Stock-Based Compensation

9 Months Ended

Sep. 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 zero shares of restricted common stock during the three month period ended September 30, 2015 and September 30, 2014. We granted 130,442, shares of restricted common stock during the nine month period ended September 30, 2015, which had a weighted-average grant date fair value of $20.38 per share. We granted 38,156 shares of restricted stock during the nine month periods ended September 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	10,896	10.50
Vested	89,774	12.67
Outstanding as of September 30, 2015	183,155	$	16.82

We had approximately $1,606,000 and $700,000 of unrecognized stock compensation expense on September 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 $275,000 and $88,000 of stock-based compensation expense during the three months ended September 30, 2015 and 2014, respectively, and $624,000 and $209,000 of stock-based compensation expense during the nine months ended September 30, 2015 and 2014, respectively.

We had approximately $625,000 of unrecognized director stock-based compensation expense at September 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 $265,000 and $901,000 of director stock-based compensation expense during the three and nine months ended September 30, 2015, respectively. We recognized $23,000 of director stock-based compensation expense during the three and nine months ended September 30, 2014.