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Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Stock Option Activity | A summary of the stock option activity for the year ended December 31, 2014 is provided below:
|  | Number of Shares Underlying Options (in thousands) |  |  | Weighted Average Exercise Price Per Share |  |  | Weighted Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value (in millions) |
Outstanding at beginning of period |  |  | 4,927 |  |  | $ | 6.95 |  |  |  | 2.85 |  |  | 2.81 |
Granted |  |  | 1,118 |  |  | $ | 7.05 |  |  |  | 4.18 |  |  |  |  |
Exercised |  |  | (1,128 | ) |  | $ | 5.04 |  |  |  | 0.69 |  |  |  |  |
Forfeited |  |  | (152 | ) |  | $ | 7.47 |  |  |  | 3.54 |  |  |  |  |
Outstanding at end of period |  |  | 4,765 |  |  | $ | 7.41 |  |  |  | 2.62 |  |  | $ | 1.61 |
Vested - end of period |  |  | 3,318 |  |  | $ | 7.45 |  |  |  | 2.22 |  |  | $ | 1.18 |
Vested and expected to vest - end of period |  |  | 4,728 |  |  | $ | 7.41 |  |  |  | 2.62 |  |  | $ | 1.60 |
A Summary of the Values of Options Granted and Exercised | A summary of the values of options granted and exercised for each of the years ended December 31, 2014, 2013 and 2012 is provided below:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Options granted - (thousands) |  |  | 1,118 |  |  |  | 1,836 |  |  |  | 1,024 |
Weighted average grant date fair value - ($/share) |  | $ | 2.43 |  |  | $ | 2.45 |  |  | $ | 3.49 |
Weighted average exercise price - ($/share) |  | $ | 5.04 |  |  | $ | 4.25 |  |  | $ | 4.62 |
Options exercised (thousands) |  |  | 1,128 |  |  |  | 877 |  |  |  | 759 |
Total intrinsic value of options exercised - ($thousands) |  | $ | 4,120 |  |  | $ | 1,201 |  |  | $ | 3,267 |
The Valuation of the Options Granted | The valuation of the options granted is based upon a Black Scholes model. The table below summarizes the assumptions used to value the options issued in 2014 and 2013.
Year |  | Options Issued (in thousands) |  | Average Volatility |  | Expected Term |  | Risk Free Interest Rate |  | Expected Dividend Yield
2014 |  | 1,118 |  | 58% |  | 2.5 years |  | 0.5% |  | 0%
2013 |  | 1,836 |  | 51% |  | 2.5 years |  | 0.3% |  | 0%
2012 |  | 1,024 |  | 65% |  | 2.5 years |  | 0.5% |  | 0%
Restricted Stock |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Non Vested Awards | Shares of restricted stock are granted under the Company’s long-term incentive plan using the fair market value of the underlying shares on the date of grant. In general, restricted stock granted to employees will vest over a period determined by the Compensation Committee. Determined by the Compensation Committee, some restricted stocks granted are vested immediately while some are vested over a three year period with the initial one-third vesting at the first grant date anniversary.
|  | Restricted Stock |  |  | Weighted Average Grant Price |
Non-Vested Shares Outstanding December 31, 2013 |  |  | 100,000 |  |  | $ | 5.89 |
Awards granted |  |  | 99,468 |  |  | $ | 6.98 |
Awards vested |  |  | (51,600 | ) |  | $ | 6.56 |
Awards forfeited |  |  | - |  |  |  | - |
Non-Vested Shares Outstanding December 31, 2014 |  |  | 147,868 |  |  | $ | 6.39 |

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