Quarterly report pursuant to Section 13 or 15(d)

SHARE BASED COMPENSATION

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SHARE BASED COMPENSATION
9 Months Ended
Sep. 30, 2018
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, 2018 were as follows:
 
Number of Shares
 
Weighted Average Grant Price
Non-vested as of December 31, 2017
382,873

 
$
12.68

Restricted stock awards granted:
 
 
 
Non-employee directors
37,272

 
$
9.00

Employees
291,599

 
$
9.00

Vested
(201,059
)
 
$
14.05

Forfeited
(500
)
 
$
9.66

Non-vested as of September 30, 2018
510,185

 
$
9.77


The total fair value of shares vested during the nine months ended September 30, 2018 and 2017, determined using the closing price on the grant date, was $2.8 million and $4.7 million, respectively.
Stock Options. The Company did not grant any stock options during the nine months ended September 30, 2018.
Employee Stock Purchase Plan (“ESPP”). During the nine months ended September 30, 2018, the Company issued 114,385 shares under the ESPP. As of September 30, 2018, 222,378 shares remain available for issuance under the ESPP.
Total share-based compensation expense, which includes stock options, restricted stock and the ESPP, was $2.2 million and $3.6 million for the nine months ended September 30, 2018 and 2017, respectively.