Stock-Based Employee Compensation

6 Months Ended

Jun. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Employee Compensation

8. STOCK-BASED EMPLOYEE COMPENSATION

The Company recognized $0.6 million and $0.4 million in non-cash stock-based compensation expense in the second quarter of 2017 and second quarter of 2016, respectively. The Company recognized $1.1 million and $0.8 million in non-cash stock-based compensation expense in the six-month periods ended June 30, 2017 and June 30, 2016, respectively.  During the first six months of 2017, the Company granted an aggregate of 397,461 shares of restricted stock at a fair market value of $6.63 per share under its 2005 Executive Incentive Compensation Plan, as amended and restated. Most restricted shares vest in three equal installments on the first, second and third anniversaries of the grant date or cliff vest in five years. During the first six months of 2017, the Company granted 27,696 shares of restricted stock under its Non-Employee Directors’ Restricted Stock Plan, as amended, at an average fair market value of $8.68 per share. The directors’ restricted shares vest on the date of the 2018 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, 2017 and 2016, the total compensation expense not yet recognized related to all outstanding restricted stock/unit awards was $4.5 million and $3.0 million, respectively.