Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

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

Stock-Based Compensation

10. Stock-Based Compensation

The Company’s 2013 Equity Incentive Plan permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units and other equity-based awards up to an aggregate of 700,000 shares of common stock over the ten-year term of the plan. As of December 31, 2014, the Company had 431,049 shares of common stock reserved for issuance under the 2013 Equity Incentive Plan.

During the year ended December 31, 2014, the Company granted an aggregate of 132,081 shares of restricted stock to employees and nonemployee directors. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Nonemployee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company.

During the year ended December 31, 2014 and 2013, the Company recognized $1.3 million and $1.2 million of stock-based compensation, respectively. As of December 31, 2014, the total unrecognized compensation cost related to nonvested restricted shares was $0.5 million, substantially all of which the Company expects to recognize over the next 15 months.

The following table summarizes the changes in the Company’s nonvested restricted stock awards during the year ended December 31, 2014:

	Restricted Stock Awards			Weighted Average Grant Date Fair Value Per Share
Nonvested as of January 1, 2014		111,940		$	11.50
Granted		132,081			9.85
Vested		(98,938	)		10.78
Forfeited		(1,354	)		11.07
Nonvested as of December 31, 2014		143,729		$	10.48

Restricted stock awards granted and vested during the year ended December 31, 2014 include 21,439 shares tendered by employees to satisfy minimum statutory tax withholding obligations.

Subsequent to December 31, 2014

On March 3, 2015, the Company granted 72,282 shares of restricted stock to employees with a grant date fair value of $10.98 per share. On March 11, 2015, the Company granted 646 shares of restricted stock to a nonemployee director with a grant date fair value of $10.36 per share.