Quarterly report pursuant to Section 13 or 15(d)

SHARE BASED COMPENSATION

v3.7.0.1
SHARE BASED COMPENSATION
 3 Months Ended
Mar. 31, 2017
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 three months ended March 31, 2017 were as follows:
 
Number of Shares
 
Weighted Average Grant Price
Non-vested as of December 31, 2016
503,407

 
$
14.60

Restricted stock awards granted:
 
 
 
Non-employee directors
30,853

 
$
11.67

Employees
232,000

 
$
11.67

Vested
(277,002
)
 
$
14.72

Forfeited
(1,362
)
 
$
14.12

Non-vested as of March 31, 2017
487,896

 
$
12.95


The total fair value of shares vested during the three months ended March 31, 2017 and 2016 was $4.1 million and $2.9 million, respectively.
Stock Options. The Company did not grant any stock options during the three months ended March 31, 2017.
Employee Stock Purchase Plan (“ESPP”). During the three months ended March 31, 2017, the Company issued 75,162 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 March 31, 2017, 386,650 shares remain available for issuance under the ESPP.
Total share-based compensation expense, which includes stock options, restricted stock and the ESPP, was $1.2 million and $1.0 million for the three months ended March 31, 2017 and 2016, respectively.