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SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of the Company's restricted stock award program
A summary of the Company’s restricted stock award program is presented below:
 
 
Units
 
 

Outstanding – January 1, 2013
1,281,480

Granted
313,550

Vested
(149,620
)
Forfeited
(1,950
)
Outstanding – December 31, 2013
1,443,460

Schedule of restricted stock units granted during the year
The Compensation Committee of the Company’s Board of Directors granted restricted stock units under the 2005 Plan during the years ended December 31, 2013, 2012, and 2011 as follows:
 

Units

Weighted‑Average
Grant Date
Fair Value
2013
313,550
 
$27.71
2012
394,900
 
$14.55
2011
334,700
 
$22.49
Summary of the Company's stock option program
A summary of the Company’s stock option program is presented below:
 

Shares
Under Option(1)

Weighted‑
Average
Exercise Price

Weighted‑
Average
Remaining
Contractual
Term
 (in years)

Intrinsic
Value(2)
(in thousands)
Outstanding – January 1, 2013
240,425

 
$
27.40

 
 
 
 

Granted

 
 

 
 
 
 

Exercised
(99,195
)
 
29.10

 
 
 
 

Forfeited
(105,500
)
 
25.23

 
 
 
 

Outstanding – December 31, 2013(1)
35,730

 
$
29.10

 
0.1
 
164


(1)
Options outstanding are vested and available to be exercised. All options outstanding at December 31, 2013 were exercised or forfeited as of January 31, 2014.
(2)
The intrinsic value for each option represents the excess, if any, of the market value of the Company’s Common Stock on December 31, 2013 over the exercise price of the option.
Summary of additional activity related to Company's stock option program
The following table summarizes additional activity related to the Company’s stock option program for the years ended December 31:
 
 
2013

2012

2011
 
 

(in thousands)

 
Intrinsic value of options exercised
$
330

 
$

 
$
79

Cash proceeds of options exercised
$
2,785

 
$

 
$
763

Tax benefit of options exercised
$
109

 
$

 
$
30