Share-Based Payments and Other Executive Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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

Significant weighted average assumptions

The significant weighted average assumptions used for the years ended December 31, 2015, 2014 and 2013 were as follows: 

	2015			2014			2013
Dividend yield	—		%	—		%	—		%
Volatility rate	38.00		%	42.60		%	52.37%-52.49%
Risk-free interest rate	1.10		%	0.66		%	1.66%-1.86%
Expected life (years)	2.95			2.91			6.25
Weighted average fair value of units granted	$	5.95		$	9.30		$	8.75

Summary of stock options activity

A summary of the status of the stock option activity for the years ended December 31, 2015, 2014 and 2013 is presented below: 

	2015				2014				2013
	Stock Options		Weighted Average Exercise Price Per Share		Stock Options		Weighted Average Exercise Price Per Share		Stock Options		Weighted Average Exercise Price Per Share
Outstanding as of beginning of year	555,036		$	17.00	585,036		$	16.99	110,000		$	25.00
Granted	—		—		—		—		585,036		16.99
Exercised	—		—		—		—		—		—
Forfeited	(10,000	)	16.80		(30,000	)	16.80		(110,000	)	—
Outstanding as of end of year	545,036		$	17.01	555,036		$	17.00	585,036		$	16.99
Exercisable as of end of year	272,518		$	17.01	146,259		$	16.99	—		$	—

Summary of restricted stock and stock units activity

A summary of the restricted stock and stock units activity for the year ended December 31, 2015 is presented below: 

	Restricted Stock and Stock Units			Weighted Average Grant Date Fair Value
Outstanding as of beginning of year	145,352		(1)	$16.59
Granted	291,075			9.32
Vested	(62,434	)		16.93
Expired/forfeited/cancelled	(21,655	)		10.95
Outstanding as of end of year	352,338			$10.87

(1) Restricted stock shares are considered legally outstanding but are not considered outstanding for accounting purposes until the vesting conditions are satisfied in accordance with authoritative accounting guidance.