Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our

2007

Long Term Incentive Plan, as amended (the

“2007

Incentive Plan”) and our Directors’ Restricted Stock Plan. During the

three

-months ended

March

31,

2017

and

2016

our stock-based compensation expense included only expenses associated with our

2007

Long Term Incentive Plan. The following table provides our stock-based compensation expense and related income tax benefit for the

three

-month periods ended

March

31,

2017

and

2016

(in thousands).

	Three Months Ended March 31,
	2017			2016
Stock-based compensation expense, gross	$	1,337		$	1,284
Income tax benefit at our statutory rate associated with stock-based compensation		(521	)		(501	)
Stock-based compensation expense, net	$	816		$	783

2007

Long

erm Incentive Plan

The

2007

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 the receipt of other awards based on our performance, to our employees and non-employee directors.

During the

three

-month period ended

March

31,

2017,

we granted:

●

307,943

shares of restricted common stock to certain employees, of which

102,648

shares will vest on each of

January

31,

2018

and

2019;

and

102,647

shares will vest on

January

31,

2020.

●

198,220

shares of restricted Class A common stock to an employee, of which

66,073

shares will vest on each of

January

31,

2018

and

2019

and

66,074

shares will vest on

January

31,

2020.

During the

three

-month period ended

March

31,

2016,

we granted:

●

218,452

shares of restricted common stock to certain employees, of which

72,816

shares vested on

January

31,

2017;

72,816

shares will vest on

January

31,

2018;

and

72,820

shares will vest on

January

31,

2019.

●

166,677

shares of restricted Class A common stock to an employee, of which

55,559

shares vested on

January

31,

2017

and

55,559

shares will vest on each of

January

31,

2018

and

2019.

●

19,048

shares of restricted common stock and

51,935

shares of restricted Class A common stock to certain non-employee directors, all of which vested on

January

31,

2017.

A summary of restricted common stock and Class A common stock activities for the

three

-month periods ended

March

31,

2017

and

2016

is as follows:

	Three Months Ended
	March 31, 2017					March 31, 2016
				Weighted-					Weighted-
				Average					Average
	Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted common stock:
Outstanding - beginning of period		396,033		$	12.06		337,506		$	9.57
Granted		307,943		$	10.40		237,500		$	12.88
Vested		(200,291	)	$	11.82		(178,973	)	$	8.46
Outstanding - end of period		503,685		$	11.14		396,033		$	12.06

Restricted Class A common stock:
Outstanding - beginning of period		415,082		$	10.15		374,693		$	9.46
Granted		198,220		$	10.60		218,612		$	11.25
Vested		(227,526	)	$	10.00		(178,223	)	$	10.04
Outstanding - end of period		385,776		$	10.47		415,082		$	10.15

March

31,

2017

and

December

31,

2016,

we had

274,746

options to acquire our common stock outstanding, all of which were vested and exercisable. The exercise price of all outstanding stock options is

$1.99

per share. As of

March

31,

2017

and

December

31,

2016,

we did not have any options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was

$3.4

million based on the closing market price of our common stock on

March

31,

2017.