Stock-Based Compensation

9 Months Ended

Sep. 30, 2015

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

On July 7, 2005, the Company’s shareholders approved the LMI Aerospace, Inc. 2005 Long-term Incentive Plan (the “ 2005 Plan”). The 2005 Plan provided for the grant of non-qualified stock options, incentive stock options, shares of restricted stock, restricted stock units, stock appreciation rights, performance awards and other share-based grants and cash bonus awards to employees and directors. All share-based grants or awards were subject to a time-based vesting schedule.

All outstanding share-based grants are in the form of restricted stock. A summary of the activity for non-vested restricted stock awards under the 2005 Plan is presented below:




Restricted Stock Awards	Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	296,782		$	16.58
Granted	131,703		13.22
Vested	(131,986	)	17.57
Forfeited	(34,411	)	15.35
Outstanding at September 30, 2015	262,088		$	14.56

Common stock compensation expense related to restricted stock awards granted under the 2005 Plan was $224 and $765 for the three months ended September 30, 2015 and 2014, respectively and $1,154 and $1,442 for the nine months ended September 30, 2015 and 2014, respectively.

Total unrecognized compensation costs related to non-vested, share-based awards granted or awarded under the 2005 Plan were $2,023 and $2,036 at September 30, 2015 and December 31, 2014, respectively. These costs are expected to be recognized over a weighted average period of 1.8 years and 1.2 years, at September 30, 2015 and December 31, 2014, respectively.

As of July 7, 2015 the Company was no longer able to grant awards under the 2005 Plan.

On June 24, 2015, the Company's shareholders approved the LMI Aerospace, Inc. 2015 Incentive Compensation Plan (the “2015 Plan”), which became effective on July 1, 2015. Under the 2015 Plan, the Company, through the Compensation Committee of the Board of Directors, may, at its discretion, grant stock options, restricted shares of common stock, and other various stock-based awards to directors, officers, employees and consultants. A total of 750,000 shares of the Company’s common stock have been reserved for issuance under the 2015 Plan.

All outstanding share-based grants are in the form of restricted stock. A summary of the activity for non-vested restricted stock awards under the 2015 Plan is presented below:




Restricted Stock Awards	Shares	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	—	$	—
Granted	61,801	9.79
Vested	—	—
Forfeited	—	—
Outstanding at September 30, 2015	61,801	$	9.79

Common stock compensation expense related to restricted stock awards granted under the 2015 Plan was $151 and $0 for the three months ended September 30, 2015 and 2014, respectively and $151 and $0 for the nine months ended September 30, 2015 and 2014, respectively.

Total unrecognized compensation costs related to non-vested, share-based awards granted or awarded under the 2015 Plan were $454 and $0 at September 30, 2015 and December 31, 2014, respectively. These costs are expected to be recognized over a weighted average period of 0.8 years at September 30, 2015.