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Stock Compensation | 12 Months Ended
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Dec. 31, 2018
Stock Compensation [Abstract] |
Stock Compensation | 16. Stock Compensation ﻿ Overview ﻿ We are currently authorized to grant and have available for grant the following number of shares under our stock plans as of December 31, 2018 and 2017: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | Authorized |  | Available for Grant
﻿Plan |  | Shares |  | 2018 |  | 2017
﻿1996 Discounted Employee Stock Purchase Plan, as amended |  | 1,900,000 |  | 295,000 |  | 377,000
﻿2009 Equity and Cash Incentive Plan |  | 7,100,000 |  | 958,000 |  | 1,422,000
﻿Total |  | 9,000,000 |  | 1,253,000 |  | 1,799,000
﻿ 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 2018 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 328,000 shares and had an aggregate grant date market value of $7.5 million. The PSUs granted in 2018 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 2018 was based on attaining specified levels of adjusted EBITDA, as defined in the PSU grant documents, for the 2018 calendar year. The PSUs granted in 2018 earned approximately 80% of the target number of shares. ﻿ In 2017 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 of common stock and had an aggregate grant date market value of $7.1 million. The performance component of PSU awards granted in 2017 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 2017 calendar year. The PSUs granted in 2017 earned approximately 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, PSAs, 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 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 approximately 142% of the target number of shares. ﻿ A summary of stock grant activity for the years ended December 31, 2018, 2017, and 2016 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, 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
﻿Granted |  | 128,000 |  |  | 23.83
﻿Vested |  | (136,000) |  |  | 12.96
﻿Forfeited |  | (49,000) |  |  | 12.07
﻿Unvested at December 31, 2018 |  | 326,000 |  |  | 17.19
﻿ ﻿
﻿ |  |  |  |  |
﻿ |  |  |  | Weighted
﻿ |  |  |  | Average
﻿ |  |  |  | Grant Date
﻿PSAs |  | Shares |  | Fair Value
﻿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 |  | -- |  |  | --
﻿Granted |  | -- |  |  | --
﻿Vested |  | -- |  |  | --
﻿Forfeited |  | -- |  |  | --
﻿Unvested at December 31, 2018 |  | - |  |  | --
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Weighted |  |  |
﻿ |  |  |  | Average |  |  |
﻿ |  |  |  | Remaining |  | Aggregate
﻿ |  |  |  | Contractual |  | Intrinsic
﻿RSUs |  | Shares |  | Term in years |  | Value
﻿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
﻿Granted |  | 115,000 |  |  |  |  |  |
﻿Vested |  | (99,000) |  |  |  |  |  |
﻿Forfeited |  | (51,000) |  |  |  |  |  |
﻿Unvested at December 31, 2018 |  | 251,000 |  |  | 1.05 |  |  | 7,123,000
﻿ |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 251,000 |  |  | 1.05 |  | $ | 7,123,000
﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  | Weighted |  |  |
﻿ |  |  |  | Average |  |  |
﻿ |  |  |  | Remaining |  | Aggregate
﻿ |  |  |  | Contractual |  | Intrinsic
﻿PSUs |  | Shares |  | Term in years |  | Value
﻿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
﻿Granted |  | 104,000 |  |  |  |  |  |
﻿Vested |  | (109,000) |  |  |  |  |  |
﻿Forfeited |  | (17,000) |  |  |  |  |  |
﻿Unvested at December 31, 2018 |  | 147,000 |  |  | 0.72 |  |  | 4,179,000
﻿ |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 147,000 |  |  | 0.72 |  | $ | 4,179,000
﻿ During the years ended December 31, 2018, 2017, and 2016 the total fair value of $7.3 million, $11.1 million, and $2.9 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 219,000, 260,000, and 387,000 shares in 2018, 2017, and 2016, 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, 2018, 2017, and 2016 is as follows:
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  | Weighted |  |  |
﻿ |  |  |  |  |  |  | Average |  |  |
﻿ |  |  |  | Weighted |  | Remaining |  | Aggregate
﻿ |  |  |  | Average |  | Contractual |  | Intrinsic
﻿ |  | Shares |  | Exercise Price |  | Term in years |  | Value
﻿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
﻿Granted |  | 219,000 |  |  | 21.55 |  |  |  |  |  |
﻿Exercised |  | (578,000) |  |  | 7.59 |  |  |  |  |  |
﻿Forfeited |  | (49,000) |  |  | 14.10 |  |  |  |  |  |
﻿Expired |  | -- |  |  | -- |  |  |  |  |  |
﻿Outstanding at December 31, 2018 |  | 1,333,000 |  |  | 13.04 |  |  | 3.93 |  |  | 20,439,000
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿Vested and expected to vest |  | 1,333,000 |  | $ | 13.04 |  |  | 3.93 |  | $ | 20,439,000
﻿Exercisable at December 31, 2018 |  | 872,000 |  | $ | 10.74 |  |  | 3.15 |  | $ | 15,381,000
﻿ Other information concerning stock options for the years ended December 31 is as follows: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | 2018 |  | 2017 |  | 2016
﻿Weighted-average fair value of options granted | $ | 8.38 |  | $ | 5.97 |  | $ | 3.68
﻿Intrinsic value of options exercised |  | 9,961,000 |  |  | 4,748,000 |  |  | 2,422,000
﻿ Employees purchased common stock totaling 83,000, 93,000, and 90,000 shares in 2018, 2017, and 2016, respectively, through our ESPP. Stock Compensation Expense ﻿ The following weighted‑average assumptions were used to determine the fair value of options: ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | 2018 |  | 2017 |  | 2016
﻿ | Stock |  | ESPP |  | Stock |  | ESPP |  | Stock |  | ESPP
﻿ | Options |  | Options |  | Options |  | Options |  | Options |  | Options
﻿Expected life of options | 5.00 Years |  | 0.50 Years |  | 4.75 Years |  | 0.50 Years |  | 4.75 Years |  | 0.50 Years
﻿Expected stock price volatility | 0.40 |  | 0.34 |  | 0.40 |  | 0.39 |  | 0.40 |  | 0.30
﻿Risk-free interest rate | 2.64% |  | 1.73% |  | 1.87% |  | 0.85% |  | 1.20% |  | 0.43%
﻿ The following table summarizes stock compensation expense (in thousands): ﻿ ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | 2018 |  | 2017 |  | 2016
﻿RSA, PSA, RSU, and PSU expense | $ | 5,076 |  | $ | 5,335 |  | $ | 4,966
﻿Stock option and ESPP option expense |  | 1,732 |  |  | 1,978 |  |  | 1,636
﻿Total stock compensation expense | $ | 6,808 |  | $ | 7,313 |  | $ | 6,602
﻿ 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 $484,000, $394,000, and $274,000 in the years ended December 31, 2018, 2017, and 2016, respectively, of the stock compensation expense into our inventory costs and deferred preservation costs. As of December 31, 2018 we had total unrecognized compensation costs of $6.5 million related to RSAs, RSUs, and PSUs and $1.9 million related to unvested stock options. As of December 31, 2018 this expense is expected to be recognized over a weighted-average period of 1.6 years for RSUs, 1.4 years for stock options, 1.0 years for RSAs, and 0.7 years for PSUs.

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