Stock-Based Compensation

6 Months Ended

Jun. 30, 2017

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 155,122 shares of restricted common stock during the three and six month periods ended June 30, 2017, respectively, which had weighted-average grant date fair values of $14.91 and $15.57 per share, respectively. 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 a weighted-average grant date fair values of $16.61 and $17.03 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, 2016	169,642	$	16.87
Granted	155,122	15.57
Less: Forfeited	17,087	14.08
Less: Vested	103,883	16.34
Outstanding as of June 30, 2017	203,794	$	16.39

We had approximately $1,766,000 of unrecognized stock compensation expense on June 30, 2017 related to non-vested stock-based compensation granted, that we expect to recognize over the next three years. We recognized $410,000 and $786,000 of stock-based compensation expense during the three and six month periods ended June 30, 2017, respectively. We recognized $208,000 and $405,000 of stock-based compensation expense during the three and six month periods ended June 30, 2016, respectively.

We had approximately $831,000 of unrecognized director stock-based compensation expense at June 30, 2017 related to non-vested director stock-based compensation granted, that we expect to recognize ratably until the 2018 Annual Meeting of Stockholders. We recognized $242,000 and $508,000 of director stock-based compensation expense during the three and six months ended June 30, 2017, respectively. We recognized $264,000 and $526,000 of director stock-based compensation expense during the three and six months ended June 30, 2017, respectively.