Stock Based Compensation

3 Months Ended

Mar. 31, 2016

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

Stock Based Compensation

Note 11 -Stock Based Compensation

We adopted the 2009 Stock Incentive Plan as amended, (the “Plan”) to attract, retain and reward directors and other persons who provide services to us in the course of operations. The Plan authorizes the Board to grant awards including common stock, restricted shares of common stock (“RSUs”), stock options, performance shares, performance units, stock appreciation rights and other equity and cash-based awards (collectively “Awards”), subject to terms as provided in the Plan.

On May 8, 2014, our stockholders approved an amendment to the Plan to increase the number of shares issuable thereunder from 2,000 to 15,000 shares and the Plan was amended accordingly. In connection with the Reverse Stock Split, the number of shares of common stock issuable under the Plan was properly adjusted to 1,875 shares to reflect the Reverse Stock Split.

Transactions related to awards for the quarter ended March 31, 2016 are summarized below:

	March 31, 2016
	Number of Awards		Weighted Average Grant Date Fair Value per Award
Unvested RSU Awards Outstanding beginning of period	78		$	48.85
Vested	(12	)	$	56.33
Unvested RSU Awards Outstanding end of period	66		$	47.76

At March 31, 2016, there was approximately $1,433 of unvested stock based compensation related to the Awards (based on the March 31, 2016 stock price of $21.53 per share), that we expect to recognize as an expense over the remaining average service period of 0.6 years. We also pay our non-executive Board quarterly fees of $33, which is payable in cash, common stock, or a combination of common stock and cash at the option of the director.