Quarterly report pursuant to Section 13 or 15(d)

SHARE BASED COMPENSATION

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SHARE BASED COMPENSATION
 9 Months Ended
Sep. 30, 2015
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, 2015 were as follows:
 
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
(71,186
)
 
$
25.58

Forfeited
(600
)
 
$
23.66

Non-vested as of September 30, 2015
317,822

 
$
22.62


The total fair value of shares vested during the nine months ended September 30, 2015 and 2014 was $1.8 million and $4.0 million, respectively.
Stock Options. During the nine months ended September 30, 2015, the Company awarded 75,000 stock options. The Company uses a Black-Scholes option pricing model to estimate the fair value of stock options. The following table shows the assumptions used to compute the share-based compensation expense for stock options granted during the nine months ended September 30, 2015:
Risk free interest rate
 
1.48
%
Expected life (years)
 
5

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

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


Employee Stock Purchase Plan (“ESPP”). During the nine months ended September 30, 2015, the Company issued 66,273 shares under the ESPP. As of September 30, 2015, 180,641 shares remain available for issuance under the ESPP.
Total share-based compensation expense, which includes stock options, restricted stock and the ESPP, was $2.7 million and $5.2 million for the nine months ended September 30, 2015 and 2014, respectively.