XML 42 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation
8. STOCK-BASED COMPENSATION

The Company has one stock-based compensation plan, the 2005 Stock Incentive Plan (the “Plan”). The Plan is administered by the Compensation Committee of the Company’s Board of Directors. Stock-based compensation is granted to officers, directors and certain key employees in accordance with the provisions of the Plan. The Plan provides for grants of stock options, stock appreciation rights (“SARs”), restricted stock and performance share awards. As of September 30, 2013, the total aggregate number of shares of the Company’s common stock that may be issued under the Plan is 3,150,000.

The fair value of each SAR is estimated on the date of grant using a Black-Scholes option-pricing formula. For SARs issued in the nine months ended September 30, 2013 and 2012, respectively, the assumptions shown in the following table were used:

 

     Nine Months Ended September 30,  
     2013     2012  

Weighted-average fair value of grants

    $ 23.35      $ 14.11   

Dividend yield

      0 %      0 % 

Average risk-free interest rate

      0.7 %      0.8 % 

Expected term (years)

      5        5   

Expected volatility

      64 %      66 % 

 

The following table summarizes the Company’s stock-based compensation grants for the nine months ended September 30, 2013:

 

     Stock Awards Granted      Weighted-Average
Grant Price
Per Share		  

Stock appreciation rights

      60,444       $ 43.88   

Restricted stock

      46,945       $ 44.41   

The following table summarizes the Company’s stock-based compensation expense for the three and nine months ended September 30, 2013 and 2012 (in thousands):

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2013      2012      2013      2012  

Stock appreciation rights

    $ 307       $ 369       $ 945       $ 1,089   

Restricted stock

      667         508         1,790         1,442   

Employee stock purchase plan

      10         13         46         52   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total stock-based compensation

    $ 984       $ 890       $ 2,781       $ 2,583   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total unrecognized compensation cost related to unvested awards as of September 30, 2013 was $6.5 million. The cost of these unvested awards is being recognized over the requisite vesting period of each award.