of restricted common stock in connection with his employment with our company. The restricted shares will vest in equal parts on each anniversary of Mr. Forney's commencement as CEO ending on the fifth anniversary of this date, provided that Mr. Forney is continuously employed by our company from June 14, 2012, through June 14, 2017. On June 14, 2013, 17,398 of Mr. Forney's restricted shares vested.

During the second quarter of 2013, our Chief Financial Officer, Brad Martz, finalized his restricted stock agreement and we awarded him 3,900 shares of restricted common stock. The restricted shares will vest on the one year anniversary of the effective date of the agreement, April 1, 2014.

The following table presents certain information related to shares awarded and vested:

	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2012	86,990	$	5.25
Granted	3,900	5.77
Vested	17,398	5.25
Outstanding as of June 30, 2013	73,492	$	5.28

There was approximately $367,000 of unrecognized stock compensation expense related to non-vested compensation granted, which we expect to recognize over the next four years. We have recognized $28,000 and $56,000 of compensation expense during the three and six months ended June 30, 2013, respectfully.