Restricted Stock Units (RSUs)

3 Months Ended

Mar. 31, 2018

Restricted Stock Units (RSUs) [Abstract]

(11)RESTRICTED STOCK UNITS (RSUs)


Non-vested grants at December 31, 2017	944,500
Granted	-
Vested – weighted average share price on vesting date was $6.65	(221,500	)
Forfeited	(6,500	)
Non-vested grants at March 31, 2018	716,500

The 221,500 shares that vested during the three months ended March 31, 2018, had a value of $1.5 million. Under our RSU plan, participants are allowed to relinquish shares to pay for their required statutory income taxes.

With the passing of our Chairman, Victor Stabio, on March 7, 2018, the vesting of his 220,000 RSUs accelerated. The value of the accelerated RSUs was $1.5 million based on our March 7, 2018 closing stock price of $6.65 per share. These shares will be issued in May of 2018.

For the three months ended March 31, 2018, and 2017, our stock-based compensation was $2.0 million and $0.8 million, respectively. The increase in the stock compensation was due to the accelerated vesting of Mr. Stabio’s RSUs.

Non-vested RSU grants will vest as follows:


Vesting			RSU
Year			Vesting
2018			123,250
2019			310,750
2020			176,250
2021			106,250
			716,500

The outstanding RSUs have a value of $4.9 million based on the March 29, 2018, closing stock price of $6.87.

At March 31, 2018, we had 1,400,102 RSUs available for future issuance.