Stock Based Compensation

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company previously offered a stock incentive plan whereby awards were granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards were discretionary and were determined by the Compensation Committee of the Board of Directors. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Upon exercise of stock options or vesting of restricted stock, the Company will use treasury stock or issue new common stock.

During 2015, the Company had two equity plans available for issuance of equity compensation instruments, including restricted shares of Company common stock and options to purchase Company common stock, the 2009 Equity Incentive Plan (the “2009 Plan”) and the 2015 Performance and Equity Incentive Plan (the “2015 Plan”). Upon adoption of the 2015 Plan, the remaining shares available for awards under the 2009 Plan were included in the 1.5 million shares approved under the 2015 Plan. As of December 31, 2015, 1.5 million shares were available under the 2015 Plan. Stock options previously granted under the 2009 Plan are still outstanding and to the extent that such options are exercised prior to their expiration, shares will be issued under the 2009 Plan.

Total stock-based compensation recorded in Corporate expense, net, on the Consolidated Statements of Operations for the three years ended December 31, 2015 is as follows:



	2015			2014			2013
Stock compensation expense before tax benefit	$	150		$	210		$	247
Income tax benefit	(58		)	(81		)	(95		)
	$	92		$	129		$	152

The following table sets forth the summary of option activity outstanding under the stock option program for 2015:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2014	99,775	$	54.15	1.9	—
Forfeited or expired	—	—		—	—
Balance at December 31, 2015	99,775	$	54.15	0.9	—
Vested or expected to vest at December 31, 2015	99,775	$	54.15	0.9	—
Exercisable at December 31, 2015	99,775	$	54.15	0.9	—

As of December 31, 2015 the Company did not have any unvested restricted stock units outstanding and did not issue any restricted stock units under either the 2009 Plan or 2015 Plan. The weighted average grant date fair value of restricted stock units during 2015, 2014 and 2013 were $15.53, $21.59 and $20.49, respectively. The total fair values of restricted stock units and stock options which vested were zero during 2015 and 2014 and $0.5 million during 2013. In 2015, the Company granted less than 0.1 million of vested restricted stock awards granted to certain of the Company’s directors as fees for services rendered under the 2009 Plan.