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Note 10 - Stock Based Compensation
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

(10)         Stock-Based Compensation


2009 Employee Stock Purchase Plan


The 2009 Employee Stock Purchase Plan (the “2009 ESPP”) allows for the issuance of 1,500,000 shares of our Class A common stock. The 2009 ESPP is intended to qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as amended, and is administered by the Compensation Committee of the Board of Directors.


Eligible employees are entitled to defer up to 10% of their base pay for the purchase of stock, up to $25,000 of fair market value of our Class A common stock annually. The purchase price is equal to 85% of the fair market value at the end of the purchase period. During 2014, a total of 64,817 shares were purchased under the 2009 ESPP at a weighted average price of $67.56 per share, which represented a weighted average discount from the fair market value of $11.92 per share. As of December 31, 2014, 539,471 shares remained available for purchase under the 2009 ESPP.


Compensation expense related to our 2009 ESPP is calculated based on the 15% discount from the per share market price on the date of grant.


2013 Stock Incentive Plan


Our 2013 Stock Incentive Plan, as amended, (the “2013 Plan”) allows for stock appreciation rights, qualified stock options and for the granting of up to a total of 3.8 million nonqualified stock options and shares of restricted stock to our officers, key employees, directors and consultants. Our plan is administered by the Compensation Committee of the Board of Directors and permits accelerated vesting of outstanding awards upon the occurrence of certain changes in control. As of December 31, 2014, 1,604,410 shares of Class A common stock were available for future grants. As of December 31, 2014, there were no stock appreciation rights, qualified stock options or shares of restricted stock outstanding.


Restricted Stock Units (“RSUs”)


RSU grants vest over a period up to four years from the date of grant. RSU activity under our stock incentive plans was as follows:


   

Non-vested

stock units

   

Weighted average

grant date fair value

 

Balance, December 31, 2013

    677,358     $ 25.10  

Granted

    84,955       68.99  

Vested

    (288,042 )     45.20  

Forfeited

    (9,513 )     35.01  

Balance, December 31, 2014

    464,758     $ 36.33  

We granted 51,343 time-vesting RSUs to members of our Board of Directors and employees in 2014. Each grant entitles the holder to receive shares of our Class A common stock upon vesting. A quarter of the RSUs vest on each of the four anniversaries of the grant date for employees and vests quarterly for our Board of Directors, over their service period.


Certain key employees were granted 33,612 performance and time-vesting RSUs in 2014. The maximum target level was attained and 100% of the shares were earned and will vest over the service period. 


Stock Options


Stock options become exercisable over a period of up to five years from the date of grant with expiration dates up to ten years from the date of grant and at exercise prices of not less than market value, as determined by the Board of Directors. Beginning in 2004, the expiration date of options granted was reduced to six years.


Option activity under our stock incentive plans was as follows:


   

Shares subject

to options

   

Weighted average

exercise price

   

Aggregate intrinsic value (millions)

   

Weighted average

remaining contractual term (years)

 

Balance, December 31, 2013

    58,884     $ 6.53     $ 3.7       0.7  

Granted

    -                          

Forfeited

    -                          

Expired

    -                          

Exercised

    (52,050 )     6.50                  

Balance, December 31, 2014

    6,834     $ 6.79     $ 0.5       0.8  

Exercisable, December 31, 2014

    6,834     $ 6.79     $ 0.5       0.8  

Stock-Based Compensation


As of December 31, 2014, unrecognized stock-based compensation related to outstanding, but unvested stock options and RSUs was $7.9 million, which will be recognized over the remaining weighted average vesting period of 1.5 years.


Certain information regarding our stock-based compensation was as follows:


Year Ended December 31,

 

2014

   

2013

   

2012

 

Per share intrinsic value of non-vested stock granted

  $ 68.99     $ 43.13     $ 23.82  

Weighted average per share discount for compensation expense recognized under the 2009 ESPP

    11.92       8.81       4.29  

Total intrinsic value of stock options exercised (millions)

    3.1       8.7       7.2  

Fair value of non-vested stock that vested during the period (millions)

    18.9       8.4       3.5  

Stock-based compensation recognized in results of operations, as a component of selling, general and administrative expense - excludes compensation expense related to an option granted to one of our executives. (millions)

    7.4       6.6       3.1  

Tax benefit recognized in Consolidated Statements of Operations (millions)

    2.6       2.3       1.0  

Cash received from options exercised and shares purchased under all share-based arrangements (millions)

    4.9       5.2       8.8  

Tax deduction realized related to stock options exercised (millions)

    8.4       6.5       4.1