Stock Compensation Plans

12 Months Ended

Dec. 31, 2015

(6) Stock Compensation Plans

Restricted Stock Units (RSUs)


Non-vested grants at January 1, 2013	481,500
Granted – Stock Price was $8.14 on grant date	4,000
Vested	(315,500	)
Forfeited	(6,000	)
Non-vested grants at December 31, 2013	164,000
Granted – Weighted average stock price was $8.29 on grant date	1,195,500
Vested	(310,000	)
Forfeited	(7,500	)
Non-vested grants at December 31, 2014	1,042,000
Granted - Stock Price was $11.52 on grant date	2,000
Vested	(410,500	)
Forfeited	(27,000	)
Non-vested grants at December 31, 2015 (1)	606,500

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(1) 180,000 vest in 2016, 424,500 vest in 2017 and 2,000 vest in 2018.

At December 31, 2015 we have 1,418,723 RSUs available for future issuance.

On the vesting dates, the shares had a value of $3.0 million for 2015, $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.

The outstanding RSUs have a value of $3.2 million based on the March 9, 2016 closing stock price of $5.31.

For the years ended December 31, 2015, 2014 and 2013 stock based compensation was $3.1 million, $3.2 million, and $2.2 million, respectively. For 2016, based on existing RSUs outstanding, stock-based compensation expense will be $2.3 million.

Stock Bonus Plan

Our stock bonus plan was authorized in late 2009 with 250,000 shares. Currently, we have 86,384 shares left in such plan.