9. STOCK AND INCENTIVE COMPENSATION PLANS

Incentive Compensation Plan

The Company’s EVA Incentive Compensation Plan was terminated effective upon the stockholders’ approval of the 2015 amendment to the Company’s 2005 Executive Incentive Compensation Plan. Instead, performance-based goals for 2015 annual cash incentive awards were adopted under the new amended plan, and awards issued thereunder subject to the limitations set forth therein. The Company recorded $1.3 million, $1.0 million and $0.8 million in expense related to compensation plans in the years ended December 31, 2015, 2014 and 2013, respectively.

2005 Executive Incentive Compensation Plan

Under the Company’s 2005 Executive Incentive Compensation Plan, which was adopted in 2005 and subsequently amended in 2007, 2009, 2012, and 2015 (“2005 Plan”), incentive awards of up to 6,125,000 shares of common stock may be granted. The 2005 Plan allows the Company to grant awards to key employees, including restricted stock awards, stock options, other stock-based incentive awards and cash based incentive awards subject primarily to the requirement of continued employment. Awards under the 2005 Plan are available for grant over a ten-year period unless terminated earlier by the Board of Directors. No options were issued in 2015, 2014 or 2013. The Company granted 500,468, 456,253, and 570,680 shares of restricted stock in 2015, 2014, and 2013, respectively. No monetary consideration is paid to the Company by employees who receive restricted stock. The restricted shares vest ratably over three years. Restricted stock can be granted with or without performance restrictions.

2005 Non-Employee Directors’ Restricted Stock Plan

Under the Company’s 2005 Non-Employee Directors’ Restricted Stock Plan, which was adopted in 2005 and subsequently amended in 2007, 2009, 2012, and 2015, incentive awards of up to 575,000 shares of common stock may be granted. Awards under this plan are available for grant over a ten-year period expiring March 31, 2025, unless terminated earlier by the Board of Directors. The Company granted 90,820 shares of restricted stock in 2015. The Company granted 20,688 and 34,818 restricted stock units in 2014 and 2013, respectively. These grants vest approximately one year later on the date of the following annual stockholders’ meeting on which they are granted.

Accounting For Stock-Based Compensation

The Company recognized approximately $1.8 million, $1.4 million, and $1.0 million in non-cash stock compensation expense for restricted stock awards in 2015, 2014 and 2013, respectively.

At December 31, 2015, the Company had 1,636,636 shares available for future awards under all of its stock compensation plans. On February 3, 2016, the Company issued 241,073 shares of restricted stock.

Stock Options

The fair value of each option award is estimated as of the date of grant using the Black-Scholes option pricing model. The Company did not grant stock options in 2015, 2014 or 2013.

The following table summarizes the stock option transactions pursuant to the Company’s stock incentive plans for the three years ended December 31, 2015:

										Average
				Weighted		Average		Aggregate		Remaining		Unrecognized
				Average		Remaining		Intrinsic		Vesting		Compensation
	Shares			Exercise Price		Contractual		Value		Period		Expense
	(000’s)			Per Share		Term (Years)		(000’s)		(months)		(000’s)
Options Outstanding at January 1, 2013		205		$	8.46
Granted		—			—
Exercised		—			—
Forfeited		(18	)		9.01
Options Outstanding at December 31, 2013		187			8.40
Granted		—			—
Exercised		—			—
Forfeited		(82	)		7.34
Options Outstanding at December 31, 2014		105			9.23
Granted		—			—
Exercised		—			—
Forfeited		(43	)		9.89
Options Outstanding at December 31, 2015		62		$	8.78		0.1		—		—	$	—
Exercisable at December 31, 2015		62		$	8.78		0.1		—	N/A		N/A

The following table summarizes information about stock options outstanding at December 31, 2015:

OPTIONS OUTSTANDING

OPTIONS EXERCISABLE

Weighted Average

Number

Remaining

Number

Range of

Outstanding

Contractual Life

Weighted Average

Exercisable

Weighted Average

Exercise Price

(000’s)

(Years)

Exercise Price

(000’s)

Exercise Price

$8.78

0.1

8.78

Restricted Stock and Restricted Stock Units

Restricted stock grants are recorded as unearned compensation on the date of grant in additional paid in capital at fair market value. The unearned compensation is being amortized to expense over the requisite service periods.

The following summary presents the information regarding the restricted stock and restricted stock units for the three years in the period ended December 31, 2015:

									Average
				Weighted		Average	Aggregate		Remaining		Unrecognized
				Average		Remaining	Intrinsic		Vesting		Compensation
	Shares			Grant Date		Contractual	Value		Period		Expense
	(000’s)			Fair Value		Term (Years)	(000’s)		(months)		(000’s)
Outstanding at January 1, 2013		2,166		$	0.92
Granted		605			2.35
Restricted stock vested		(947	)		0.75
Forfeited		(16	)		1.09
Outstanding at December 31, 2013		1,808			1.48
Granted		477			3.64
Restricted stock vested		(862	)		1.13
Forfeited		(19	)		1.37
Outstanding at December 31, 2014		1,404			2.44
Granted		591			3.24
Restricted stock vested		(781	)		2.03
Forfeited		(116	)		3.45
Outstanding at December 31, 2015		1,098		$	3.16	8.1	$	4,090		5.3	$	1,520
Restricted stock and restricted stock units vested at December 31, 2015		197		$	2.86	N/A	$	733	N/A		N/A