Quarterly report pursuant to Section 13 or 15(d)

SHARE BASED COMPENSATION

v3.5.0.2
SHARE BASED COMPENSATION
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE BASED COMPENSATION
SHARE-BASED COMPENSATION
Restricted Stock Awards. The number of shares and weighted average grant price of restricted stock awards during the nine months ended September 30, 2016 were as follows:
 
Number of Shares
 
Weighted Average Grant Price
Non-vested as of December 31, 2015
311,372

 
$
22.58

Restricted stock awards granted:
 
 
 
Non-employee directors
40,663

 
$
10.59

Employees
302,250

 
$
10.56

Vested
(143,527
)
 
$
22.15

Forfeited
(2,120
)
 
$
24.23

Non-vested as of September 30, 2016
508,638

 
$
14.59


The total fair value of shares vested during the nine months ended September 30, 2016 and 2015 was $3.2 million and $1.8 million, respectively.
Stock Options. The Company did not grant any stock options during the nine months ended September 30, 2016.
Employee Stock Purchase Plan (“ESPP”). During the nine months ended September 30, 2016, the Company issued 118,830 shares under the ESPP. On September 15, 2016, the ESPP was amended to, among other things, increase the number of shares reserved for issuance under the ESPP. As of September 30, 2016, 461,811 shares remain available for issuance under the ESPP.
Total share-based compensation expense, which includes stock options, restricted stock and the ESPP, was $3.5 million and $2.7 million for the nine months ended September 30, 2016 and 2015, respectively.