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STOCK-BASED EMPLOYEE COMPENSATION
6 Months Ended
Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
STOCK-BASED EMPLOYEE COMPENSATION

8. STOCK-BASED EMPLOYEE COMPENSATION

The Company recognized $0.7 million and $0.5 million in non-cash stock-based compensation expense in each of the six month periods ended June 30, 2014 and June 30, 2013, respectively. During the first six months of 2014, the Company granted an aggregate of 456,253 shares of restricted stock at a fair market value of $3.81 per share under its 2005 Executive Incentive Compensation Plan. The restricted shares vest in three equal installments on the first, second and third anniversaries of the grant date. During the first six months of 2014, the Company granted 20,688 restricted stock units (“RSUs”) under its 2005 Non-Employee Directors’ Restricted Stock Plan at a fair market value of $4.35 per RSU. The RSUs vest on the date of the 2015 Annual Meeting. The unearned compensation expense is being amortized into expense on a straight-line basis over the requisite service period for the entire award. As of June 30, 2014 and 2013, the total compensation expense not yet recognized related to all outstanding restricted stock/unit awards was approximately $2.5 million and $1.8 million, respectively.