Stock-Based Employee Compensation

3 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Employee Compensation

8. STOCK-BASED EMPLOYEE COMPENSATION

The Company recognized $0.4 million in non-cash stock-based compensation expense in each of the three-month periods ended March 31, 2016 and March 31, 2015, respectively.  During the first three months of 2016, the Company granted an aggregate of 307,036 shares of restricted stock at a fair market value of $3.331 per share under its 2005 Executive Incentive Compensation Plan, as amended and restated. The restricted shares vest in three equal installments on the first, second and third anniversaries of the grant date.  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 March 31, 2016 and 2015, the total compensation expense not yet recognized related to all outstanding restricted stock/unit awards was $2.2 million and $2.9 million, respectively.