Stock-Based Compensation

6 Months Ended

Jun. 30, 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 76,250 and 86,210 shares of restricted common stock during the three and six month periods ended June 30, 2018, respectively, which had a weighted-average grant date fair value of $19.72 and $19.70 per share, respectively. 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.

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	86,210	19.70
Less: Forfeited	17,077	18.07
Less: Vested	136,183	16.38
Outstanding as of June 30, 2018	145,044	$	18.24

We had approximately $841,000 of unrecognized stock compensation expense at June 30, 2018 related to non-vested stock-based compensation granted, which we expect to recognize over the next three years. We recognized $240,000 and $488,000 of stock-based compensation expense during the three and six month periods ended June 30, 2018, respectively. 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 had approximately $1,285,000 of unrecognized director stock-based compensation expense at June 30, 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 $322,000 and $561,000 of director stock-based compensation expense during the three and six month periods ended June 30, 2018, respectively. We recognized $242,000 and $508,000 of stock-based compensation expense during the three and six month periods ended June 30, 2017, respectively.