Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

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 38,156 restricted stock awards during the six months ended June 30, 2014, which had a weighted-average grant date fair value of $15.24 per share; 7,401 of these shares were forfeited during the same period. We granted 3,900 restricted stock awards during the three and six month periods in 2013, which had a weighted-average grant date fair value of $5.77 per share.

The following table shows a summary of the shares awarded during the six month period ended June 30, 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
Forfeited	7,401	7.02
Vested	15,208	5.38
Outstanding as of June 30, 2014	95,615	$	9.34

We had approximately $768,000 and $367,000 of unrecognized stock compensation expense on June 30, 2014 and 2013, respectively, related to non-vested compensation granted, which we expect to recognize ratably over the next three years. We recognized $76,000 and $28,000 of compensation expense during the three months ended June 30, 2014 and 2013, respectively, and $121,000 and $56,000 of compensation expense during the six months ended June 30, 2014 and 2013, respectively.