Stock Compensation Plans

12 Months Ended

Dec. 31, 2017

(5) Stock Compensation Plans

Restricted Stock Units (RSUs)

On May 16, 2017, our Compensation Committee authorized the issuance and immediate vesting of 495,000 RSUs to our Chairman, President, and CFO. These shares were valued at $3.8 million, based on the May 16, 2017, closing stock price of $7.74.

By shareholder approval on May 25, 2017, our 2008 Restricted Stock Unit Plan (RSU Plan) was amended and restated to add 1,000,000 shares and extend its term through May 25, 2027.

On June 6, 2017, our Compensation Committee approved a Four-Year Compensation Plan for our Chairman, President, and CFO that granted them 645,000 RSUs. Beginning December 16, 2018, these RSUs will vest/lapse 25% annually through December 16, 2021, or earlier based on the terms of the RSU Plan and the applicable award agreements. The closing stock price on the date of grant was $8.23.

The table below shows the number of RSUs available for issuance at December 31, 2017:


Total authorized RSUs in Plan approved by shareholders		4,850,000
Stock issued out of the Plan from vested grants		(2,512,432)
Non-vested grants		(944,500)
RSUs available for future issuance		1,393,068



Non-vested grants at January 1, 2015		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		733,000
Granted – weighted average share price on grant date was $7.98 (1)		1,211,500
Vested – weighted average share price on vesting date was $7.22 (1)		(990,500)
Forfeited		(9,500)
Non-vested grants at December 31, 2017 (2)		944,500

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(1)RSU Vesting Schedule



Vesting Year		No. RSUs Vesting
2018		178,250
2019		373,750
2020		231,250
2021		161,250
		944,500

Vested shares had a value of $7.1 million for 2017, $2.4 million for 2016, and $3.0 million for 2015 on their vesting dates. 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 $6.2 million based on the March 9, 2017 closing stock price of $6.53.

For the years ended December 31, 2017, 2016, and 2015 stock based compensation was $7.3 million, $ 2.5 million, and $3.1 million, respectively. For 2018, based on existing RSUs outstanding, stock-based compensation expense is estimated to be $2.0 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.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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