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. 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 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, 2017, 1,485,747 shares were available under the 2015 Plan. Stock options previously granted under the 2009 Plan expired in February 2017.

Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of operations for the three years ended December 31, 2017 is as follows:



	2017			2016			2015
Stock compensation expense before tax benefit	$	76		$	131		$	150
Income tax benefit	(22		)	(50		)	(58		)
	$	54		$	81		$	92

The following table sets forth the summary of option activity outstanding under the stock option program for 2017:



	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($000)
Balance at December 31, 2016	45,405	$	54.05	0.1	—
Forfeited or expired	45,405	54.05		—	—
Balance at December 31, 2017	—	$	—	—	—
Vested or expected to vest at December 31, 2017	—	$	—	—	—
Exercisable at December 31, 2017	—	$	—	—	—

In 2017 and 2016, the Company granted 5,334 and 8,919, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 2,229 and 6,690 vested during the year ended December 31, 2017 and 2016, respectively. As of December 31, 2017, the Company had 5,334 unvested restricted stock units outstanding, which will vest in May 2018. The weighted average grant date fair value of restricted stock units during 2017, 2016 and 2015 were $18.75, $16.82 and $15.53, respectively. The total fair values of restricted stock units that vested were $0.1 million during both 2017 and 2016 and $0.2 million during 2015.