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Share-Based Compensation
 3 Months Ended
Mar. 31, 2013
Share-Based Compensation [Abstract]  
Share-Based Compensation

Note 2. Share-Based Compensation

The following table summarizes share-based compensation expense for the three months ended March 31:

 

                 
    2013     2012  
    (in thousands)  

Performance unit incentive plan (“PUP”)

   $ 863     $ 238  

Restricted stock

     773       747  

Stock options

     95       145  

Restricted stock units

     88       87  
   

 

 

    

 

 

  

Total share-based compensation before income tax benefit

     1,819       1,217  

Income tax benefit

     (654 )      (436 ) 
   

 

 

    

 

 

  

Total share-based compensation, net of income tax benefit

   $ 1,165     $ 781  
   

 

 

    

 

 

  

The following table summarizes the activity of the outstanding share-based compensation awards:

                                                 
    Restricted Stock     Restricted Stock Units     PUP Awards  
    Shares     Weighted-
Average
Grant Date
Fair Value		     Units     Weighted-
Average
Grant Date
Fair Value		     Units     Weighted-
Average
Grant Date
Fair Value		  

Balance at January 1, 2013

     516,351     $ 21.25       40,500     $ 20.82       210,600     $ 21.70  

Granted

     99,400       27.35       8,600       27.35       93,100       27.35  

Vested

     (145,506 )      20.71       (11,300 )      19.10       —         —     

Forfeited

     (636 )      20.53       —         —          —         —     
   

 

 

            

 

 

            

 

 

          

Balance at March 31, 2013

     469,609       22.71       37,800       22.82       303,700       23.43  
   

 

 

            

 

 

            

 

 

          

The unamortized cost of all outstanding restricted stock awards as of March 31, 2013 was $5.9 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 2.2 years. During the three months ended March 31, 2013 and 2012, the Company repurchased 44,606 shares for $1.2 million and 50,894 shares for $1.0 million, respectively, related to tax withholding requirements on vested share-based awards. As of March 31, 2013, there were 1,001,609 total shares available for future grant.

As of March 31, 2013 and December 31, 2012, Viad had liabilities recorded of $421,000 and $633,000, respectively, related to restricted stock unit liability awards. A portion of the 2009 performance-based restricted stock unit awards vested effective December 31, 2009 and cash payouts of $35,000 were distributed in January 2012. Similarly, portions of the 2009 and 2010 restricted stock unit awards vested in February 2013 and February 2012 and cash payouts of $300,000 and $257,000 were distributed in February 2013 and 2012, respectively.

As of March 31, 2013 and December 31, 2012, Viad had liabilities recorded of $4.6 million and $3.7 million, respectively, related to PUP awards. There were no PUP awards which vested during the three months ended March 31, 2013 or 2012. Furthermore, there were no cash settlements of PUP awards during the three months ended March 31, 2013 or 2012.

The following table summarizes stock option activity:

 

                         
          Weighted-        
          Average     Options  
    Shares     Exercise Price     Exercisable  

Options outstanding at January 1, 2013

     363,896     $ 22.03       276,009  

Exercised

     (47,343 )      19.48          

Forfeited or expired

     (27,086 )      28.28          
   

 

 

                  

Options outstanding at March 31, 2013

     289,467       21.87       287,467  
   

 

 

                  

The total unrecognized cost related to non-vested stock option awards was $10,000 as of March 31, 2013, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately less than one year. No stock options were granted during the three months ended March 31, 2013.