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STOCK BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2013
STOCK BASED COMPENSATION PLANS [Abstract]  
STOCK BASED COMPENSATION PLANS
NOTE 11, STOCK-BASED COMPENSATION PLANS:

We have issued options and awards for Common Stock under two stock-based employee compensation plans, the 2004 Long Term Incentive Plan (the “2004 LTIP Plan”) and the 1998 Stock Option Plan (the “1998 Plan”). As of December 31, 2013, 715,433 shares were available for awards and options under the 2004 LTIP Plan.  No new awards may be granted under the 1998 Plan and as of December 31, 2013 all previously granted awards have been exercised, forfeited, or expired.

The following table summarizes our equity award activity during the years ended December 31, 2013, 2012 and 2011:
 
 
 
Restricted Stock Award
  
Stock-Settled
Appreciation Rights
  
Options
 
 
 
Shares or
Units
  
Weighted-
Average
Award
 Price
  
 
 
 
Rights
  
Weighted-
Average
Award
Price
  
Shares
  
Weighted-
Average
Exercise
 Price
 
Outstanding at January 1, 2011
  
289,125
   
11.65
   
144,049
   
8.87
   
830,427
   
15.18
 
Granted
  
249,600
   
12.67
   
—
   
—
   
—
   
—
 
Exercised or restrictions lapsed(1)
  
(104,000
)
  
12.03
   
—
   
—
   
(25,000
)
  
10.81
 
Forfeited or expired
  
(2,700
)
  
12.39
   
—
   
—
   
(513,327
)
  
15.95
 
Outstanding at December 31, 2011
  
432,025
   
12.13
   
144,049
   
8.87
   
292,100
   
14.20
 
Granted
  
252,700
   
12.34
   
—
   
—
   
—
   
—
 
Exercised or restrictions lapsed(1)
  
(127,050
)
  
11.87
   
(22,300
)
  
8.94
   
(236,100
)
  
12.89
 
Forfeited or expired
  
(1,750
)
  
12.34
           
(6,000
)
  
12.84
 
Outstanding at December 31, 2012
  
555,925
   
12.28
   
121,749
   
8.85
   
50,000
   
20.56
 
Granted
  
162,150
   
18.15
   
112,000
   
18.14
   
—
   
—
 
Exercised or restrictions lapsed(1)
  
(277,975
)
  
12.24
   
(84,049
)
  
8.90
   
(48,000
)
  
20.75
 
Forfeited or expired
  
(3,100
)
  
15.00
   
—
   
—
   
(2,000
)
  
15.90
 
Outstanding at December 31, 2013
  
437,000
   
14.46
   
149,700
   
15.78
   
—
   
—
 
Exercisable at December 31, 2013
          
37,700
  
$
8.76
   
—
   
—
 
Exercisable at December 31, 2012
          
96,224
  
$
8.89
   
50,000
  
$
20.56
 
Exercisable at December 31, 2011
          
80,508
  
$
8.91
   
292,100
  
$
14.20
 
 
(1)
The total intrinsic value of options and stock-settled appreciation rights exercised was approximately $1,312,000, $760,000 and $49,000 in 2013, 2012 and 2011, respectively.

The weighted average fair value for the stock-settled appreciation rights granted in 2013 was $6.50 estimated at the date of grant using a Black-Scholes pricing model with the following weighted average assumptions:  risk-free interest rate of 1.0%, expected life of 6 years, expected volatility of 41.5% per year and expected dividend yield of 1.2%. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at December 31, 2013 was approximately $850,000 and $2,324,000, respectively.

The total fair value of restricted common stock shares that vested in 2013, 2012 and 2011 was approximately $6,308,000, $1,528,000 and $1,251,000, respectively.  The aggregate intrinsic value of outstanding restricted stock awards was $13,678,000 at December 31, 2013.

Grants of restricted common stock, restricted units, and stock-settled appreciation rights are made to certain officers and key employees under the 2004 LTIP Plan. The restrictions on the awards generally lapse or vest annually, primarily over four year periods. The compensation is being charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis, and was approximately $3,323,000, $2,553,000 and $2,060,000 in 2013, 2012 and 2011, respectively. As of December 31, 2013, the total compensation cost related to unvested equity awards was approximately $4,412,000 and is expected to be recognized over a weighted-average period of 2.6 years.