SHARE BASED PAYMENTS

9 Months Ended

Sep. 30, 2015

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

SHARE BASED PAYMENTS

NOTE 12— SHARE BASED PAYMENTS

During the nine months ended September 30, 2015, the Company granted restricted stock units representing 514,466 shares of common stock with a total fair value of $5,125 to certain employees and directors of the Company. Of the 514,466 restricted stock units, the shares of common stock underlying such awards are issuable upon vesting as follows: 357 shares on July 31, 2015, 16,842 shares on December 10, 2015 and the remaining 497,267 shares, one-third on December 10, 2015, one-third on December 10, 2016, and one-third on December 10, 2017. In addition, 5,859 restricted stock units that were previously issued to the directors of the Company in 2014 vested on July 31, 2015. Share based compensation expense for these restricted stock units was $727 and $1,193 during the three and nine months ended September 30, 2015. On May 9, 2015, the Company also paid a stock bonus amounting to 5,600 fully vested shares of common stock with a total value of $59 to certain employees. Of the 5,600 common shares that vested upon grant, 2,304 common shares were forfeited by the employees to pay for employment withholding taxes during the second quarter of 2015. During the nine months ended September 30, 2015, 9,324 restricted stock units were forfeited and there are 505,142 restricted stock units that remain unvested as of September 30, 2015. As of September 30, 2015, the expected remaining unrecognized share based compensation expense of $3,938 will be expensed over a weighted average period of 1.4 years.