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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2013
Stock-Based Compensation |
Stock-Based Compensation | 6. Stock-Based Compensation The Company maintains two award plans under which stock-based compensation has been granted, the 2006 Stock Option Plan (the "2006 Plan") and the 2007 Long-Term Incentive Plan (Amended and Restated as of May 5, 2011) (the "LTIP"). Upon the adoption of the LTIP, awards were no longer granted under the 2006 Plan. The LTIP provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) performance awards, (f) phantom stock, (g) stock bonuses, (h) dividend equivalents, and (i) any combination of such awards. All awards are made with an exercise price or base price, as the case may be, that is not less than the fair market value per share. The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of each stock option grant as of the date of grant. The grant date fair value of restricted stock and performance awards is equal to the closing market price of the Company's common stock on the date of grant. Stock Options The following summarizes the stock option activity for the six months ended June 30, 2013:
|  | Options |  | Weighted-Average Exercise Price |
--- | --- | --- | --- | --- | ---
Outstanding at January 1, 2013 |  |  | 1,432,228 |  | $ | 10.34 |
Granted |  |  | 111,147 |  | $ | 24.68 |
Exercised |  |  | (178,765 | ) | $ | 5.85 |
Forfeited |  |  | (3,321 | ) | $ | 20.04 |
Expired |  |  | (1,070 | ) | $ | 13.73 |
Outstanding at June 30, 2013 |  |  | 1,360,219 |  | $ | 12.08 |
The following summarizes the fair value and the assumptions used in determining the fair value of stock options granted during the six months ended June 30, 2013 and 2012.
|  | 2013 |  | 2012
--- | --- | --- | --- | ---
Risk-free interest rate |  | 1.0% |  | 1.2 - 1.4%
Expected dividend yield |  | 0.0% |  | 0.0%
Weighted average expected volatility |  | 50% |  | 50%
Expected term |  | 6.0 years |  | 6.0 - 6.3 years
Weighted average grant-date fair value |  | $11.74 |  | $8.57
Restricted Stock The following summarizes restricted stock activity for the six months ended June 30, 2013:
|  | Shares |  | Weighted-Average Grant Date Fair Value |
--- | --- | --- | --- | --- | ---
Outstanding at January 1, 2013 |  |  | 185,764 |  | $ | 19.54 |
Granted |  |  | 69,882 |  | $ | 24.68 |
Vested |  |  | (45,939 | ) | $ | 19.50 |
Forfeited |  |  | (1,764 | ) | $ | 19.80 |
Outstanding at June 30, 2013 |  |  | 207,943 |  | $ | 21.27 |
The shares of restricted stock that vested became taxable to the individual holders of the awards upon vest. The Company received 11,449 of those shares as payment for withholding taxes due by holders of the restricted stock awards. The withheld shares were returned to authorized but unissued stock. Performance Awards The following summarizes performance awards activity for the six months ended June 30, 2013:
|  | Shares |  | Weighted-Average Grant Date Fair Value |
--- | --- | --- | --- | --- | ---
Outstanding at January 1, 2013 |  |  | 74,923 |  | $ | 20.51 |
Granted |  |  | 46,106 |  | $ | 24.68 |
Outstanding at June 30, 2013 |  |  | 121,029 |  | $ | 22.10 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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