Stock-Based Compensation

3 Months Ended

Mar. 31, 2018

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 9,960 shares of restricted common stock during the three-month period ended March 31, 2018, which had a weighted-average grant date fair value of $19.55 per share. 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 values of $16.04 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, 2017	212,094	$	16.44
Granted	9,960	19.55
Less: Forfeited	17,077	18.07
Less: Vested	68,183	17.77
Outstanding as of March 31, 2018	136,794	$	15.80

We had approximately $1,081,000 of unrecognized stock compensation expense at March 31, 2018 related to non-vested stock-based compensation granted, which we expect to recognize over the next three years. We recognized $248,000 and $375,000 of stock-based compensation expense during the three-month periods ended March 31, 2018 and 2017, respectively.

We had approximately $104,000 of unrecognized director stock-based compensation expense at March 31, 2018 related to non-vested director stock-based compensation granted, which we expect to recognize ratably until vesting one year after the date of grant. We recognized $239,000 and $266,000 of director stock-based compensation expense during the three-month periods ended March 31, 2018 and 2017, respectively.