Share-Based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

7. Share-Based Compensation

During the nine months ended September 30, 2015, the Company granted 100,150 stock options and cancelled 78,132 stock options versus grants of 118,150 stock options and cancellations of 59,457 stock options during the nine months ended September 30, 2014, under its 2008 Long-Term Incentive Plan. Nearly all of the new stock options vest in 5% quarterly installments for the 20 quarters beginning with the last day of the quarter in which the options are granted.

Options issued to the Company’s Board of Directors under its 2008 Long-Term Incentive Plan vest in 8.33% quarterly installments on the first day of each calendar quarter beginning on April 1, 2015 and ending on April 1, 2018, when the options become fully vested.

Total share-based compensation expense recognized was $0.1 million and $0.6 million during the three months ended September 30, 2015 and 2014, respectively, and $0.5 million and $1.1 million during the nine months ended September 30, 2015 and 2014, respectively. Share-based compensation expense is reported separately on the Company’s Condensed Consolidated Statement of Operations.