Stock-Based Compensation

6 Months Ended

Jun. 30, 2015

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.”

Stock-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 stock-based compensation cost over the award’s requisite service period on a straight-line basis for time-based restricted stock grants.

We granted 65,000 and 130,442, respectively, shares of restricted common stock during the three and six month periods ended June 30, 2015, which had weighted-average grant date fair values of $16.14 and $20.38 per share, respectively. We granted 38,156 shares of restricted stock during the three and six month periods ended June 30, 2014, which had weighted-average grant date fair values of $15.24.

The following table presents certain information related to the activity of our non-vested common stock grants:



	Number of Restricted Shares	Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2014	153,383	$	10.91
Granted	130,442	20.38
Forfeited	9,740	9.19
Vested	86,503	12.33
Outstanding as of June 30, 2015	187,582	$	16.93

We had approximately $1,881,000 and $768,000 of unrecognized stock compensation expense on June 30, 2015 and 2014, respectively, related to non-vested stock-based compensation granted, that we expect to recognize over the next three years. We recognized $223,000 and $76,000 of stock-based compensation expense during the three months ended June 30, 2015 and 2014, respectively, and $349,000 and $121,000 of stock-based compensation expense during the six months ended June 30, 2015 and 2014, respectively.

We had approximately $891,000 of unrecognized director stock-based compensation expense at June 30, 2015, related to non-vested director stock-based compensation granted, that we expect to recognize ratably until the 2016 Annual Meeting of Stockholders. We recognized $295,000 and $636,000 of director stock-based compensation expense during the three and six months ended June 30, 2015, respectively. We did not recognize any director stock-based compensation expense during the same periods last year.