STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2016

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 nine months ended September 30, 2016, 105,662 shares of unvested restricted stock were awarded at a weighted average market value of $19.99.  Of the restricted shares granted, 58,813 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, or over the estimated performance period.  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 nine months ended September 30, 2016:

	Number of shares
Outstanding at beginning of period	367,199
Awarded	105,662
Vested	(108,745	)
Forfeited	(5,912	)
Outstanding at end of period	358,204

Stock based compensation expense, net of forfeitures of $395 and $410 was recorded for the quarter ended September 30, 2016 and 2015, respectively. For the nine months ended September 30, 2016 and 2015, stock compensation expense, net of forfeitures, of $1,370 and $1,336 was recorded, respectively.