Stock-Based Compensation Plans |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based Compensation |
(9) Stock-Based Compensation Plans
In 2006, our stockholders approved the VSE Corporation 2006 Restricted Stock Plan for its directors, officers and other employees (the "2006 Plan"). On May 6, 2014, the stockholders approved amendments to the 2006 Plan extending the term thereof until May 6, 2021 and authorized an additional 250,000 shares of our common stock for issuance under the 2006 Plan. Under the 2006 Plan terms, we are authorized to issue up to 500,000 shares of our common stock and, as of December 31, 2015, 261,880 shares remained available for issuance under the 2006 Plan. The Compensation Committee is responsible for the administration of the 2006 Plan, and determines each recipient of an award under the 2006 Plan, the number of restricted shares of common stock subject to such award and the period of continued employment required for the vesting of such award. These terms are included in award agreements between us and the recipients of the award.
During 2015 and 2014, Non-employee directors were awarded 9,000 and 10,800 shares of restricted stock, respectively, under the 2006 Plan. The weighted average grant-date fair value of these restricted stock grants was $68.58 per share and $47.22 per share for the shares awarded in 2015 and 2014, respectively. The shares issued vested immediately and cannot be sold, transferred, pledged or assigned before the second anniversary of the grant date. Compensation expense related to these grants was approximately $617 thousand and $510 thousand during 2015 and 2014, respectively.
In January of every year since 2007, we have notified certain employees that they are eligible to receive awards of VSE stock under our 2006 Plan, based on our financial performance for the respective fiscal years. These restricted stock awards are expensed and a corresponding liability is recorded on an accelerated basis over the vesting period of approximately three years. Upon issuance of shares on each vesting date, the liability is reduced and additional paid-in capital is increased. The date of award determination is expected to be in March 2016 for the 2015 awards. The date of award determination for the 2014 awards and the 2013 awards was March 2, 2015 and March 2, 2014, respectively. On each vesting date, 100% of the vested award is paid in our shares. The number of shares issued is based on the fair market value of our common stock on the vesting date. The earned amount is expensed on an accelerated basis over the vesting period of approximately three years. On March 2, 2015, the employees eligible for the 2014 awards, 2013 awards and 2012 awards received a total of 7,602 shares of common stock. The grant-date fair value of these awards was $83.20 per share.
The total stock-based compensation expense related to restricted stock awards for the years ended December 31, are as follows (in thousands):
Employees are permitted to use a certain number of shares of restricted stock to cover their personal tax liability for restricted stock awards. We paid approximately $342 thousand, $314 thousand and $257 thousand, to cover this liability in the years ended December 31, 2015, 2014 and 2013, respectively. These payments are classified as financing cash flows on the consolidated statements of cash flows. As of December 31, 2015, the total compensation cost related to non-vested awards not yet recognized was approximately $962 thousand with a weighted average amortization period of 1.9 years.
Stock-based compensation consisted of restricted stock awards, was included in contract costs and the following line items on the accompanying statements of income for the years ended December 31, 2015, 2014 and 2013 (in thousands):
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