Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

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 90,122 shares of restricted common stock during the three month period ended March 31, 2017, which had weighted-average grant date fair value of $16.04 per share. We granted 46,205 shares of restricted common stock during the three month period ended March 31, 2016, which had a weighted-average grant date fair value of $17.63 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, 2016	169,642	$	16.87
Granted	90,122	16.04
Forfeited	10,128	20.15
Vested	28,444	19.79
Outstanding as of March 31, 2017	221,192	$	16.01

We had approximately $2,177,000 of unrecognized stock compensation expense on March 31, 2017 related to non-vested stock-based compensation granted, that we expect to recognize over the next three years. We recognized $375,000 and $197,000 of stock-based compensation expense during the three months ended March 31, 2017 and March 31, 2016, respectively.

We had approximately $104,000 of unrecognized director stock-based compensation expense at March 31, 2017 related to non-vested director stock-based compensation granted, that we expect to recognize ratably until the 2017 Annual Meeting of Stockholders. We recognized $266,000 and $262,000 of director stock-based compensation expense during the three months ended March 31, 2017 and March 31, 2016, respectively.