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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation |
7. | Share-Based Compensation
The following table provides certain information related to stock options and restricted stock for the periods presented (in thousands, except per share data):
|  | Three Months Ended September 30, 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 (2) |  |  | Weighted Average Grant Date Fair Value per Share (1) |
Outstanding as of June 30, 2013 |  |  | 3,240 |  |  | $ | 4.62 |  |  |  |  |  |  |  |  |  |  |  | 1,450 |  |  | $ | 4.56 |
Granted |  |  | 830 |  |  |  | 7.33 |  |  |  |  |  |  |  |  |  |  |  | 150 |  |  |  | 8.55 |
Forfeited |  |  | (20 | ) |  |  | 7.33 |  |  |  |  |  |  |  |  |  |  |  | n/a |  |  |  | n/a |
Exercised |  |  | (135 | ) |  |  | 4.70 |  |  |  |  |  |  |  |  |  |  |  | n/a |  |  |  | n/a |
Vested |  |  | n/a |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | — |
Outstanding as of September 30, 2013 |  |  | 3,915 |  |  | $ | 5.17 |  |  | $ | 7,572 |  |  |  | 3.62 |  |  |  | 1,600 |  |  | $ | 4.94 |
Exercisable as of September 30, 2013 |  |  | 2,170 |  |  | $ | 4.77 |  |  | $ | 4,947 |  |  |  | 2.66 |  |  |  |  |  |  |  |  |
|  | Nine Months Ended September 30, 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 (2) |  |  | Weighted Average Grant Date Fair Value per Share (1) |
Outstanding as of December 31, 2012 |  |  | 5,330 |  |  | $ | 4.29 |  |  |  |  |  |  |  |  |  |  |  | 1,152 |  |  | $ | 4.37 |
Granted |  |  | 1,515 |  |  |  | 6.05 |  |  |  |  |  |  |  |  |  |  |  | 1,000 |  |  |  | 5.43 |
Forfeited |  |  | (20 | ) |  |  | 7.33 |  |  |  |  |  |  |  |  |  |  |  | n/a |  |  |  | n/a |
Exercised |  |  | (2,060 | ) |  |  | 4.03 |  |  |  |  |  |  |  |  |  |  |  | n/a |  |  |  | n/a |
Vested |  |  | n/a |  |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  | (552 | ) |  |  | 4.64 |
Expired |  |  | (850 | ) |  |  | 3.90 |  |  |  |  |  |  |  |  |  |  |  | n/a |  |  |  | n/a |
Outstanding as of September 30, 2013 |  |  | 3,915 |  |  | $ | 5.17 |  |  | $ | 7,572 |  |  |  | 3.62 |  |  |  | 1,600 |  |  | $ | 4.94 |
Exercisable as of September 30, 2013 |  |  | 2,170 |  |  | $ | 4.77 |  |  | $ | 4,947 |  |  |  | 2.66 |  |  |  |  |  |  |  |  |
(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 or issuances under the Company’s 2009 Omnibus Incentive Plan.
(2) | All shares outstanding as of September 30, 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Compensation expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 153 |  |  | $ | 246 |  |  | $ | 766 |  |  | $ | 892 |
Restricted stock |  |  | 1,558 |  |  |  | 621 |  |  |  | 3,873 |  |  |  | 1,667 |
Total |  | $ | 1,711 |  |  | $ | 867 |  |  | $ | 4,639 |  |  | $ | 2,559 |
Deferred tax benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 59 |  |  | $ | 95 |  |  | $ | 295 |  |  | $ | 344 |
Restricted stock |  |  | 120 |  |  |  | 88 |  |  |  | 376 |  |  |  | 380 |
Total |  | $ | 179 |  |  | $ | 183 |  |  | $ | 671 |  |  | $ | 724 |
Realized tax benefits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 139 |  |  | $ | 27 |  |  | $ | 1,889 |  |  | $ | 168 |
Restricted stock |  |  | — |  |  |  | — |  |  |  | 374 |  |  |  | 291 |
Total |  | $ | 139 |  |  | $ | 27 |  |  | $ | 2,263 |  |  | $ | 459 |
Excess tax benefits(shortfall): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 48 |  |  | $ | (1,693 | ) |  | $ | 110 |  |  | $ | (1,623 | )
Restricted stock |  |  | — |  |  |  | — |  |  |  | (59 | ) |  |  | (142 | )
Total |  | $ | 48 |  |  | $ | (1,693 | ) |  | $ | 51 |  |  | $ | (1,765 | )
Weighted average fair value per option or share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock option grants |  | $ | 0.88 |  |  | $ | 0.87 |  |  | $ | 0.65 |  |  | $ | 0.87 |
Restricted stock grants |  | $ | 8.55 |  |  | $ | 3.37 |  |  | $ | 5.43 |  |  | $ | 3.37 |
Intrinsic value of options exercised |  | $ | 359 |  |  | $ | 70 |  |  | $ | 4,896 |  |  | $ | 437 |
Fair value of restricted stock vested |  | $ | — |  |  | $ | — |  |  | $ | 2,548 |  |  | $ | 1,164 |
Cash received for strike price and tax withholdings |  | $ | — |  |  | $ | 134 |  |  | $ | — |  |  | $ | 652 |
Shares acquired through cashless exercise (1) |  |  | 99 |  |  |  | — |  |  |  | 1,782 |  |  |  | 147 |
Value of shares acquired through cashless exercise (1) |  | $ | 733 |  |  | $ | — |  |  | $ | 11,028 |  |  | $ | 583 |
(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 September 30, 2013 |
|  | Stock Options |  |  | Restricted Stock |
Unrecognized expense |  | $ | 1,022 |  |  | $ | 4,458 |
Weighted average remaining years |  |  | 2.15 |  |  |  | 0.94 |
Stock Options On March 12, 2013, the Company granted the new Chief Operating Officer and Executive Vice President (“COO”) a stock option to purchase 100 thousand shares of common stock. The option has an exercise price of $4.51 per share, expires on March 12, 2018 and vests over three years as follows: one third on the one (1) year anniversary of the date of grant, one third on the two (2) year anniversary of the date of grant and one third on the three (3) year anniversary of the date of grant. On July 8, 2013, the Company granted the COO an additional stock option to purchase 300 thousand shares of common stock. The option has an exercise price of $7.33 per share, expires on July 8, 2018 and vests over three years as follows: one third on the one (1) year anniversary of the date of grant, one third on the two (2) year anniversary of the date of grant and one third on the three (3) year anniversary of the date of grant. Restricted Stock Grants Effective April 1, 2013, the Company awarded the new President and Chief Executive Officer 500 thousand shares of restricted common stock, the new COO 250 thousand shares of restricted common stock, and the new Chief Administrative Officer 100 thousand shares of restricted common stock. Each restricted stock award vests in full on April 7, 2014. Effective August 8, 2013, the Company awarded the new Chief Financial Officer 150 thousand shares of restricted common stock. The restricted stock award vests as to 75 thousand shares on October 1, 2014 and as to the remaining 75 thousand shares on October 1, 2015.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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