Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPMENSATION

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STOCK-BASED COMPMENSATION
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPMENSATION
STOCK-BASED COMPENSATION
 
Stock-based compensation expense totaled $74,000 and $15,000 for the three months ended March 31, 2016 and 2015, respectively. No tax benefits were attributed to the stock-based compensation because a valuation allowance was maintained for substantially all net deferred tax assets. During March 2016, the Company modified the vesting feature of an award granted to a director who decided to not stand for re-election at the Company's 2016 annual meeting of stockholders. The modification of the award resulted in an additional $64,000 in stock-based compensation expense for the three months ended March 31, 2016.
 
The following table summarizes the Company’s restricted stock activity:
 
Shares
 
Wtd. Avg. Price at Date of Issuance
Nonvested at December 31, 2015
44,712

 
$
12.15

Granted
—

 
—

Vested
(5,591
)
 
12.15

Nonvested at March 31, 2016
39,121

 
12.15


 
As of March 31, 2016, total unrecognized stock-based compensation expense related to non-vested restricted stock was $69,000, which is expected to be recognized over a weighted-average period of 1.7 years.