Stock-Based Compensation

12 Months Ended

Dec. 31, 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 10,476 restricted stock awards during the twelve-month period ended December 31, 2013, which had a weighted-average grant date fair value of $7.64 per share. We granted 86,990 shares of restricted stock during the twelve-month period ended December 31, 2012, which had a weighted-average grant date fair value of $5.25.

The following table presents certain information related to non-vested shares:

	Non-Vested Shares
	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2012	86,990	$	5.25
Granted	10,476	7.64
Vested	17,398	5.25
Outstanding as of December 31, 2013	80,068	$	5.56

We have approximately $347,000 of unrecognized stock compensation expense related to non-vested compensation granted, which we expect to recognize over the next three and a half years. We recognized $133,000 and $55,000 of compensation expense during the twelve months ended December 31, 2013 and 2012, respectively.