9. STOCK BASED COMPENSATION

2005 Executive Incentive Compensation Plan

Under the 2005 Executive Incentive Compensation Plan (the “2005 Plan”), incentive awards of up to 8,125,000 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. The Company granted 404,793, 756,492, and 500,468 shares of restricted stock to employees in 2017, 2016, and 2015, respectively. No monetary consideration is paid to the Company by employees who receive restricted stock. The restricted shares vest ratably over three to five 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 27,696, 53,274, and 90,820 shares of restricted stock in 2017, 2016, and 2015 respectively.

Summary of Stock-Based Compensation

The Company recognized approximately $2.2 million, $1.7 million, and $1.8 million in non-cash stock compensation expense for restricted stock awards in 2017, 2016 and 2015, respectively.

The following summary presents the information regarding the restricted stock and restricted stock units for the three years in the period ended December 31, 2017:

								Average
				Weighted		Aggregate		Remaining		Unrecognized
				Average		Intrinsic		Vesting		Compensation
	Shares			Grant Date		Value		Period		Expense
	(000’s)			Fair Value		(000’s)		(months)		(000’s)
Outstanding at January 1, 2015		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
Granted		810			3.94
Restricted stock vested		(552	)		2.75
Forfeited		(7	)		3.28
Outstanding at December 31, 2016		1,349			3.64
Granted		432			6.77
Restricted stock vested		(482	)		3.62
Forfeited		(109	)		3.94
Outstanding at December 31, 2017		1,190		$	4.75	$	7,913		14.3	$	3,335
Restricted stock units vested at December 31, 2017		134		$	2.56	$	888	N/A		N/A