Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Certain Information Related to Stock Options and Restricted Stock

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


	Year Ended December 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 (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		2,015			6.54						1,000			5.43
Forfeited		(40	)		7.33						n/a			n/a
Exercised		(2,330	)		4.06						n/a			n/a
Vested		n/a			n/a						(552	)		4.64
Expired		(850	)		3.90						n/a			n/a

Outstanding as of December 31, 2013		4,125		$	5.56	$	36,786		3.86		1,600		$	4.94

Exercisable as of December 31, 2013		1,900		$	4.83	$	18,330		2.43

(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 exchanges on which the Company was listed. 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 December 31, 2013 are expected to vest.

n/a - Not applicable

Certain Information Regarding Company's Share-Based Compensation

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


	Year Ended December 31,
	2013			2012			2011
Compensation expense:
Stock options	$	930		$	1,188		$	1,450
Restricted stock		5,487			2,642			1,398

Total	$	6,417		$	3,830		$	2,848

Deferred tax benefits:
Stock options	$	359		$	458		$	559
Restricted stock		433			468			315

Total	$	792		$	926		$	874

Realized tax benefits:
Stock options	$	2,365		$	168		$	195
Restricted stock		374			291			—

Total	$	2,739		$	459		$	195

Excess tax benefits (shortfall):
Stock options	$	418		$	(1,618	)	$	195
Restricted stock		(59	)		(142	)		—

Total	$	359		$	(1,760	)	$	195


Weighted average fair value per option or share:
Stock option grants	$	0.79		$	0.87		$	1.67
Restricted stock grants	$	5.43		$	3.37		$	5.61
Intrinsic value of options exercised	$	6,131		$	437		$	507
Fair value of restricted stock vested	$	2,548		$	1,164		$	540
Cash received for strike price and tax withholdings	$	—		$	652		$	204
Shares acquired through cashless exercise (1)		1,966			147			70
Value of shares acquired through cashless exercise (1)	$	12,630		$	583		$	263

(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.

Unrecognized Compensation Expense and Weighted Average Period

The following table provides 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 December 31, 2013
	Stock Options		Restricted Stock
Unrecognized expense	$	1,449	$	2,844
Weighted average remaining years		2.87		0.82

Summary of Assumptions Utilized in the Black-Scholes Model for Stock Options Granted

The following table provides the assumptions utilized in the Black-Scholes model for stock options granted during the periods presented:


	Year Ended December 31,
	2013			2012			2011
Weighted-average risk-free interest rate		0.27	%		0.62	%		1.34	%
Expected term of option in years		3.21			4.25			3.92
Weighted-average volatility		34.1	%		48.4	%		58.5	%
Dividend yield		9.1	%		11.4	%		8.9	%
Weighted average grant date fair value per share	$	0.79		$	0.87		$	1.67