Stock Based Compensation

9 Months Ended

Sep. 30, 2015

Stock Based Compensation [Abstract]

Stock Based Compensation

NOTE 15 – STOCK BASED COMPENSATION

We grant stock-based compensation in the form of (1) unrestricted stock awards to our outside directors and (2) restricted stock units (“RSUs”) to key executive personnel.  RSUs are granted in a combination of time based and performance based units. These awards were granted under the International Shipholding Corporation 2011 Stock Incentive Plan (the “Plan”), which was approved by our stockholders in 2011.  In the first quarter of 2015, we granted 8,100 unrestricted shares to our outside directors and 42,650 RSUs to key executive personnel. Additionally, during the first quarter of 2015, our key executive personnel forfeited 37,700 shares from certain performance based RSUs granted in 2012 and 2014 and modified awards originally granted in 2013. Our total compensation expense related to these plans was approximately $0.3 million and $0.4 million for the three months ended September 30, 2015 and 2014, respectively, and $0.6 million and $1.2 million for the nine months ended September 30, 2015 and 2014, respectively, which is reflected in administrative and general expenses.