For the year ended December 31, 2013, the Company issued 264,316 shares of restricted common stock and recognized an expense of $178 related to the vesting of these shares. The shares vest over a three or five year period. The fair market value of the shares granted was determined by the closing stock market price on the date of grant. The Company also recognized $2,416 of compensation expense in the current year related to restricted shares issued in prior years. At December 31, 2013, the Company had unrecorded compensation expense of $10,135 related to the unvested shares of restricted common stock granted. This expense is expected to be recognized over a weighted average remaining period of 3.8 years as of December 31, 2013. The following table presents information about the Company’s restricted stock awards for the periods presented:

	2013					2012
				Weighted					Weighted
	Shares of			Average		Shares of			Average
	Restricted			Price on		Restricted			Price on
	Stock			Grant Date		Stock			Grant Date
Shares non-vested at beginning of year		351,192		$	27.75		253,436		$	27.01
Granted		264,316			18.76		160,534			28.47
Cancelled/forfeited		-			-		-			-
Vested		(91,260	)		20.92		(62,778	)		29.37
Shares non-vested at end of year		524,248		$	23.22		351,192		$	27.75