STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2014

NOTE 7 STOCK-BASED COMPENSATION

During the three and six months ended June 30, 2014, no stock options were granted to employees or directors. For the comparable periods in 2013, the Company granted stock options to certain employees and directors for an aggregate of 1.7 million shares of common stock at an exercise of $2.25 per share. The principal assumptions used in applying the Black-Scholes option pricing model for these awards were as follows:

	Three months ended June 30,				Six months ended June 30,
	2014	2013			2014	2013
Risk-free interest rate	—	0.50		%	—	0.50		%
Dividend yield	—	n/a			—	n/a
Volatility factor of the expected market price of common stock	—	66		%	—	66		%
Weighted-average expected life of option	—	3.5 years			—	3.5 years
Weighted-average grant date fair value	—	$	1.01		—	$	1.01

During the three and six months ended June 30, 2014, the Company recorded stock option expense of $0.2 million and $0.6 million, respectively. This compares to $0.3 million and $0.7 million for the three and six months ended June 30, 2013.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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