Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

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.

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 111,205 shares of restricted common stock during the three and six month periods ended June 30, 2016, respectively, which had weighted-average grant date fair values of $16.61 and $17.03 per share, respectively. We granted 65,000 and 130,442 shares of restricted common stock during the three and six month periods ended June 30, 2015, respectively, which had weighted-average grant date fair values of $16.14 and $20.38 per share, respectively.

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, 2015	179,183	$	16.67
Granted	111,205	17.03
Forfeited	25,982	17.44
Vested	96,404	16.21
Outstanding as of June 30, 2016	168,002	$	17.05

We had approximately $1,521,000 and $1,881,000 of unrecognized stock compensation expense on June 30, 2016 and 2015, respectively, related to non-vested stock-based compensation granted, that we expect to recognize over the next three years. We recognized $208,000 and $405,000 of stock-based compensation expense during the three and six months ended June 30, 2016, respectively. We recognized $223,000 and $349,000 of stock-based compensation expense during the three and six months ended June 30, 2015, respectively.

We had approximately $914,000 and $891,000 of unrecognized director stock-based compensation expense at June 30, 2016 and June 30, 2015, respectively, related to non-vested director stock-based compensation granted, that we expect to recognize ratably until the 2017 Annual Meeting of Stockholders. We recognized $264,000 and $526,000 of director stock-based compensation expense during the three and six months ended June 30, 2016, respectively. We recognized $295,000 and $636,000 of director stock-based compensation expense during the three and six months ended June 30, 2015, respectively.