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Equity Based Plans | 12 Months Ended
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Dec. 31, 2013
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Equity Based Plans | 10. Equity Based Plans The Company has the following equity based plans with outstanding equity grants: The Amended and Restated 1999 Employee Stock Option Plan (the “Amended 1999 Plan”) permits the Company to grant to non-employee directors and employees of the Company up to 600,000 non-qualified options to purchase shares of common stock and restricted stock (subject to proportionate adjustments in the event of stock dividends, splits, and similar corporate transactions). The exercise prices of options granted under the Amended 1999 Plan are determined by the Compensation Committee. The period within which each option will be exercisable is determined by the Compensation Committee. The Amended 1999 Plan was approved by the shareholders of the Company at the 2008 Shareholders Meeting on May 20, 2008. The Amended and Restated 2003 Stock Option Plan (the “Amended 2003 Plan”) permits the Company to grant to key employees and outside directors of the Company incentive and non-qualified options and shares of restricted stock covering up to 1,750,000 shares of common stock (subject to proportionate adjustments in the event of stock dividends, splits, and similar corporate transactions). The Amended 2003 Plan was approved by the shareholders of the Company at the 2013 Shareholders Meeting on May 14, 2013. A cumulative summary of equity plans as of December 31, 2013 follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Shares |
|  |  |  |  | Restricted |  |  | Outstanding |  |  | Stock Options |  |  | Stock Options |  |  | Available |
Equity Plans |  | Authorized |  |  | Stock Issued |  |  | Stock Options |  |  | Exercised |  |  | Exercisable |  |  | for Grant |
Amended 1999 Plan |  |  | 600,000 |  |  |  | 360,900 |  |  |  | 8,700 |  |  |  | 131,091 |  |  |  | 8,700 |  |  |  | 99,309 |
Amended 2003 Plan |  |  | 1,750,000 |  |  |  | 422,663 |  |  |  | 30,000 |  |  |  | 748,300 |  |  |  | 30,000 |  |  |  | 549,037 |
|  |  | 2,350,000 |  |  |  | 783,563 |  |  |  | 38,700 |  |  |  | 879,391 |  |  |  | 38,700 |  |  |  | 648,346 |
A summary of the status of the Company’s stock options granted under the plans as of December 31, 2013, 2012 and 2011 and the changes during the years then ended is presented below:
|  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  |  | Weighted |  |  | Average |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  | Intrinsic |
|  | Number of |  |  | Exercise |  |  | Contractual |  | Value |
|  | Shares |  |  | Price |  |  | Term |  | (000’s) |
Outstanding at December 31, 2010 |  |  | 723,890 |  |  |  | 14.30 |  |  | 3.6 Years |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |
Exercised |  |  | (375,080 | ) |  |  | 13.92 |  |  |  |  |  |  |
Cancelled |  |  | — |  |  |  | — |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding at December 31, 2011 |  |  | 348,810 |  |  |  | 14.30 |  |  | 2.6 Years |  |  |  |
Granted |  |  | — |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (272,750 | ) |  |  | 14.12 |  |  |  |  |  |  |
Cancelled |  |  | (220 | ) |  |  | 17.89 |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |
Outstanding at December 31, 2012 |  |  | 75,840 |  |  |  | 14.71 |  |  | 2.2 Years |  |  |  |
Granted |  |  | — |  |  |  |  |  |  |  |  |  |  |
Exercised |  |  | (37,140 | ) |  |  | 15.25 |  |  |  |  |  |  |
Cancelled |  |  | — |  |  |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2013 |  |  | 38,700 |  |  |  | 18.36 |  |  | 1.6 Years |  |  |  |
Exercisable at December 31, 2013 |  |  | 38,700 |  |  |  | — |  |  | 1.6 Years |  | $ | 654 |
All shares pursuant to stock options were fully vested at December 31, 2013 and 2012. A summary of the intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011 is as follows:
|  |  |  |  | Aggregate |
|  |  |  |  | Intrinsic |
|  | Number of |  |  | Value |
|  | Shares |  |  | (000’) |
2011 |  |  | 375,080 |  |  | $ | 3,160 |
2012 |  |  | 272,750 |  |  | $ | 3,459 |
2013 |  |  | 37,140 |  |  | $ | 402 |
The following tables summarize information about the Company’s stock options outstanding as of December 31, 2013, 2012 and 2011, respectively:
|  | Outstanding Options as of December 31, 2013 |  |  | Exercise Price |  | Weighted Average Remaining Contractual Life |  | Exercisable |  | Exercise Price
1999 Plan |  |  | 8,700 |  |  | $12.60 - $18.42 |  | 1.6 Years |  | 8,700 |  | $12.60 - $18.42
2003 Plan |  |  | 30,000 |  |  | $18.42 |  | 1.6 Years |  | 30,000 |  | $18.42
|  |  | 38,700 |  |  | $12.60 - $18.42 |  | 1.6 Years |  | 38,700 |  | $12.60 - $18.42
|  | Outstanding Options as of December 31, 2012 |  |  | Exercise Price |  | Weighted Average Remaining Contractual Life |  | Exercisable |  | Exercise Price
1999 Plan |  |  | 15,840 |  |  | $12.60 - $18.42 |  | 2.2 Years |  | 15,840 |  | $12.60 - $18.42
2003 Plan |  |  | 60,000 |  |  | $12.51 - $18.80 |  | 2.2 Years |  | 60,000 |  | $12.51 - $18.80
|  |  | 75,840 |  |  | $12.51 - $18.80 |  | 2.2 Years |  | 75,840 |  | $12.51 - $18.80
|  | Outstanding Options as of December 31, 2011 |  |  | Exercise Price |  | Weighted Average Remaining Contractual Life |  | Exercisable |  | Exercise Price
1999 Plan |  |  | 17,310 |  |  | $12.60 - $18.42 |  | 3.2 Years |  | 17,310 |  | $12.60 - $18.42
2003 Plan |  |  | 251,500 |  |  | $12.51 - $18.80 |  | 2.9 Years |  | 251,500 |  | $12.51 - $18.80
Inducements |  |  | 80,000 |  |  | $12.75 - $14.32 |  | 1.7 Years |  | 80,000 |  | $12.75 - $14.32
|  |  | 348,810 |  |  | $12.51 - $18.80 |  | 2.6 Years |  | 348,810 |  | $12.51 - $18.80
During 2003, the Board of Directors of the Company granted inducement options (“Inducements”) to five individuals in connection with their offers of employment. In 2012, the remaining options were exercised. The following table summarizes information about the Company’s stock options outstanding and those options that are exercisable as of December 31, 2013:
|  | Outstanding |  |  | Exercisable |
Exercise Prices |  | Options |  |  | Options |
$12.60 |  |  | 400 |  |  |  | 400 |
$18.42 |  |  | 38,300 |  |  |  | 38,300 |
|  |  | 38,700 |  |  |  | 38,700 |
During 2013, 2012 and 2011, the Company granted the following shares (net of those shares cancelled in their respective grant year due to employee terminations prior to restrictions lapsing) of restricted stock to directors, officers and employees pursuant to its equity plans as follows:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
Year |  | Number of |  |  | Fair Value |
Granted |  | Shares |  |  | Per Share |
2011 |  |  | 156,750 |  |  | $ | 19.94 |
2012 |  |  | 80,650 |  |  | $ | 21.65 |
2013 |  |  | 174,938 |  |  | $ | 23.52 |
Generally, restrictions on the stock granted to employees lapse in equal annual installments on the following four or five anniversaries of the date of grant. For those shares granted to directors, the restrictions will lapse in equal quarterly installments during the first year after the date of grant. For those granted to executive officers, the restriction will lapse in equal quarterly installments during the three to four years following the date of grant. As of December 31, 2013, there were 244,018 shares outstanding for which restrictions had not lapsed. The restrictions will lapse in 2014 through 2017. Compensation expense for grants of restricted stock will be recognized based on the fair value on the date of grant. Compensation expense for restricted stock grants was $2,743,000, $2,102,000 and $2,032,000, respectively, for 2013, 2012 and 2011. As of December 31, 2013, the remaining $4.2 million of compensation expense will be recognized from 2014 through 2017.

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