Stock-Based Compensation

6 Months Ended

Jun. 30, 2015

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

The Company has granted options to purchase its common stock and or stock grants to certain employees and directors of the Company and its affiliates under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. These options are granted for a term not exceeding ten years and are forfeited in the event the employee or director terminates his or her employment or relationship with the Company or one of its affiliates other than by retirement or death. These options generally vest over five years. All option plans contain anti-dilutive provisions that permit an adjustment of the number of shares of the Company’s common stock represented by each option for any change in capitalization.

The Company’s stock-based compensation expense was $290,000 and $1,359,000 for the three months ended June 30, 2015 and 2014, respectively and $466,000 and $1,660,000 for the six months ended June 30, 2015 and 2014, respectively. The decrease of stock-based compensation expense in 2015 as compared to 2014 is primarily related to the accelerated vesting of awards to retirement eligible recipients that occurred in 2014.

Qualified Options

Following is a summary of activity in the Incentive Stock Option Plans for the period indicated:



For six months ended June 30, 2015
	Shares
Outstanding at beginning of year	301,800
Granted	24,500
Exercised	(72,375	)
Canceled	(1,500	)
Outstanding at June 30, 2015	252,425
Exercisable at June 30, 2015	144,325
Available for grant at June 30, 2015	375,500

Non-qualified Options

Following is a summary of activity in the Non-Qualified Stock Option Plans for the period indicated:



For six months ended June 30, 2015
	Shares
Outstanding at beginning of year	132,100
Granted	—
Exercised	(4,800	)
Canceled	—
Outstanding at June 30, 2015	127,300
Exercisable at June 30, 2015	83,100
Available for grant at June 30, 2015	234,026

Restricted Stock

Following is a summary of activity in the Restricted Stock for the periods indicated:



For six months ended June 30, 2015
	Shares
Outstanding at beginning of year	12,043
Granted	24,500
Vested	(5,056	)
Forfeited or Canceled	—
Outstanding at June 30, 2015	31,487