XML 85 R14.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Accounting for Stock Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Accounting for Stock Based Compensation | Note 7 — Accounting for Stock Based Compensation On May 16, 2013, the Compensation Committee of the Company’s Board of Directors approved the Gentherm Incorporated 2013 Equity Incentive Plan (the “2013 Plan”), covering 3,500,000 shares of our common stock. The 2013 Plan permits the granting of various awards including stock options (including both nonqualified options and incentive options), stock appreciation rights (“SARs”), restricted stock and restricted stock units, performance shares and certain other awards to employees, outside directors and consultants and advisors of the Company. All shares of our common stock that remained available for issuance under the Amended and Restated 2006 Stock Incentive Plan (the “2006 Plan”) and the Gentherm Incorporated 2011 Equity Incentive Plan (the “2011 Plan”), totaling 2,315,578 shares in the aggregate, were reduced to zero; however certain options under the 2011 and 2006 Plans, as well as certain options under the 1997 Stock Incentive Plan, which expired in 2007, are still outstanding. As of December 31, 2014 the Company had an aggregate of 2,188,000 shares of common stock available to issue under the 2013 Plan. Note 7 — Accounting for Stock Based Compensation (Continued) All plans are administered by the Compensation Committee of the Board of Directors. The selection of participants, allotment of shares, determination of price and other conditions are determined by the Board of Directors at its sole discretion, in order to attract and retain personnel instrumental to the success of the Company. Stock options, for example, granted under such plans have lives for a period of up to ten years from the date of grant at an exercise price which is not less than the fair market value of the Common Stock on the date of the grant. Options, restricted shares and SARs are generally granted with requisite service periods typically ranging between three to five years for employees and one year for directors. Stock based compensation award vesting may be accelerated at the discretion of the Board of Directors. Total unrecognized compensation cost related to nonvested options, restricted stock and SARs outstanding under all of the Company’s equity plans was $9,414 and $10,613 as of December 31, 2014 and 2013, respectively. That cost is expected to be recognized over a weighted average period of two years. Compensation expense for the years ended December 31, 2014, 2013 and 2012 was $8,601, $3,103 and $823, respectively. Stock Options The following table summarizes stock option activity during the three year period ended December 31, 2014:
Options |  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2011 |  |  | 2,163,825 |  |  | $ | 8.12 |  |  |  |  |  |  |  |  |
Granted |  |  | 160,000 |  |  |  | 12.88 |  |  |  |  |  |  |  |  |
Exercised |  |  | (176,896 | ) |  |  | 4.46 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (17,000 | ) |  |  | 4.05 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2012 |  |  | 2,129,929 |  |  | $ | 8.82 |  |  |  | 6.99 |  |  | $ | 5,640 |
Granted |  |  | 510,000 |  |  |  | 19.64 |  |  |  |  |  |  |  |  |
Exercised |  |  | (672,753 | ) |  |  | 7.21 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (24,000 | ) |  |  | 11.27 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2013 |  |  | 1,943,176 |  |  | $ | 12.19 |  |  |  | 5.31 |  |  | $ | 28,379 |
Granted |  |  | 605,000 |  |  |  | 30.15 |  |  |  |  |  |  |  |  |
Exercised |  |  | (731,142 | ) |  |  | 9.84 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (132,500 | ) |  |  | 19.30 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2014 |  |  | 1,684,534 |  |  |  | 19.11 |  |  |  | 5.10 |  |  | $ | 30,111 |
Exercisable at December 31, 2012 |  |  | 1,520,720 |  |  | $ | 7.57 |  |  |  | 6.20 |  |  | $ | 5,966 |
Exercisable at December 31, 2013 |  |  | 1,055,176 |  |  | $ | 12.21 |  |  |  | 4.58 |  |  | $ | 19,314 |
Exercisable at December 31, 2014 |  |  | 632,034 |  |  | $ | 10.13 |  |  |  | 3.97 |  |  | $ | 16,744 |
The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. This model incorporates certain assumptions for inputs including a risk-free interest rate, expected dividend yield of the underlying common stock, expected option life and expected volatility in the market value of the underlying common stock. The following assumptions were used for options issued in the following periods:
|  | 2014 |  | 2013 |  | 2012
Expected volatility |  | 37% |  | 34% |  | 47%
Weighted average expected volatility |  | 37% |  | 34% |  | 47%
Expected lives |  | 3 yrs. |  | 3 yrs. |  | 3 yrs.
Risk-free interest rate |  | 0.60-1.00% |  | 0.57-0.65% |  | 0.43%
Expected dividend yield |  | none |  | none |  | none
Note 7 — Accounting for Stock Based Compensation (Continued) Expected volatilities are based on the historical volatility of the Company’s common stock. The Company uses historical exercise data and several other factors in developing an assumption for the expected lives of stock options, including the average holding period of outstanding options and their remaining terms. The risk-free interest rate is based upon quoted market yields for United States Treasury debt securities. The expected dividend yield is based upon the Company’s history of having never issued a dividend, the limitations to issue a dividend under terms of the Credit Agreement and management’s current expectation regarding future dividends. We do not expect any of the options granted to be forfeited. The weighted-average grant-date fair value of options granted during the year ended December 31, 2014, 2013 and 2012 was $7.88, $4.71 and $4.13, respectively. The total intrinsic value of options exercised during the year ended December 31, 2014, 2013 and 2012 was $21,249, $8,301 and $1,663, respectively. Restricted Stock The following table summarizes restricted stock activity during the three year period ended December 31, 2014:
Unvested Restricted Shares |  | Shares |  |  | Weighted- Average Grant-Date Fair Value |
Nonvested at December 31, 2011 |  |  | 24,900 |  |  | $ | 16.69 |
Granted |  |  | 155,280 |  |  |  | 12.94 |
Vested |  |  | (17,922 | ) |  |  | 15.54 |
Forfeited |  |  | — |  |  |  | — |
Outstanding at December 31, 2012 |  |  | 162,258 |  |  | $ | 13.23 |
Granted |  |  | 183,967 |  |  |  | 18.78 |
Vested |  |  | (102,258 | ) |  |  | 13.59 |
Forfeited |  |  | — |  |  |  | — |
Outstanding at December 31, 2013 |  |  | 243,967 |  |  | $ | 17.43 |
Granted |  |  | 104,584 |  |  |  | 27.79 |
Vested |  |  | (129,092 | ) |  |  | 16.45 |
Forfeited |  |  | (42,375 | ) |  |  | 19.77 |
Outstanding at December 31, 2014 |  |  | 177,084 |  |  | $ | 23.70 |
The total fair value of shares vested in 2014, 2013 and 2012 was $5,329, $2,076, $210, respectively. Stock Appreciation Rights The following table summarizes SARs activity during the three year period ended December 31, 2014:
Stock Appreciation Rights |  | Units |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2012 |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Granted |  |  | 495,000 |  |  |  | 19.19 |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2013 |  |  | 495,000 |  |  | $ | 19.19 |  |  |  | 6.5 |  |  | $ | 3,770 |
Granted |  |  | 754,000 |  |  |  | 34.70 |  |  |  |  |  |  |  |  |
Exercised |  |  | (68,750 | ) |  |  | 19.10 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (120,000 | ) |  |  | 21.46 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2014 |  |  | 1,060,250 |  |  |  | 29.97 |  |  |  | 6.11 |  |  | $ | 9,991 |
Exercisable at December 31, 2013 |  |  | — |  |  | $ | — |  |  |  | — |  |  |  | — |
Exercisable at December 31, 2014 |  |  | 35,000 |  |  | $ | 19.43 |  |  |  | 5.53 |  |  | $ | 602 |

X
- Definition Stock Based Compensation [Table Text Block] + References No definition available. + Details
Name: | thrm_StockBasedCompensationDisclosureTextBlock
Namespace Prefix: | thrm_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration