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

The following table provides certain information related to stock options and restricted stock during the three months ended March 31, 2013 (in thousands, except per share data):

 

                                                 
    Three Months Ended March 31, 2013  
    Stock Options     Restricted Stock  
    Number of
Options		     Weighted
Average
Exercise
Price per
Share (1)		     Aggregate
Intrinsic
Value		     Weighted
Average
Remaining
Term		     Number of
Shares		     Weighted
Average
Grant Date
Fair Value
per Share
(1)		  

Outstanding as of December 31, 2012

     5,330     $ 4.29                       1,152     $ 4.37  

Granted

     685       4.51                       —         —    

Exercised

     (200 )      3.90                       n/a       n/a  

Vested

     n/a       n/a                       (552 )      4.64  

Expired

     —         —                         n/a       n/a  
   

 

 

    

 

 

                    

 

 

    

 

 

  

Outstanding as of March 31, 2013 (2)

     5,815     $ 4.33     $ 3,422       3.07       600     $ 4.12  
   

 

 

    

 

 

                    

 

 

    

 

 

  

Exercisable as of March 31, 2013

     4,217     $ 4.36     $ 2,457       2.16                  
   

 

 

    

 

 

                                  

 

(1) Unless otherwise specified, such as in the case of the exercise of stock options, the per share prices were determined using the closing price of the Company’s Common Stock as quoted on the NYSE MKT LLC. Shares issued upon exercise of options represent original issuances in private transactions pursuant to Section 4(2) of the Securities Act of 1933, as amended.
(2) All shares outstanding as of March 31, 2013 are expected to vest.

n/a - Not applicable

 

The following table provides certain information in connection with the Company’s share-based compensation arrangements for the periods presented (in thousands):

 

                 
    Three Months Ended March 31,  
    2013     2012  

Compensation expense:

                

Stock options

   $ 305     $ 337  

Restricted stock

     863       675  
   

 

 

    

 

 

  

Total

   $ 1,168     $ 1,012  
   

 

 

    

 

 

  

Deferred tax benefits:

                

Stock options

   $ 117     $ 130  

Restricted stock

     169       204  
   

 

 

    

 

 

  

Total

   $ 286     $ 334  
   

 

 

    

 

 

  

Realized tax benefits:

                

Stock options

   $ 60     $ 14  

Restricted stock

     374       291  
   

 

 

    

 

 

  

Total

   $ 434     $ 305  
   

 

 

    

 

 

  

Excess tax benefits (shortfall):

                

Stock options

   $ (92 )    $ —    

Restricted stock

     (59 )      (142 ) 
   

 

 

    

 

 

  

Total

   $ (151 )    $ (142 ) 
   

 

 

    

 

 

  
     

Weighted average fair value per share:

                

Stock option grants

   $ 0.37     $ —    

Restricted stock grants

   $ —       $ —    

Intrinsic value of options exercised

   $ 156     $ 35  

Fair value of restricted stock vested

   $ 2,548     $ 1,164  

Cash received for strike price and tax withholdings

   $ —       $ 518  

Shares acquired through cashless exercise (1)

     399       —    

Value of shares acquired

   $ 1,852     $ —    

 

(1) All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised or restricted stock vested. These shares have been cancelled by the Company.

The following table presents the amount of unrecognized compensation expense as of the most recent balance sheet date and the weighted average period over which those expenses will be recorded for both stock options and restricted stock (dollars in thousands):

 

                 
    As of March 31, 2013  
    Stock
Options		     Restricted
Stock		  

Unrecognized expense

   $ 772     $ 2,037  

Weighted average remaining years

     0.66       0.64