Stock-Based Compensation

9 Months Ended

Sep. 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 1,200 and 112,405 shares of restricted common stock during the three and nine month periods ended September 30, 2016, respectively, which had weighted-average grant date fair values of $16.11 and $17.02 per share, respectively. We granted zero shares of restricted common stock during the three month period ended September 30, 2015. 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.

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	112,405	17.02
Forfeited	25,982	17.44
Vested	97,574	16.34
Outstanding as of September 30, 2016	168,032	$	16.98

We had approximately $1,315,000 and $1,606,000 of unrecognized stock compensation expense on September 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 $226,000 and $631,000 of stock-based compensation expense during the three and nine months ended September 30, 2016, respectively. We recognized $275,000 and $624,000 of stock-based compensation expense during the three and nine months ended September 30, 2015, respectively.

We had approximately $642,000 and $625,000 of unrecognized director stock-based compensation expense at September 30, 2016 and September 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 $272,000 and $798,000 of director stock-based compensation expense during the three and nine months ended September 30, 2016, respectively. We recognized $265,000 and $901,000 of director stock-based compensation expense during the three and nine months ended September 30, 2015, respectively.