Incentive Share-Based Plan and Other Employee Benefits

6 Months Ended

Jun. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Incentive Share-Based Plan and Other Employee Benefits

Note 8 — Incentive Share-Based Plan and Other Employee Benefits

In June 2014, the Board of Directors (“Board”) and shareholders of the Company approved a share-based incentive plan (“the Plan”). The Plan provides for various share-based incentive awards including incentive share-based options, non-qualified share-based options, restricted shares, and stock appreciation rights to be granted to officers, directors and other key employees. The maximum aggregate number of shares that may be issued under the Plan is 800,000 common shares. The share-based awards are granted to participants under the Plan at a price not less than the fair value on the date of grant and for terms of up to ten years. The Plan also allows for granting of share-based awards to directors and consultants who are not employees of the Company.

During the six months ended June 30, 2016, the Company granted options for the purchase of 73,844 common shares, which have a weighted average exercise price of $15.51 per share and a weighted average fair value as of the date of grant of $2.25 per share. The options generally vest over periods from one to three years. The Company recorded share-based compensation expense of $252,000 and $218,000 for the six months ended June 30, 2016 and 2015, respectively.