Stock Compensation Plans

12 Months Ended

Dec. 31, 2014

Stock Compensation Plans [Abstract]

Stock Compensation Plans

(5)   Stock Compensation Plans

Restricted Stock Units (RSUs)

At December 31, 2014 we had 1,042,000 RSUs outstanding and 1,257,900 available for future issuance.  The outstanding RSUs have a value of $13 million based on the March 4, 2015 closing stock price of $12.67.  On February 1, 2014 we granted 920,000 RSUs to key employees of which 720,000 vest equally over four years and 200,000 overtwo years. Our stock price on grant date was $7.66. On April 1, 2014, we granted 171,000 RSUs and our stock price was $8.54.  On September 2, 2014 we granted 99,000 RSUs and our stock price was $13.56. On three other occasions in 2014, we granted a total of 5,500 RSUs; our stock price on those dates ranged from $11.39 to $14.06.  All RSUs granted in 2014, other than those on February 1, cliff vest over three years.  In July 2013, we granted 4,000 RSUs with cliff vesting of three years; our stock price on grant date was $8.14.  We expect 407,000 RSUs to vest during 2015 under our current vesting schedule.

During 2014 and 2013, there were 310,000 and 315,500 RSUs that vested, respectively. On the vesting dates the shares had a value of $3.1 million for 2014 and $2.3 million for 2013. Under our RSU plan participants are allowed to relinquish shares to pay for their required minimum statutory income taxes.

Stock-based compensation expense for 2014 was $3.2 million and for 2013 was $2.2 million. For 2015, based on existing RSUs outstanding, stock-based compensation expense will be $3.3 million.

Stock Bonus Plan

Our stock bonus plan was authorized in late 2009 with 250,000 shares. Currently, we have about 86,000 shares left in such plan.