Stock Based Compensation
|3 Months Ended|
Mar. 31, 2019
|Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]|
|Stock Based Compensation||
3. STOCK BASED COMPENSATION
The Company accounts for stock-based compensation under the provisions of ASC Topic 718, “Compensation - Stock Compensation.” The Company recognizes compensation cost in its financial statements for all share based payments granted, modified, or settled during the period.
For awards with graded vesting, compensation cost is recognized on a straight-line basis over the related vesting period.
The Company did not record any compensation expense related to stock options during the three months ended March 31, 2019. For the three months ended March 31, 2018, the Company recorded compensation expense (included in general and administrative expense) of $4,000 related to stock options. For the three months ended March 31, 2019 and 2018, the Company recorded compensation expense of $1,396,000 and $1,495,000, respectively, related to amortization of non-vested stock grants and performance-based awards.
No stock options were exercised by employees and directors during the three months ended March 31, 2019 and 2018. During the three months ended March 31, 2019 and 2018, 16,821 and 36,191 shares of non-vested stock, respectively, vested.
During the three months ended March 31, 2019, the Company issued 1,000 shares of non-vested stock to employees which vest over five years. The per-share fair market value on the date of grant of the non-vested stock issued during the three months ended March 31, 2019 was $99.10, resulting in an aggregate fair value of $99,100.
In September 2018, the Company announced that then current Chief Executive Officer, David Rogers, would be retiring effective March 1, 2019. In conjunction with this announcement, the vesting periods of certain restricted stock awards and performance-based awards previously granted to Mr. Rogers were accelerated to reflect his March 1, 2019 retirement date. As a result of this change, an additional $0.4 million of compensation expense was recorded during the three months ended March 31, 2019.
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef