Stock-Based Compensation

12 Months Ended

Dec. 31, 2015

11.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, 2015, the Company had 352,940 shares of common stock reserved for issuance under the 2013 Equity Incentive Plan.

During the three years ended December 31, 2015, the Company granted an aggregate of 0.1 million, 0.1 million and 0.2 million shares of restricted stock to employees and nonemployee directors, respectively. The weighted average grant date fair value of the restricted stock awards granted during each of the three years ended December 31, 2015 was $1.2 million, $1.3 million and $1.9 million, respectively. 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 each of the threes year ended December 31, 2015, the Company recognized $1.0 million, $1.3 million and $1.2 million of stock-based compensation, respectively. As of December 31, 2015, the total unrecognized compensation cost related to nonvested restricted shares was $0.3 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, 2015:


		Weighted Average
	Restricted Stock	Grant Date Fair
	Awards	Value Per Share
Nonvested as of January 1, 2015	143,729	$	10.48
Granted	107,662		10.80
Vested	(147,042)		10.69
Forfeited	(2,294)		10.77
Nonvested as of December 31, 2015	102,055	$	10.52

Restricted stock awards granted and vested during the year ended December 31, 2015 include 27,259 shares tendered by employees to satisfy minimum statutory tax withholding obligations.