STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2014

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

7.STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

For the six months ended June 30, 2014, 165,406 shares of unvested restricted stock were awarded with a weighted average value of $11.20.  Of the restricted shares granted, 80,591 shares have performance based vesting conditions.  The value of the shares is amortized to compensation expense over the related service period, which is normally three years.  Shares of unvested restricted stock are forfeited if a recipient leaves the Company before the vesting date.  Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity for the six months ended June 30, 2014:

	Number of
	Shares
Outstanding at beginning of period	520,195
Awarded	165,406
Vested	(109,048	)
Forfeited	(41,961	)
Outstanding at end of period	534,592

For the quarters ended June 30, 2014 and 2013, stock compensation expense, net of forfeitures, of $388 and $277 was recorded, respectively.  For the six-months ended June 30, 2014 and 2013, stock compensation expense, net of forfeitures of $768 and $501 was recorded, respectively.