Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

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

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 38,156 restricted stock awards during the three-month period ended March 31, 2014 which had a weighted-average grant date fair value of $15.24. We granted no stock awards during the same period in 2013.

The following table shows a summary of the shares awarded during the three month period ended March 31, 2014:



	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2013	80,068	$	5.56
Granted	38,156	15.24
Outstanding as of March 31, 2014	118,224	$	8.68

We had approximately $884,000 and $384,000 of unrecognized stock compensation expense on March 31, 2014 and 2013, respectively, related to non-vested compensation granted, which we expect to recognize ratably over the next three years. We recognized $45,000 and $23,000 of compensation expense during the three months ended March 31, 2014 and March 31, 2013, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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