Stock-Based Compensation

9 Months Ended

Sep. 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.”

Share-based compensation cost for restricted stock grants is measured based on the closing fair market value of our common stock on the date of grant. We recognize share-based compensation cost over the award’s requisite service period on a straight-line basis for time-based restricted stock grants.

We granted 4,277 and 8,177 restricted stock awards during the three- and nine-month periods ended September 30, 2013, which had a weighted-average grant date fair value of $8.77 and $7.34 per share, respectively. We granted 86,990 shares of restricted stock during the three- and nine-month periods ended September 30, 2012, which had a weighted-average grant date fair value of $5.25.

The following table shows a summary of the share-based compensation expense included in our Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2013 and 2012:

	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2012	86,990	$	5.25
Granted	8,177	7.34
Vested	17,398	5.25
Outstanding as of September 30, 2013	77,769	$	5.47

We have approximately $385,000 and $430,000 of unrecognized stock compensation expense on September 30, 2013 and 2012, respectively, related to non-vested compensation granted, which we expect to recognize ratably over the next four years. We recognized $40,000 and $96,000 of compensation expense during the three and nine months ended September 30, 2013, respectively, and $27,000 of compensation expense during the three and nine months ended September 30, 2012.