Stock Compensation Plans

12 Months Ended

Dec. 31, 2016

(6) Stock Compensation Plans

Restricted Stock Units (RSUs)


Non-vested grants at January 1, 2014	164,000
Granted – weighted average share price on grant date was $8.29	1,195,500
Vested – weighted average share price on vesting date was $10.09	(310,000	)
Forfeited	(7,500	)
Non-vested grants at December 31, 2014	1,042,000
Granted –share price on grant date was $11.52	2,000
Vested – weighted average share price on vesting date was $7.42	(410,500	)
Forfeited	(27,000	)
Non-vested grants at December 31, 2015	606,500
Granted – weighted average share price on grant date was $6.84	414,000
Vested – weighted average share price on vesting date was $8.72	(271,500	)
Forfeited	(16,000	)
Non-vested grants at December 31, 2016 (1)	733,000

__________________________________________________

(1), 497,500 vest in 2017 and 17,000 vest in 2018, and 219,000 vest in 2019

At December 31, 2016, we had 1,146,516 RSUs available for future issuance.

On the vesting dates, the shares that vested had a value of $2.4 million for 2016, $3.0 million for 2015 and $3.1 million for 2014. Under our RSU plan, participants are allowed to relinquish shares to pay for their required statutory income taxes.

The outstanding RSUs have a value of $6.1 million based on the March 8, 2017 closing stock price of $8.32.

For the years ended December 31, 2016, 2015 and 2014 stock based compensation was $ 2.5 million, $3.1 million, and $3.2 million, respectively. For 2017, based on existing RSUs outstanding, stock-based compensation expense is estimated to be $2.7 million.

Stock Bonus Plan

Our stock bonus plan was authorized in late 2009 with 250,000 shares. Currently, we have 86,383 shares available for future issuance.