XML 53 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
8. SHARE-BASED COMPENSATION

For the nine months ended September 30, 2014, the Company granted an aggregate of approximately 80,000 shares of restricted stock to certain eligible individuals under the Company’s amended and restated equity incentive plan. Included in these awards were approximately 24,000 shares of restricted stock granted to the Company’s independent directors, of which approximately 14,000 shares immediately vested and 10,000 shares vest over the next nine months. The remainder of the awards generally vest over three years.

 

A summary of the Company’s activity with respect to the issuance of restricted stock pursuant to its amended and restated equity incentive plan for the nine months ended September 30, 2014, is below:

 

            Weighted-Average  

(shares in thousands)

          Shares            Fair Value per Share (1)  

Nonvested shares at beginning of period

      22           $ 10.40     

Granted

      80           $ 10.40     

Vested

      (31)          $ 10.40     

Forfeited

      (3)          $ 10.40     
  

 

 

     

Nonvested shares at end of period

      68           $ 10.40     
  

 

 

     

 

(1) Based on the Company’s most recent primary offering price in the follow-on offering of $10.40 per share on the grant date.

The following table summarizes other share-based compensation data:

 

     For the Three Months      For the Nine Months  
     Ended September 30,      Ended September 30,  

(in thousands, except per share data)

    2014      2013      2014      2013  

Share-based compensation expense

      $ 97           $ 22           $ 442           $ 144     

Total fair value of restricted stock vested

      $ -             $ -             $ 321           $ 77     

Weighted-average grant date fair value of restricted stock granted, per share (1)

      $         10.40           $         10.40           $         10.40           $         10.40     

 

 

(1) Based on the Company’s most recent primary offering price in the follow-on offering of $10.40 per share on the grant date.

As of September 30, 2014, the aggregate unrecognized compensation cost related to the restricted stock was approximately $0.5 million and is expected to be fully recognized over a weighted-average period of 0.9 years.