Stock Based Compensation | 12. Stock Based Compensation—The Company accounts for stock-based awards to employees and directors in accordance with FASB ASC 718, “ Share-Based Payment, The following tables illustrate the Company’s stock based compensation, unamortized stock-based compensation, and remaining weighted average period for the three and six months ended June 30, 2018 and 2017. Stock-Based Compensation for the Three months ended Stock-Based Compensation for the Six months ended Unamortized Stock-Based Compensation Remaining Weighted Average Period (years) June 30, 2018 Restricted Stock $ 988 $ 1,750 $ 7,424 2.2 Performance Based Restricted Stock 481 1,028 3,336 2.2 Total $ 1,469 $ 2,778 $ 10,760 June 30, 2017 Incentive Stock Options $ 86 $ 170 $ 193 0.5 Restricted Stock 777 1,433 5,198 1.4 Performance Based Restricted Stock 321 621 2,157 2.3 Performance Based Options 58 98 117 0.5 Total $ 1,242 $ 2,322 $ 7,665 Stock Options—During the three and six months ended June 30, 2018, the Company did not grant any employees options to acquire shares of common stock. Option activity within each plan is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share Balance outstanding, December 31, 2017 473,641 $ 9.38 $ 9.38 Options exercised (40,923 ) 11.49 — Balance outstanding, March 31, 2018 432,718 9.19 9.19 Options exercised (38,360 ) 10.02 — Balance outstanding, June 30, 2018 394,358 $ 9.12 $ 9.12 Information relating to stock options at June 30, 2018, summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Incentive Stock Option Plan: $7.50 233,545 29 $ 7.5 233,545 $ 7.50 $11.32—$14.49 160,813 76 $ 11.48 160,813 $ 11.48 394,358 $ 9.12 394,358 $ 9.12 The weighted average exercise prices for options granted, and exercisable, and the weighted average remaining contractual life for options outstanding as of June 30, 2018, were as follows: As of June 30, 2018 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Incentive Stock Option Plan: Outstanding 394,358 $ 9.12 48 $ 5,452 Expected to Vest 394,358 $ 9.12 48 $ 5,452 Exercisable 394,358 $ 9.12 48 $ 5,452 Common stock grants — Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 391,753 $ 15.61 324,756 $ 14.75 Granted 254,972 19.97 251,475 16.10 Vested (8,800 ) 12.07 (10,100 ) 12.95 Forfeited (5,265 ) 16.51 (6,544 ) 15.26 Nonvested shares at March 31 st 632,660 17.41 559,587 15.38 Granted 22,308 23.66 38,502 17.08 Vested (20,313 ) 22.82 (188,400 ) 15.22 Forfeited (6,424 ) 17.25 (6,593 ) 15.55 Nonvested shares at June 30th 628,231 $ 17.40 403,096 $ 15.61 Common stock grants — During the six months ended June 30, 2018, the Company issued a total of 277,280 shares of common stock to employees and directors of which 19,313 shares vested immediately, 19,760 shares will vest between a range of 178 days to 1,060 days, and the remaining shares will cliff vest after three years of service. The shares granted in 2018 were average fair valued at $20.27 per share. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the fair value of restricted shares over the required service period. During the six months ended June 30, 2017, the Company issued a total of 289,977 shares of common stock to employees and directors of which 24,312 shares vested immediately, 3,900 shares will vest in three equal tranches on the employee’s anniversary, 1,000 shares vested after one year of service, 2,500 shares will cliff vest after two years of service, and the remaining shares will cliff vest after three years of service. The shares granted in 2017 were average fair valued at $16.23 per share. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the fair value of restricted shares over the required service period. During the three months ended June 30, 2018 and 2017, the Company recognized stock-based compensation related to restricted shares of $988 and $777, respectively. During the six months ended June 30, 2018 and 2017, the Company recognized stock-based compensation related to restricted shares of $1,750 and $1,433, respectively. As of June 30, 2018, the Company had approximately $7,424 of unamortized stock-based compensation related to unvested restricted shares. This amount will be recognized over the weighted-average period of 2.2 years. This projected expense will change if any restricted shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Performance Based Shares — Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number of Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Nonvested shares at December 31 st 186,057 $ 14.93 119,022 $ 14.18 Granted 122,446 18.79 121,194 15.40 Vested (14,625 ) 11.01 — — Forfeited (1,765 ) 15.40 — — Nonvested shares at March 31 st 292,113 16.74 240,216 14.80 Granted 3,850 22.69 7,400 15.88 Vested — — (48,046 ) 14.92 Forfeited (2,179 ) 17.67 (12,560 ) 12.92 Nonvested shares at June 30th 293,784 $ 16.81 187,010 $ 14.93 Performance Based Shares — During the six months ended June 30, 2018, the Company issued a total of 126,296 performance-based shares to employees. The shares granted have an average fair value of $18.91. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense, the fair value of the performance based shares over the required service period from grant date. Performance Based Shares — During the six months ended June 30, 2017, the Company issued a total of 128,594 performance-based shares to employees. The shares granted during the six months of 2017 have an average fair value of $15.43. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The Company will recognize as expense the fair value of the performance based shares over the required service period from grant date. As of June 30, 2018, performance based shares related to EBIT and net sales have an average fair value of $18.88 per share. The fair value was determined by using the publicly traded share price as of the market close on the date of grant. The performance based shares related to the Company’s stock price have an average fair value of $15.85 per share. The fair value was determined by using the Monte Carlo valuation method. For awards with performance conditions, the Company recognizes share-based compensation cost on a straight-line basis for each performance criteria over the implied service period. During the three months ended June 30, 2018 and 2017, the Company recognized stock-based compensation related to performance based shares of $481 and $321, respectively. During the six months ended June 30, 2018 and 2017, the Company recognized stock-based compensation related to performance based shares of $1,028 and $621, respectively. As of June 30, 2018, the Company had approximately $3,336 of unamortized stock-based compensation expense related to unvested performance based shares. This amount will be recognized over the weighted-average period of 2.2 years. This projected expense will change if any performance based shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures. Performance Incentive Stock Options—During the six months ended June 30, 2018 and 2017, the Company did not grant any employees performance incentive stock options to acquire shares of common stock. As of June 30, 2018, the Company has concluded that the performance measure based on EBIT and net sales for the performance stock options granted in 2014, when compared to the peer group, was met at 200% of targeted performance and all related additional expenses were recorded as of December 31, 2017. The performance options based on market price was met at 175%, however, the market condition is reflected in the grant date fair value valuation and no additional expenses were recognized as of December 31, 2017. As a result, 77,598 shares were earned through additional vesting based on performance. The balance outstanding as of June 30, 2018 is increased by the additional options issued based on performance. Performance option activity is as follows: Incentive Stock Option Plans Weighted Average Price Per Share Exercisable Weighted Average Price Per Share Balance outstanding, December 31, 2017 and March 31, 2018 81,666 $ 11.49 $ 11.49 Additional vesting based on performance 77,598 11.49 — Options exercised (17,839 ) 11.49 — Balance outstanding, June 30, 2018 141,425 $ 11.49 $ 11.49 Information relating to stock options at June 30, 2018 summarized by exercise price is as follows: Outstanding Weighted Average Exercisable Weighted Average Exercise Price Per Share Shares Remaining Life (Months) Exercise Price Shares Exercise Price Performance Incentive Stock Option Plan: 141,425 78 $ 11.49 141,425 $ 11.49 The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of June 30, 2018 are as follows: As of June 30, 2018 Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Months) Intrinsic Value (thousands) Performance Incentive Stock Option Plan: Outstanding 141,425 $ 11.49 78 $ 1,621 Expected to Vest 141,425 $ 11.49 78 $ 1,621 Exercisable 141,425 $ 11.49 78 $ 1,621 In March 2016, FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) |