Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

11. Stock-Based Compensation

Our authorized capital stock consists of 100.0 million shares of common stock, par value $0.01 per share, and 50.0 million shares of preferred stock, par value $0.01 per share. As of September 30, 2016 and December 31, 2015, there were 20.7 million and 20.6 million shares of common stock issued and outstanding, respectively, exclusive of the restricted common stock issued. During the nine months ended September 30, 2016, we repurchased 0.2 million shares of our common stock at a weighted average price of $15.03 per share.

We issued 13.0 thousand and 0.2 million shares of common stock related to the vesting of restricted stock awards during the three and nine months ended September 30, 2016, respectively. We had reserved a total of 1.8 million shares of our common stock for issuance under our First Amended & Restated 2013 Long-Term Incentive Plan, of which, 0.6 million shares remain available for issuance as of September 30, 2016.

During the three months ended September 30, 2016, we did not grant any stock based compensation. During the nine months ended September 30, 2016, we granted 0.5 million shares of restricted stock units with a weighted average grant date fair value of $14.28 per share. Such restricted stock units vest over a three year period from the grant date. Previously, we had issued awards of restricted common stock under our First Amended & Restated 2013 Long-Term Inventive Plan.

A summary of our outstanding awards of restricted common stock and restricted stock units are as follows (in thousands, except years):


		As of
		September 30, 2016
		Restricted Stock Awards		Restricted Stock Units		Total
Unvested awards/units		359		496		855
Unrecognized compensation cost	$	4,311	$	5,596	$	9,907
Period to recognize compensation cost		1.2 years		2.4 years		1.87 years (average)

During the three months ended September 30, 2016 and 2015, we recognized stock-based compensation expense of $1.6 million and $1.4 million, respectively. During the nine months ended September 30, 2016 and 2015, we recognized stock-based compensation expense of $5.1 million and $3.9 million, respectively. Stock-based compensation expense is included in selling, general, and administrative on our consolidated statements of operations.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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