STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2017

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

3.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, 2017, 104,235 shares of unvested restricted stock were awarded at a weighted average market value of $22.54.  Of the restricted shares granted, 28,025 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 generally 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, 2017:

	Number of shares
Outstanding at beginning of period	308,542
Awarded	104,235
Vested	(117,915	)
Forfeited	(15,782	)
Outstanding at end of period	279,080

Stock based compensation expense, net of forfeitures of $488 and $461 was recorded for the quarter ended June 30, 2017 and 2016, respectively.  For the six months ended June 30, 2017 and 2016, stock compensation expense, net of forfeitures of $954 and $974 was recorded, respectively.