STOCK-BASED AWARDS

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

We have equity incentive plans that provide for the grant to employees of stock-based awards, including stock options and restricted stock. During the three and nine months ended September 30, 2015, the Compensation Committee of the Board of Directors approved grants of 1,000 and 236,350 restricted stock awards, respectively, to our officers, board members and employees. The restricted stock awards vest over three years at 33.3% at the end of the first year, 33.3% at the end of the second year and 33.3% at the end of the third year and are subject to the employee’s continuing service to us. At September 30, 2015, there were 361,000 unvested restricted stock awards that remained outstanding.

The cost of restricted stock awards is determined using the fair value of our common stock on the date of the grant, and compensation expense is either recognized on a straight line basis over the three-year vesting schedule or on an accelerated schedule when vesting of restricted stock awards exceeds a straight-line basis. The cumulative amount of compensation expense recognized at any point in time is at least equal to the portion of the grant date fair value of the award that is vested at that date. The weighted average grant date fair value of restricted stock awards granted during the three and nine months ended September 30, 2015 was $20.98 and $24.71, respectively.

Stock-based compensation expense related to restricted stock awards was $839,000 and $998,000 during the three months ended September 30, 2015 and 2014, respectively. During the nine months ended September 30, 2015 and 2014 stock-based compensation expense related to restricted stock awards was $2.6 million and $2.9 million, respectively.

The following table summarizes restricted stock award activity during the nine months ended September 30, 2015 (in thousands):



	Nine months ended September 30, 2015
	Units		Weighted Average Grant Date Fair Value
Outstanding—beginning of year	578		$	16.70
Granted at fair value	236		24.71
Vested	(378	)	12.34
Forfeited	(75	)	24.40
Outstanding—end of period	361		$	24.84