STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2018

8.STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

For the six months ended June 30, 2018, 56,499 shares of unvested restricted stock were awarded at a weighted average market value of $33.84. Of the restricted shares granted, 30,603 shares have performance based vesting conditions. The value of the shares is amortized to compensation expense over the related service period, which is normally three years, or over the estimated performance period. Shares of unvested restricted stock are generally forfeited if a recipient leaves the Company before the vesting date. Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity for the six months ended June 30, 2018:

	Number of shares
Outstanding at beginning of period	221,968
Awarded	56,499
Vested	(56,681	)
Forfeited	(18,417	)

Outstanding at end of period	203,369

Stock based compensation expense, net of forfeitures of $598 and $488 was recorded for the quarter ended June 30, 2018 and 2017, respectively. For the six months ended June 30, 2018 and 2017, stock compensation expense, net of forfeitures, of $1,094 and $954 was recorded, respectively.