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Stock Compensation | 12 Months Ended
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Dec. 31, 2017
Stock Compensation [Abstract] |
Stock Compensation | 17. Stock Compensation ﻿ Overview ﻿ We are currently authorized to grant and ha ve available for grant the following number of shares under our stock plans as of December 31, 2017 and 2016: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Authorized |  | Available for Grant
﻿Plan |  | Shares |  | 2017 |  | 2016
﻿1996 Discounted Employee Stock Purchase Plan, as amended |  | 1,900,000 |  | 377,000 |  | 469,000
﻿2009 Equity and Cash Incentive Plan |  | 7,100,000 |  | 1,422,000 |  | 2,194,000
﻿Total |  | 9,000,000 |  | 1,799,000 |  | 2,663,000
﻿ Upon the exercise of stock options or grants of RSAs, PSAs, RSUs, or PSUs, we may issue the required shares out of authorized but unissued common stock or out of treasury stock, at our discretion. ﻿ Stock Awards ﻿ In 2017 the Compensation Committee of our 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 426,000 shares and had an aggregate grant date market value of $7.1 million. The PSUs granted in 2017 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 2017 earned 92% of the target number of shares. ﻿ In 2016 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 of common stock and had an aggregate grant date market value of $5.5 million. The PSUs granted in 2016 earned approximately 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, PSAs, and PSUs to certain Company officers, which, counting PSUs at target levels, together totaled 405,000 shares of common stock and had an aggregate market value of $4.3 million. The PSUs granted in 2015 earned approximately 127% of the target number of shares. ﻿ A summary of stock grant activity for the years ended December 31, 2017, 2016, and 2015 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, 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
﻿Granted |  | 138,000 |  |  | 17.00
﻿Vested |  | (129,000) |  |  | 10.84
﻿Forfeited |  | (18,000) |  |  | 11.78
﻿Unvested at December 31, 2017 |  | 383,000 |  |  | 12.81
﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  | Weighted
﻿ |  |  |  | Average
﻿ |  |  |  | Grant Date
﻿PSAs |  | Shares |  | Fair Value
﻿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
﻿Granted |  | -- |  |  | --
﻿Vested |  | (250,000) |  |  | 10.18
﻿Forfeited |  | -- |  |  | --
﻿Unvested at December 31, 2017 |  | - |  |  | --
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Weighted |  |  |
﻿ |  |  |  | Average |  |  |
﻿ |  |  |  | Remaining |  | Aggregate
﻿ |  |  |  | Contractual |  | Intrinsic
﻿RSUs |  | Shares |  | Term in years |  | Value
﻿Unvested at December 31, 2014 |  | 61,000 |  |  | 1.21 |  | $ | 687,000
﻿Granted |  | 88,000 |  |  |  |  |  |
﻿Vested |  | (36,000) |  |  |  |  |  |
﻿Forfeited |  | (10,000) |  |  |  |  |  |
﻿Unvested at December 31, 2015 |  | 103,000 |  |  | 1.17 |  |  | 1,110,000
﻿Granted |  | 146,000 |  |  |  |  |  |
﻿Vested |  | (44,000) |  |  |  |  |  |
﻿Forfeited |  | (27,000) |  |  |  |  |  |
﻿Unvested at December 31, 2016 |  | 178,000 |  |  | 1.24 |  |  | 3,405,000
﻿Granted |  | 196,000 |  |  |  |  |  |
﻿Vested |  | (64,000) |  |  |  |  |  |
﻿Forfeited |  | (24,000) |  |  |  |  |  |
﻿Unvested at December 31, 2017 |  | 286,000 |  |  | 1.26 |  |  | 5,477,000
﻿ |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 286,000 |  |  | 1.26 |  | $ | 5,477,000
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Weighted |  |  |
﻿ |  |  |  | Average |  |  |
﻿ |  |  |  | Remaining |  | Aggregate
﻿ |  |  |  | Contractual |  | Intrinsic
﻿PSUs |  | Shares |  | Term in years |  | Value
﻿Unvested at December 31, 2014 |  | 257,000 |  |  | 0.73 |  | $ | 2,907,000
﻿Granted |  | 125,000 |  |  |  |  |  |
﻿Vested |  | (139,000) |  |  |  |  |  |
﻿Forfeited |  | (108,000) |  |  |  |  |  |
﻿Unvested at December 31, 2015 |  | 135,000 |  |  | 0.74 |  |  | 1,455,000
﻿Granted |  | 144,000 |  |  |  |  |  |
﻿Vested |  | (83,000) |  |  |  |  |  |
﻿Forfeited |  | (8,000) |  |  |  |  |  |
﻿Unvested at December 31, 2016 |  | 188,000 |  |  | 0.77 |  |  | 3,603,000
﻿Granted |  | 126,000 |  |  |  |  |  |
﻿Vested |  | (128,000) |  |  |  |  |  |
﻿Forfeited |  | (17,000) |  |  |  |  |  |
﻿Unvested at December 31, 2017 |  | 169,000 |  |  | 0.71 |  |  | 3,236,000
﻿ |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 169,000 |  |  | 0.71 |  | $ | 3,236,000
﻿ During the years ended December 31, 2017, 2016, and 2015, the total fair value of $11.1 million, $2.9 million, and $4.8 million, respectively, in combined RSAs, PSAs, RSUs, and PSUs vested. ﻿ Stock Options ﻿ The Compensation Committee of our Board of Directors authorized grants of stock options from approved stock incentive plans to certain Company officers and employees totaling 260,000, 387,000, and 328,000 shares in 2017, 2016, and 2015, respectively, with exercise prices equal to the stock prices on the respective grant dates. ﻿ A summary of our stock option activity for the years ended December 31, 2017, 2016, and 2015 is as follows:
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  | Weighted |  |  |
﻿ |  |  |  |  |  |  | Average |  |  |
﻿ |  |  |  | Weighted |  | Remaining |  | Aggregate
﻿ |  |  |  | Average |  | Contractual |  | Intrinsic
﻿ |  | Shares |  | Exercise Price |  | Term in years |  | Value
﻿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
﻿Granted |  | 260,000 |  |  | 16.30 |  |  |  |  |  |
﻿Exercised |  | (394,000) |  |  | 6.30 |  |  |  |  |  |
﻿Forfeited |  | (31,000) |  |  | 12.47 |  |  |  |  |  |
﻿Expired |  | (5,000) |  |  | 7.01 |  |  |  |  |  |
﻿Outstanding at December 31, 2017 |  | 1,741,000 |  |  | 10.19 |  |  | 3.64 |  |  | 15,598,000
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 1,741,000 |  | $ | 10.19 |  |  | 3.64 |  | $ | 15,598,000
﻿Exercisable at December 31, 2017 |  | 1,167,000 |  | $ | 8.81 |  |  | 2.76 |  | $ | 12,057,000
﻿ Other information concerning stock options for the years ended December 31 is as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | 2017 |  | 2016 |  | 2015
﻿Weighted-average fair value of options granted | $ | 5.97 |  | $ | 3.68 |  | $ | 3.82
﻿Intrinsic value of options exercised |  | 4,748,000 |  |  | 2,422,000 |  |  | 761,000
﻿ Employees purchased common stock totaling 93,000, 90,000, and 78,000 shares in 2017, 2016, and 2015, respectively, through our ESPP. Stock Compensation Expense ﻿ The following weighted‑average assumptions were used to determine the fair value of options: ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | 2017 |  | 2016 |  | 2015
﻿ | Stock |  | ESPP |  | Stock |  | ESPP |  | Stock |  | ESPP
﻿ | Options |  | Options |  | Options |  | Options |  | Options |  | Options
﻿Expected life of options | 4.75 Years |  | 0.5 Years |  | 4.75 Years |  | 0.5 Years |  | 4.5 Years |  | 0.5 Years
﻿Expected stock price volatility | 0.40 |  | 0.39 |  | 0.40 |  | 0.30 |  | 0.44 |  | 0.32
﻿Dividend yield | --% |  | --% |  | --% |  | --% |  | 1.12% |  | 1.06%
﻿Risk-free interest rate | 1.87% |  | 0.85% |  | 1.20% |  | 0.43% |  | 1.41% |  | 0.12%
﻿ The following table summarizes stock compensation expense (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | 2017 |  | 2016 |  | 2015
﻿RSA, PSA, RSU, and PSU expense | $ | 5,335 |  | $ | 4,966 |  | $ | 3,955
﻿Stock option and ESPP option expense |  | 1,978 |  |  | 1,636 |  |  | 1,371
﻿Total stock compensation expense | $ | 7,313 |  | $ | 6,602 |  | $ | 5,326
﻿ 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 our ESPP. These amounts were recorded as stock compensation expense and were subject to or normal allocation of expenses to inventory costs and deferred preservation costs. We capitalized $394,000, $274,000 and $237,000 in the years ended December 31, 2017, 2016, and 2015, respectively, of the stock compensation expense into our inventory costs and deferred preservation costs. As of December 31, 2017 we had total unrecognized compensation costs of $6.1 million related to RSAs, PSAs, RSUs, and PSUs and $1.6 million related to unvested stock options. As of December 31, 2017 this expense is expected to be recognized over a weighted-average period of 1.9 years for RSUs, 1.5 years for stock options, 1.1 years for RSAs, and 0.7 years for PSUs.

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