STOCK-BASED COMPENSATION |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION
Stock-based compensation of approximately $629,000 and $716,000 during the three months and $1,002,000 and $2,005,000 during the nine months ended September 30, 2018, and 2017, respectively, was recognized.
Restricted Stock Awards
On August 9, 2018, we awarded approximately 40,000 shares of restricted stock to employees at a grant date price of $12.85. The stock will vest six months from the grant date. Compensation expense recognized during the three months ended September 30, 2018, was $171,000.
On January 17, 2018, we awarded 361 shares of restricted stock to an officer at a grant date price of $13.85. The stock was immediately vested. Compensation expense recognized during the three months ended September 30, 2018, was $0 and for the nine months ended September 30, 2018, was $5,000.
Restricted Stock Unit Awards
On September 1, 2018, we awarded approximately 9,000 shares of restricted stock to a director at a grant date price of $14.00. The restricted stock award vests over 2 years in 50% increments. Director’s compensation recognized during the three and nine months ended September 30, 2018, was approximately $4,000.
On February 20, 2018, we awarded approximately 102,000 shares of restricted stock units to officers at a grant date price of $12.15. One-half of the restricted stock units vest ratably over three years. The other half vests at the end of three years based upon the performance metrics of return on invested capital and earnings per share growth. The number of shares actually granted will be adjusted based upon relative performance to our peers. Compensation expense recognized during the three months ended September 30, 2018, was approximately $108,000 and for the nine months ended September 30, 2018, was $252,000.
Officer compensation of approximately $95,000 and $121,000 during the three months and $301,000 and $161,000 during the nine months ended September 30, 2018, and 2017, respectively, was recognized related to restricted stock unit awards granted to officers vesting through 2020.
Director compensation of approximately $75,000 and $75,000 during the three months and $240,000 and $231,000 during the nine months ended September 30, 2018, and 2017, respectively, was recognized related to restricted stock unit awards granted to directors vesting through 2020.
Officer compensation of approximately $79,000 and $106,000 was recognized during the three months and $255,000 and $316,000 during the nine months ended September 30, 2018, and 2017, respectively, related to restricted stock unit awards granted to officers. One-half of the restricted stock units vest ratably over three years. The other half vests at the end of the three years based upon the performance metrics of return on invested capital and earnings per share growth. The number of shares actually granted will be adjusted based upon relative performance to our peers.
Employee compensation of approximately $98,000 and $108,000 during the three months and $300,000 and $323,000 during the nine months ended September 30, 2018, and 2017, respectively, was recognized related to restricted stock units with a four years vesting period which was awarded to officers. This restricted stock vests through 2019.
Restricted stock units activity in the first nine months of 2018 was as follows:
Stock Option and Warrant Awards
A summary of the status of our stock option awards and warrants is presented below:
The fair value of the options granted were calculated using the Black Scholes option valuation model with the assumptions as disclosed in prior quarterly and annual filings.
Directors' compensation of approximately $0 and $30,000 during the three months and $0 and $90,000 during the nine months ended September 30, 2018, and 2017, respectively, was recognized related to options to purchase shares vesting through 2017.
Employee compensation of approximately $0 and $277,000 during the three months and $154,000 and $884,000 during the nine months ended September 30, 2018, and 2017, respectively, was recognized related to options with a 4- year vesting period which were awarded to officers and key employees. These options vest through 2018.
Post-retirement compensation of approximately $0 and $0 during the three months and $679,000 and $0 during the nine months ended September 30, 2018, and 2017, was reversed related to options awarded to Mr. Hatem El Khalidi in July 2009. On May 9, 2010, the Board of Directors determined that Mr. El Khalidi forfeited these options and other retirement benefits when he made various demands against the Company and other AMAK shareholders which would benefit him personally and were not in the best interests of the Company and its shareholders. The Company was successful in litigating its right to withdraw the options and benefits and as such, these options and benefits were reversed during the second quarter of 2018. See further discussion in Note 19.
See the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for additional information.
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