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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2012
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | Note 8 – Stock-Based Compensation The Company has various stockholder-approved programs which allow for the grant of stock-based compensation to officers, employees, and non-employee directors. The amount of compensation cost related to stock-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The Company determines compensation cost for restricted stock units (“RSUs”), phantom stock units, and restricted stock based on the grant-date fair value of the underlying common stock. Compensation cost is recognized over the period that an officer, employee, or non-employee director provides service in exchange for the award. The following table summarizes stock-based compensation expense recognized:
|  | Fiscal quarters ended |  |  | Six fiscal months ended |
|  | June 30, 2012 |  |  | July 2, 2011 |  |  | June 30, 2012 |  |  | July 2, 2011 |
Stock options |  | $ | 20 |  |  | $ | (245 | ) |  | $ | 47 |  |  | $ | (125 | )
Restricted stock units |  |  | 1,133 |  |  |  | 3,573 |  |  |  | 2,268 |  |  |  | 4,639 |
Phantom stock units |  |  | - |  |  |  | - |  |  |  | 93 |  |  |  | 222 |
Total |  | $ | 1,153 |  |  | $ | 3,328 |  |  | $ | 2,408 |  |  | $ | 4,736 |
Stock-based compensation expense for the fiscal quarter and six fiscal months ended July 2, 2011, as presented in the tables above, includes amounts associated with the acceleration of vesting of awards upon the passing of Vishay’s former Executive Chairman of the Board of Directors, Dr. Felix Zandman. The associated expense is reported as a component of the executive compensation charge reported in the accompanying consolidated condensed statements of operations. In accordance with Dr. Zandman’s employment agreement, 98,375 RSUs held by Dr. Zandman immediately vested and were contributed to his estate following his passing and 202,330 RSUs with performance-based vesting criteria will be contributed to his estate upon the Company’s achievement of the performance-based criteria. Additionally, the vesting of 77,334 unvested stock options held by Dr. Zandman at the time of his passing was accelerated. The following table summarizes unrecognized compensation cost and the weighted average remaining amortization periods at June 30, 2012 (amortization periods in years):
|  | Unrecognized Compensation Cost |  |  | Weighted Average Remaining Amortization Periods |
Stock options |  | $ | 44 |  |  |  | 0.9 |
Restricted stock units |  |  | 7,431 |  |  |  | 1.6 |
Phantom stock units |  |  | - |  |  |  | 0.0 |
Total |  | $ | 7,475 |  |  |  |  |
2007 Stock Incentive Plan The Company’s 2007 Stock Incentive Program (the “2007 Program”) permits the grant of up to 3,000,000 shares of restricted stock, unrestricted stock, RSUs, and stock options, to officers, employees, and non-employee directors. Such instruments are available for grant until May 22, 2017. Stock Options In addition to stock options outstanding pursuant to the 2007 Program, during the periods presented, the Company had stock options outstanding under previous stockholder-approved stock option programs. These programs are more fully described in Note 12 to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2011. No additional options may be granted pursuant to these programs. Option activity under the stock option plans as of June 30, 2012 and changes during the six fiscal months then ended are presented below (number of options in thousands, contractual life in years):
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |
Outstanding: |  |  |  |  |  |  |  |  |
January 1, 2012 |  |  | 384 |  |  | $ | 15.40 |  |  |  |
Granted |  |  | - |  |  |  | - |  |  |  |
Exercised |  |  | (22 | ) |  |  | 7.89 |  |  |  |
Cancelled or forfeited |  |  | (232 | ) |  |  | 16.29 |  |  |  |
Outstanding at June 30, 2012 |  |  | 130 |  |  | $ | 15.08 |  |  |  | 4.00 |
Vested and expected to vest at June 30, 2012 |  |  | 130 |  |  | $ | 15.08 |  |  |  | 4.00 |
Exercisable at June 30, 2012 |  |  | 99 |  |  | $ | 14.88 |  |  |  | 3.69 |
During the six fiscal months ended June 30, 2012, 30,000 options vested. At June 30, 2012, there are 31,000 unvested options outstanding, with a weighted average grant-date fair value of $10.07 per option. The pretax aggregate intrinsic value (the difference between the closing stock price on the last trading day of the second fiscal quarter of 2012 of $9.43 per share and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 30, 2012 is zero because all outstanding options have exercise prices in excess of market value. This amount changes based on changes in the market value of the Company’s common stock. During the six fiscal months ended June 30, 2012, 22,000 options were exercised. The total intrinsic value of options exercised during the six fiscal months ended June 30, 2012 was approximately $110. Restricted Stock Units RSU activity under the 2007 Program as of June 30, 2012 and changes during the six fiscal months then ended are presented below (number of RSUs in thousands):
|  | Number of RSUs |  |  | Weighted Average Grant-date Fair Value per Unit |
Outstanding: |  |  |  |  |  |
January 1, 2012 |  |  | 891 |  |  | $ | 12.58 |
Granted |  |  | 437 |  |  |  | 12.31 |
Vested* |  |  | (12 | ) |  |  | 8.29 |
Cancelled or forfeited |  |  | - |  |  |  | - |
Outstanding at June 30, 2012 |  |  | 1,316 |  |  | $ | 12.53 |
Expected to vest at June 30, 2012 |  |  | 1,316 |  |  |  |  |
________________________________________ * The number of RSUs vested includes shares that the Company withheld on behalf of employees to satisfy the statutory tax withholding requirements. The Company recognizes compensation cost for RSUs that are expected to vest. The Company expects all performance-based vesting criteria to be achieved. RSUs with performance-based vesting criteria are expected to vest as follows (number of RSUs in thousands):
| Vesting Date |  | Number of RSUs |
| January 1, 2013 |  | 324 |
| January 1, 2014 |  | 233 |
| January 1, 2015 |  | 276 |
Phantom Stock Plan The Company maintains a phantom stock plan for certain senior executives. The plan authorizes the grant of up to 300,000 phantom stock units to the extent provided for in the Company’s employment agreements with such senior executives. Each phantom stock unit entitles the recipient to receive a share of common stock at the individual’s termination of employment or any other future date specified in the applicable employment agreement. The phantom stock units are fully vested at all times. Phantom stock unit activity under the phantom stock plan as of June 30, 2012 and changes during the six fiscal months then ended are presented below (number of phantom stock units in thousands):
|  | Number of units |  |  | Grant-date Fair Value per Unit |
Outstanding: |  |  |  |  |  |
January 1, 2012 |  |  | 87 |  |  |  |
Granted |  |  | 10 |  |  | $ | 9.33 |
Redeemed for common stock |  |  | - |  |  |  |  |
Outstanding at June 30, 2012 |  |  | 97 |  |  |  |  |

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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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 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 Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: 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. Reference 6: 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 7: 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 8: 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 + Details
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