Stock Based Compensation

12 Months Ended

Dec. 31, 2016

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

Stock Based Compensation

Stock Based Compensation

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.

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 1,500,000 shares approved under the 2015 Plan.  As of December 31, 2016, 1,491,081 shares were available under the 2015 Plan.  Stock options previously granted under the 2009 Plan were still outstanding as of December 31, 2016 and expired in February 2017.

Total stock-based compensation recorded in corporate expense, net on the consolidated statements of operations for the three years ended December 31, 2016 is as follows:

	2016			2015			2014
Stock compensation expense before tax benefit	$	131		$	150		$	210
Income tax benefit	(50		)	(58		)	(81		)
	$	81		$	92		$	129

The following table sets forth the summary of option activity outstanding under the stock option program for 2016:

	Number of  Shares	Weighted  Average Exercise Price		Weighted  Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2015	99,775	$	54.15	0.9	—
Forfeited or expired	54,370	54.24		—	—
Balance at December 31, 2016	45,405	$	54.05	0.1	—
Vested or expected to vest at December 31, 2016	45,405	$	54.05	0.1	—
Exercisable at December 31, 2016	45,405	$	54.05	0.1	—

In 2016, the Company granted 8,919 of vested restricted stock awards granted to certain of the Company’s directors as fees for services rendered under the 2015 Plan of which 6,690 vested during the year ended December 31, 2016. As of December 31, 2016, the Company had 2,229 unvested restricted stock units outstanding, which will vest on February 17, 2017. The weighted average grant date fair value of restricted stock units during 2016, 2015 and 2014 were $16.82, $15.53 and $21.59, respectively. The total fair values of restricted stock units which vested were $0.1 million during 2016 and $0.2 million during both 2015 and 2014.