Stock-Based Compensation

6 Months Ended

Jun. 30, 2017

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

Stock-Based Compensation

Stock-Based Compensation

On June 14, 2017, the Company's stockholders approved the Company's Amended and Restated 2013 Equity Incentive Plan (the "Amended Plan"), which, among other things, increased the number of shares of the Company's common stock reserved for issuance under the Amended Plan by 1,000,000 shares, from 700,000 shares to 1,700,000 shares. As of June 30, 2017, there were 1,085,610 shares available for issuance under the Amended Plan.

During the six months ended June 30, 2017, the Company granted an aggregate of 112,097 shares of restricted stock to employees and non-employee directors with a weighted average grant date fair value of $14.05 per share. 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. Non-employee 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 six months ended June 30, 2017, the Company issued performance-based awards in the form of restricted stock units to certain employees.  The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period. The compensation expense and the effect on the Company’s weighted average diluted shares calculation were immaterial.

During the three and six months ended June 30, 2017, the Company recognized $0.3 million and $1.1 million, respectively, of stock-based compensation expense. During the three and six months ended June 30, 2016, the Company recognized $0.3 million and $0.9 million, respectively, of stock-based compensation expense. As of June 30, 2017, there were 110,519 nonvested restricted shares outstanding; the total unrecognized compensation expense related to nonvested restricted shares was $1.0 million, which the Company expects to recognize over the next 20 months.