6. Share-based Compensation

We recognize compensation expense for share-based payment awards made to our employees and directors, including stock options and restricted shares awarded under our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”) and our Directors’ Restricted Stock Plan. Currently, there are no outstanding share awards under our Directors’ Restricted Stock Plan. The following table provides information on our share-based compensation expense and related income tax benefit for the three and six-month periods ended June 30, 2016 and 2015 (in thousands).

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015
Share-based compensation expense, gross	$	1,270		$	1,009		$	2,556		$	2,002
Income tax benefit at our statutory rate associated with share-based compensation		(495	)		(394	)		(997	)		(781	)
Share-based compensation expense, net	$	775		$	615		$	1,559		$	1,221

The 2007 Long-Term Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance, to our employees and non-employee directors.

During the six-month period ended June 30, 2016, we granted 218,452 shares of restricted common stock to certain employees, of which 72,816 shares will vest on each of January 31, 2017 and 2018; and 72,820 shares will vest on January 31, 2019. Also during the six-month period ended June 30, 2016, we granted 166,677 shares of restricted Class A common stock to one employee, of which 55,559 shares will vest on each of January 31, 2017, 2018 and 2019. During the six-month period ended June 30, 2016, we also granted

19,048

shares of restricted common stock to certain non-employee directors, which shares will vest on January 31, 2017. Also during the six-month period ended June 30, 2016, we granted

51,935

shares of restricted Class A common stock to certain non-employee directors, which shares will vest on January 31, 2017. During the six-month period ended June 30, 2015, we granted

150,308

shares of restricted common stock to certain employees, of which 50,102 shares vested on January 31, 2016; 50,100 shares will vested on January 31, 2017; and 50,106 shares will vest on January 31,2018. Also during the six-month period ended June 30, 2015, we granted

229,322

shares of restricted Class A common stock to certain employees, of which 76,442 shares vested January 31, 2016; 76,442 shares will vest on January 31, 2017; and 76,438 shares will vest on January 31, 2018. Also during the six-month period ended June 30, 2015, we granted 58,191 shares of restricted Class A common stock to certain non-employee directors, all of which vested on January 31, 2016.

A summary of restricted common stock activity for the six-month periods ended June 30, 2016 and 2015 is as follows:

	Six Months Ended
	June 30, 2016					June 30, 2015
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		337,506		$	9.57		385,056		$	9.09
Granted		237,500		$	12.88		150,308		$	10.27
Vested		(178,973	)	$	8.46		(197,858	)	$	9.16
Outstanding - end of period		396,033		$	12.06		337,506		$	9.57

A summary of restricted Class A common stock activity for the six-month periods ended June 30, 2016 and 2015 is as follows:

	Six Months Ended
	June 30, 2016					June 30, 2015
				Weighted-average					Weighted-average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - class A common:
Restricted stock - beginning of period		374,693		$	9.46		204,473		$	9.81
Granted		218,612		$	11.25		287,513		$	9.37
Vested		(178,223	)	$	10.04		(117,293	)	$	9.85
Restricted stock - end of period		415,082		$	10.15		374,693		$	9.46

A summary of stock option activity related to our common stock for the six-month periods ended June 30, 2016 and 2015 is as follows:

	Six Months Ended
	June 30, 2016				June 30, 2015
	Number of Shares Underlying Options		Weighted- Average Exercise Price		Number of Shares Underlying Options		Weighted- Average Exercise Price
Stock options - common:
Outstanding - beginning of period		274,746	$	1.99		274,746	$	1.99
Options exercised		-	$	-		-	$	-
Options expired		-	$	-		-	$	-
Options outstanding - end of period		274,746	$	1.99		274,746	$	1.99

Exercisable at end of period		274,476	$	1.99		206,064	$	1.99

For the six-month periods ended June 30, 2016 and 2015, we did not have any stock options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was $2.4 million based on the closing market price of our common stock on June 30, 2016.