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Stock Compensation | 12 Months Ended
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Dec. 31, 2016
Stock Compensation [Abstract] |
Stock Compensation | 17. Stock Compensation ﻿ Overview ﻿ The Company is currently authorized to grant and has available for grant the following number of shares under the Company’s stock plans as of December 31, 2016 and 2015: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Authorized |  | Available for Grant
﻿Plan |  | Shares |  | 2016 |  | 2015
﻿1996 Discounted Employee Stock Purchase Plan, as amended |  | 1,900,000 |  | 469,000 |  | 560,000
﻿2009 Employee Stock Incentive Plan |  | 7,100,000 |  | 2,194,000 |  | 3,361,000
﻿Total |  | 9,000,000 |  | 2,663,000 |  | 3,921,000
﻿ Upon the exercise of stock options or grants of RSAs, PSAs, RSUs, or PSUs, the Company may issue the required shares out of authorized but unissued common stock or out of treasury stock, at management’s discretion. ﻿ Stock Awards ﻿ In 2016 the Compensation Committee of the Company’s Board of Directors (the “Committee”) authorized awards from approved stock incentive plans of RSAs to non-employee directors, RSUs to certain employees, and RSAs and PSUs to certain Company officers, which, counting PSUs at target levels, together totaled 490,000 shares and had an aggregate grant date market value of $5.5 million. The PSUs granted in 2016 represented the right to receive from 60% to 150% of the target number of shares of common stock. The performance component of PSU awards granted in 2016 was based on attaining specified levels of adjusted EBITDA, adjusted inventory levels, and adjusted trade accounts receivable days’ sales outstanding, each as defined in the PSU grant documents, for the 2016 calendar year. The PSUs granted in 2016 earned 142% of the target number of shares. ﻿ In 2015 the Committee authorized awards from approved stock incentive plans of RSAs to non-employee Directors, RSUs to certain employees, and RSAs and PSUs to certain Company officers, which, counting PSUs at target levels, together totaled 405,000 shares of common stock and had an aggregate grant date market value of $4.3 million. The PSUs granted in 2015 earned approximately 127% of the target number of shares. ﻿ In 2014 the Committee authorized awards from approved stock incentive plans of RSAs to non-employee Directors, RSUs to certain employees, and RSAs, PSAs, and PSUs to certain Company officers, which, counting PSUs at target levels, together totaled 655,000 shares of common stock and had an aggregate market value of $6.6 million. The PSUs granted in 2014 earned approximately 50% of the target number of shares. ﻿ A summary of stock grant activity for the years ended December 31, 2016, 2015, and 2014 for RSAs, PSAs, RSUs, and PSUs, based on the target number of shares, is as follows: ﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  | Weighted
﻿ |  |  |  | Average
﻿ |  |  |  | Grant Date
﻿RSAs |  | Shares |  | Fair Value
﻿Unvested at December 31, 2013 |  | 622,000 |  | $ | 5.62
﻿Granted |  | 232,000 |  |  | 9.97
﻿Vested |  | (324,000) |  |  | 5.55
﻿Forfeited |  | (35,000) |  |  | 7.22
﻿Unvested at December 31, 2014 |  | 495,000 |  |  | 7.65
﻿Granted |  | 207,000 |  |  | 10.33
﻿Vested |  | (278,000) |  |  | 8.10
﻿Forfeited |  | (110,000) |  |  | 8.49
﻿Unvested at December 31, 2015 |  | 314,000 |  |  | 9.31
﻿Granted |  | 216,000 |  |  | 10.84
﻿Vested |  | (138,000) |  |  | 7.92
﻿Forfeited |  | -- |  |  | --
﻿Unvested at December 31, 2016 |  | 392,000 |  |  | 10.64
﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  | Weighted
﻿ |  |  |  | Average
﻿ |  |  |  | Grant Date
﻿PSAs |  | Shares |  | Fair Value
﻿Unvested at December 31, 2013 |  | -- |  | $ | --
﻿Granted |  | 250,000 |  |  | 10.18
﻿Vested |  | -- |  |  | --
﻿Forfeited |  | -- |  |  | --
﻿Unvested at December 31, 2014 |  | 250,000 |  |  | 10.18
﻿Granted |  | -- |  |  | --
﻿Vested |  | -- |  |  | --
﻿Forfeited |  | -- |  |  | --
﻿Unvested at December 31, 2015 |  | 250,000 |  |  | 10.18
﻿Granted |  | -- |  |  | --
﻿Vested |  | -- |  |  | --
﻿Forfeited |  | -- |  |  | --
﻿Unvested at December 31, 2016 |  | 250,000 |  |  | 10.18
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Weighted |  |  |
﻿ |  |  |  | Average |  |  |
﻿ |  |  |  | Remaining |  | Aggregate
﻿ |  |  |  | Contractual |  | Intrinsic
﻿RSUs |  | Shares |  | Term in years |  | Value
﻿Outstanding at December 31, 2013 |  | 129,000 |  |  | 1.56 |  | $ | 1,425,000
﻿Granted |  | 5,000 |  |  |  |  |  |
﻿Vested |  | (52,000) |  |  |  |  |  |
﻿Forfeited |  | (21,000) |  |  |  |  |  |
﻿Outstanding at December 31, 2014 |  | 61,000 |  |  | 1.21 |  |  | 687,000
﻿Granted |  | 88,000 |  |  |  |  |  |
﻿Vested |  | (36,000) |  |  |  |  |  |
﻿Forfeited |  | (10,000) |  |  |  |  |  |
﻿Outstanding at December 31, 2015 |  | 103,000 |  |  | 1.17 |  |  | 1,110,000
﻿Granted |  | 146,000 |  |  |  |  |  |
﻿Vested |  | (44,000) |  |  |  |  |  |
﻿Forfeited |  | (27,000) |  |  |  |  |  |
﻿Outstanding at December 31, 2016 |  | 178,000 |  |  | 1.24 |  |  | 3,405,000
﻿ |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 164,000 |  |  | 1.23 |  | $ | 3,132,000
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Weighted |  |  |
﻿ |  |  |  | Average |  |  |
﻿ |  |  |  | Remaining |  | Aggregate
﻿ |  |  |  | Contractual |  | Intrinsic
﻿PSUs |  | Shares |  | Term in years |  | Value
﻿Outstanding at December 31, 2013 |  | 236,000 |  |  | 0.81 |  | $ | 2,612,000
﻿Granted |  | 185,000 |  |  |  |  |  |
﻿Vested |  | (143,000) |  |  |  |  |  |
﻿Forfeited |  | (21,000) |  |  |  |  |  |
﻿Outstanding at December 31, 2014 |  | 257,000 |  |  | 0.73 |  |  | 2,907,000
﻿Granted |  | 125,000 |  |  |  |  |  |
﻿Vested |  | (139,000) |  |  |  |  |  |
﻿Forfeited |  | (108,000) |  |  |  |  |  |
﻿Outstanding at December 31, 2015 |  | 135,000 |  |  | 0.74 |  |  | 1,455,000
﻿Granted |  | 144,000 |  |  |  |  |  |
﻿Vested |  | (83,000) |  |  |  |  |  |
﻿Forfeited |  | (8,000) |  |  |  |  |  |
﻿Outstanding at December 31, 2016 |  | 188,000 |  |  | 0.77 |  |  | 3,603,000
﻿ |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 178,000 |  |  | 0.73 |  | $ | 3,412,000
﻿ D uring the years ended December 31, 2016, 2015, and 2014, the t otal fair value of $2.9 million, $4.8 million, and $5.0 million, respectively, in combined RSAs, PSAs, RSUs, and PSUs vested. ﻿ Stock Options ﻿ The Compensation Committee of the Company’s Board of Directors authorized grants of stock options from approved stock incentive plans to certain Company officers and employees totaling 387,000, 328,000, and 562,000 shares in 2016, 2015, and 2014, respectively, with exercise prices equal to the stock prices on the respective grant dates. ﻿ A summary of the Company’s stock option activity for the years ended December 31, 2016, 2015, and 2014 is as follows:
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  | Weighted |  |  |
﻿ |  |  |  |  |  |  | Average |  |  |
﻿ |  |  |  | Weighted |  | Remaining |  | Aggregate
﻿ |  |  |  | Average |  | Contractual |  | Intrinsic
﻿ |  | Shares |  | Exercise Price |  | Term in years |  | Value
﻿Outstanding at December 31, 2013 |  | 1,794,000 |  | $ | 6.57 |  |  | 3.31 |  | $ | 8,274,000
﻿Granted |  | 562,000 |  |  | 10.12 |  |  |  |  |  |
﻿Exercised |  | (297,000) |  |  | 7.26 |  |  |  |  |  |
﻿Forfeited |  | (23,000) |  |  | 7.97 |  |  |  |  |  |
﻿Expired |  | (15,000) |  |  | 7.34 |  |  |  |  |  |
﻿Outstanding at December 31, 2014 |  | 2,021,000 |  |  | 7.43 |  |  | 3.54 |  |  | 8,021,000
﻿Granted |  | 328,000 |  |  | 10.83 |  |  |  |  |  |
﻿Exercised |  | (248,000) |  |  | 7.42 |  |  |  |  |  |
﻿Forfeited |  | (112,000) |  |  | 9.93 |  |  |  |  |  |
﻿Expired |  | (93,000) |  |  | 12.08 |  |  |  |  |  |
﻿Outstanding at December 31, 2015 |  | 1,896,000 |  |  | 7.65 |  |  | 3.31 |  |  | 5,992,000
﻿Granted |  | 387,000 |  |  | 10.34 |  |  |  |  |  |
﻿Exercised |  | (372,000) |  |  | 5.60 |  |  |  |  |  |
﻿Forfeited |  | -- |  |  | -- |  |  |  |  |  |
﻿Expired |  | -- |  |  | -- |  |  |  |  |  |
﻿Outstanding at December 31, 2016 |  | 1,911,000 |  |  | 8.59 |  |  | 3.55 |  |  | 20,179,000
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 1,872,000 |  |  | 8.55 |  |  | 3.51 |  |  | 19,843,000
﻿Exercisable at December 31, 2016 |  | 1,193,000 |  |  | 7.50 |  |  | 2.33 |  |  | 13,904,000
﻿ Other information concerning stock options for the years ended December 31 is as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | 2016 |  | 2015 |  | 2014
﻿Weighted-average fair value of options granted | $ | 3.68 |  | $ | 3.82 |  | $ | 4.14
﻿Intrinsic value of options exercised |  | 2,422,000 |  |  | 761,000 |  |  | 918,000
﻿ Employees purchased common stock totaling 90,000, 78,000, and 111,000 shares in 2016, 2015, and 2014, respectively, through the Company’s ESPP. Stock Compensation Expense ﻿ The following weighted‑average assumptions were used to determine the fair value of options: ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | 2016 |  | 2015 |  | 2014
﻿ | Stock |  | ESPP |  | Stock |  | ESPP |  | Stock |  | ESPP
﻿ | Options |  | Options |  | Options |  | Options |  | Options |  | Options
﻿Expected life of options | 4.75 Years |  | 0.5 Years |  | 4.5 Years |  | 0.5 Years |  | 4.2 Years |  | 0.5 Years
﻿Expected stock price volatility | 0.40 |  | 0.30 |  | 0.44 |  | 0.32 |  | 0.55 |  | 0.36
﻿Dividend yield | --% |  | --% |  | 1.12% |  | 1.06% |  | 1.16% |  | 1.12%
﻿Risk-free interest rate | 1.20% |  | 0.43% |  | 1.41% |  | 0.12% |  | 1.34% |  | 0.08%
﻿ The following table summarizes stock compensation expense (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | 2016 |  | 2015 |  | 2014
﻿RSA, PSA, RSU, and PSU expense | $ | 4,966 |  | $ | 3,955 |  | $ | 2,855
﻿Stock option and ESPP option expense |  | 1,636 |  |  | 1,371 |  |  | 842
﻿Total stock compensation expense | $ | 6,602 |  | $ | 5,326 |  | $ | 3,697
﻿ Included in the total stock compensation expense, as applicable in each period, were expenses related to RSAs, PSAs, RSUs, PSUs, and stock options issued in each respective year, as well as those issued in prior periods that continue to vest during the period, and compensation related to the Company’s ESPP. These amounts were recorded as stock compensation expense and were subject to the Company’s normal allocation of expenses to inventory costs and deferred preservation costs. The Company capitalized $274,000, $237,000 and $261,000 in the years ended December 31, 2016, 2015, and 2014, respectively, of the stock compensation expense into its inventory costs and deferred preservation costs. As of December 31, 2016 the Company had total unrecognized compensation costs of $5.1 million related to RSAs, PSAs, RSUs, and PSUs and $1.8 million related to unvested stock options, before considering the effect of expected forfeitures. As of December 31, 2016 this expense is expected to be recognized over a weighted-average period of 2.1 years for RSUs, 1.6 years for stock options, 1.3 years for RSAs, 0.8 years for PSUs, and 0.7 years for PSAs.

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