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SHARE-BASED COMPENSATION
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9 Months Ended | ||
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Sep. 30, 2014
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| Share-Based Compensation [Abstract] | |||
| SHARE-BASED COMPENSATION |
On June 1, 2011, our compensation committee approved the issuance of 660,000 shares of restricted stock, then valued at the closing price of our stock ($3.88), with no discount. The majority of the shares (600,000) vested on June 1, 2013. The remaining shares had a three-year vesting schedule and 20,001 shares vested on June 1, 2012, 20,001 vested on June 1, 2013 and 19,998 vested on June 1, 2014. On January 15, 2013, 50,000 additional shares of restricted stock were issued, then valued at $3.22, with no discount. These shares will vest over three years, 16,667 vested on January 15, 2014, 16,667 will vest on January 15, 2015 and 16,666 on January 15, 2016. On June 5, 2013, 15,000 additional shares of restricted stock were issued, then valued at $2.86, with no discount. These shares will vest over three years, 5,000 vested on June 1, 2014, 5,000 will vest on June 1, 2015 and 5,000 will vest on June 1, 2016. On January 1, 2014, 120,000 additional shares of restricted stock were issued, then valued at $2.78, with no discount. These shares will vest over two years, 60,000 on January 1, 2015 and 60,000 on January 1, 2016.
Vesting is contingent upon certain conditions, including continuous service of the individual recipients. Unvested grants made in connection with our incentive compensation plan are viewed as a series of individual awards and the related share-based compensation expense is amortized into compensation expense on a straight-line basis as services are provided over the vesting period, and reported as a reduction of stockholders’ equity. We grant shares of restricted stock to key members of management and the board of directors.
We recognized stock compensation expense of $0.1 million and $0.0 million for the three months ended September 30, 2014 and 2013, respectively, and $0.2 million and $0.6 million for the nine months ended September 30, 2014 and 2013, respectively. Share-based compensation expense related to the amortization of the restricted stock issued was included in selling, general and administrative expense. At September 30, 2014 and December 31, 2013, we had deferred share-based compensation of $0.3 million and $0.2 million, respectively.
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