Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION (Tables)

v3.3.1.900
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Nonvested Restricted Stock Shares Activity
During the year ended December 31, 2015, the number of shares and the weighted average grant price of restricted stock award transactions were as follows:
 
 
2015
 
 
Number of Shares
 
Weighted Average Grant Price
Non-vested as of December 31, 2014
 
195,920

 
$
25.48

Restricted stock awards granted:
 
 
 
 
Non-employee directors
 
16,938

 
$
21.26

Employees
 
176,750

 
$
20.78

Vested
 
(75,011
)
 
$
25.54

Forfeited
 
(3,225
)
 
$
24.43

Non-vested as of December 31, 2015
 
311,372

 
$
22.58

Schedule of Share-based Compensation, Stock Options, Activity
During the year ended December 31, 2015, the number of shares, the weighted average grant date fair value and the weighted average exercise price on stock option transactions were as follows:
 
 
Non-vested Options
 
Vested/Exercisable Options
 
Total Options
 
 
Number of Shares
 
Weighted Average Grant Date Fair Value
 
Number of Shares
 
Weighted Average Exercise Price
 
Number of Shares
 
Weighted Average Exercise Price
Outstanding as of December 31, 2014
 
77,500

 
$
9.54

 
264,648

 
$
19.06

 
342,148

 
$
20.02

Granted
 
75,000

 
$
6.69

 
—

 
$
—

 
75,000

 
$
20.13

Vested
 
(23,750
)
 
$
9.42

 
23,750

 
$
22.79

 
—

 
$
—

Exercised
 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Expired
 
—

 
$
—

 
(120,000
)
 
$
21.94

 
(120,000
)
 
$
21.94

Forfeited
 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Outstanding as of December 31, 2015
 
128,750

 
$
7.90

 
168,398

 
$
17.53

 
297,148

 
$
19.27

Schedule of Stock Options Valuation Assumptions
The following table shows the assumptions used to compute the share-based compensation expense for stock options granted during the years ended December 31, 2015 and 2014:
 
 
2015
 
2014
Risk free interest rate
 
1.48
%
 
1.75
%
Expected life (years)
 
5

 
5

Volatility
 
35.27
%
 
39.62
%
Dividend yield
 
—
%
 
—
%
Weighted average exercise price of options granted (per option)
 
$
20.13

 
$
29.24

Weighted average grant-date fair value of options granted (per option)
 
$
6.69

 
$
10.86