Stock-Based Compensation	9 Months Ended
Sep. 30, 2014
Stock-Based Compensation
Stock-Based Compensation	6. Stock-Based Compensation Stock Options and Grants There were no stock options granted during the nine months ended September 30, 2014 and 2013. The Company recognized no stock-based compensation expense related to stock options for the nine months ended September 30, 2014 and 2013, as all stock options previously granted were fully vested. As of September 30, 2014, there were no unrecognized compensation costs related to unvested stock options. On April 22, 2014, the Company authorized vested stock grants to certain directors totaling 19,336 common shares. The total value of the grant, based on the fair value of common stock on the grant date, was $491 and is included in General and Administrative Expenses within the Consolidated Statement of Income. On April 24, 2013, the Company authorized vested stock grants to certain directors totaling 21,949 common shares. The total value of the grant, based on the fair value of common stock on the grant date, was $465 and is included in General and Administrative Expenses within the Consolidated Statement of Income. Restricted Stock Units During the nine months ended September 30, 2014, the Company authorized certain one-time grants of 26,287 restricted stock units to certain executives that vest five years from date of issuance. During the nine months ended September 30, 2014 and 2013, 25,083 restricted stock units and 27,000 restricted stock units vested, respectively. During the nine months ended September 30, 2014, 26,101 restricted stock units were forfeited under the amended and restated Long-Term Incentive Plan and became available for reissuance. No restricted stock units were forfeited in the nine months ended September 30, 2013. The Company recognized $679 and $1,003 of stock-based compensation expense related to the restricted stock units for the three months ended September 30, 2014 and 2013, respectively, which is included in General and Administrative Expenses within the Consolidated Statement of Income. The Company recognized $2,129 and $3,062 of stock-based compensation expenses related to restricted stock units for the nine months ended September 30, 2014 and 2013, respectively, which is included in General and Administrative expenses within the Consolidated Statements of Income. As of September 30, 2014, there was $5,109 of unrecognized stock-based compensation costs, net of estimated forfeitures, related to the restricted stock units that are expected to be recognized over a weighted average remaining period of approximately 3.9 years. Performance Based Stock In September 2014, the Board of Directors authorized a performance-based incentive program under the Company’s Long-Term Incentive Plan (“2014 Performance-Based Incentive Program”). The objective of the performance-based incentive program is to link compensation to business performance, encourage ownership of Company stock, retain executive talent, and reward executive performance. The 2014 Performance-Based Incentive Program provides participating executives with the opportunity to earn vested common stock if certain performance targets for pre-tax free cash flow are achieved over the cumulative three year period of 2014 through 2016 and recipients satisfy service-based vesting requirements. The stock-based compensation expense associated with unvested performance-based incentives are recognized on a straight-line basis over the shorter of the vesting period or minimum service period and dependent upon the probable outcome of the number of shares that will ultimately be issued based on the achievement of pre-tax free cash flow over the cumulative three year period of 2014 through 2016. Future compensation expense for currently outstanding awards under the 2014 Performance Based Incentive Program could reach a maximum of $3,200. On September 30, 2014, certain participating executives became vested in the 2014 Performance-Based Incentive Program shares based on retirement eligibility and as a result $186 of stock-based compensation related to 9,687 shares were recognized in General and Administrative expenses within in the Consolidated Statements of Income, and which continue to be subject to achieving cumulative pre-tax free cash flow over the three year period of 2014 through 2016. The Company recognized a cumulative $186 of stock-based compensation expense related to the 2014 Performance-Based Incentive Program, which includes expense of awards to fully vested retirement eligible executives for the three and nine months ended September 30, 2014 and is included in General and Administrative expenses. During the nine months ended September 30, 2014, no performance-based shares were forfeited. There was no such program in place during 2013. Stock-based compensation for the 2014 Performance-Based Incentive Program is expected to be recognized over a weighted average period of 2.3 years.

6. Stock-Based Compensation

Stock Options and Grants

There were no stock options granted during the nine months ended September 30, 2014 and 2013. The Company recognized no stock-based compensation expense related to stock options for the nine months ended September 30, 2014 and 2013, as all stock options previously granted were fully vested. As of September 30, 2014, there were no unrecognized compensation costs related to unvested stock options.

On April 22, 2014, the Company authorized vested stock grants to certain directors totaling 19,336 common shares. The total value of the grant, based on the fair value of common stock on the grant date, was $491 and is included in General and Administrative Expenses within the Consolidated Statement of Income. On April 24, 2013, the Company authorized vested stock grants to certain directors totaling 21,949 common shares. The total value of the grant, based on the fair value of common stock on the grant date, was $465 and is included in General and Administrative Expenses within the Consolidated Statement of Income.

Restricted Stock Units

During the nine months ended September 30, 2014, the Company authorized certain one-time grants of 26,287 restricted stock units to certain executives that vest five years from date of issuance. During the nine months ended September 30, 2014 and 2013, 25,083 restricted stock units and 27,000 restricted stock units vested, respectively. During the nine months ended September 30, 2014, 26,101 restricted stock units were forfeited under the amended and restated Long-Term Incentive Plan and became available for reissuance. No restricted stock units were forfeited in the nine months ended September 30, 2013.

The Company recognized $679 and $1,003 of stock-based compensation expense related to the restricted stock units for the three months ended September 30, 2014 and 2013, respectively, which is included in General and Administrative Expenses within the Consolidated Statement of Income. The Company recognized $2,129 and $3,062 of stock-based compensation expenses related to restricted stock units for the nine months ended September 30, 2014 and 2013, respectively, which is included in General and Administrative expenses within the Consolidated Statements of Income. As of September 30, 2014, there was $5,109 of unrecognized stock-based compensation costs, net of estimated forfeitures, related to the restricted stock units that are expected to be recognized over a weighted average remaining period of approximately 3.9 years.

Performance Based Stock

In September 2014, the Board of Directors authorized a performance-based incentive program under the Company’s Long-Term Incentive Plan (“2014 Performance-Based Incentive Program”). The objective of the performance-based incentive program is to link compensation to business performance, encourage ownership of Company stock, retain executive talent, and reward executive performance. The 2014 Performance-Based Incentive Program provides participating executives with the opportunity to earn vested common stock if certain performance targets for pre-tax free cash flow are achieved over the cumulative three year period of 2014 through 2016 and recipients satisfy service-based vesting requirements. The stock-based compensation expense associated with unvested performance-based incentives are recognized on a straight-line basis over the shorter of the vesting period or minimum service period and dependent upon the probable outcome of the number of shares that will ultimately be issued based on the achievement of pre-tax free cash flow over the cumulative three year period of 2014 through 2016. Future compensation expense for currently outstanding awards under the 2014 Performance Based Incentive Program could reach a maximum of $3,200.

On September 30, 2014, certain participating executives became vested in the 2014 Performance-Based Incentive Program shares based on retirement eligibility and as a result $186 of stock-based compensation related to 9,687 shares were recognized in General and Administrative expenses within in the Consolidated Statements of Income, and which continue to be subject to achieving cumulative pre-tax free cash flow over the three year period of 2014 through 2016.

The Company recognized a cumulative $186 of stock-based compensation expense related to the 2014 Performance-Based Incentive Program, which includes expense of awards to fully vested retirement eligible executives for the three and nine months ended September 30, 2014 and is included in General and Administrative expenses. During the nine months ended September 30, 2014, no performance-based shares were forfeited. There was no such program in place during 2013. Stock-based compensation for the 2014 Performance-Based Incentive Program is expected to be recognized over a weighted average period of 2.3 years.