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Compensation Plans | 12 Months Ended
--- | ---
Dec. 31, 2013
Compensation Plans [Abstract] |
Compensation Plans |
13. | Compensation Plans
On December 18, 2000, the Company adopted, and in May 2001 the shareholders approved, the 2001 Stock Option Plan for Non-Employee Directors (the "2001 Plan") under which non-employee directors were granted options to purchase shares of the Company's authorized but unissued stock. The Company reserved 200,000 shares for issuance under the 2001 Plan. In April 2007, all reserved shares for which a stock option had not been granted under the 2001 Plan were deregistered. No further stock options or stock will be granted under the 2001 Plan. In April 2007, the Company adopted and the shareholders approved the 2007 Stock Incentive Plan (the "2007 SIP") under which employees, independent contractors, and non-employee directors may be granted stock options, restricted stock, deferred stock awards, restricted stock units ("RSU's"), and stock appreciation rights, any of which may or may not require the achievement of performance objectives. Vesting requirements are determined by the Compensation Committee of the Board of Directors. The Company reserved 2,550,000 shares for issuance under the 2007 SIP. At December 31, 2013, an aggregate of 698,000 shares remain available for grant under the Plan. Compensation expense related to stock options is recognized based on the grant-date fair value of the awards estimated using the Black-Scholes option pricing model. Compensation expense related to deferred stock, restricted stock, and restricted stock units is recognized based on the grant-date fair value of the Company's common stock. The total stock-based compensation cost included in the Statements of Income was $5.3 million, $4.7 million, and $3.0 million in 2013, 2012, and 2011, respectively. Stock Options There were no stock options granted in 2013 or 2011. In 2012, 9,830 stock options were granted as an equitable adjustment in conjunction with the special dividend declared in the fourth quarter of 2012. For purposes of determining the fair value of stock option awards granted, the Company used the Black-Scholes option pricing model and the assumptions set forth in the table below.
|  | 2012 |
Dividend yield |  |  | 2.9 | %
Expected volatility |  |  | 44.2 | %
Risk free rate of return |  |  | 4.0 | %
Expected lives |  |  | 2.9 years |
The estimated fair value of options granted is subject to the assumptions made and if the assumptions changed, the estimated fair value amounts could be significantly different. The following table summarizes the stock option activity of the Plans:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Grant Date Fair Value |  |  | Weighted Average Remaining Contractual Life (Years) |
Outstanding at December 31, 2010 |  |  | 1,172,150 |  |  |  | 9.30 |  |  |  | 4.46 |  |  |  | 6.7 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (843,450 | ) |  |  | 9.58 |  |  |  | 4.48 |  |  |  | 5.0 |
Canceled |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at December 31, 2011 |  |  | 328,700 |  |  |  | 8.58 |  |  |  | 4.42 |  |  |  | 6.2 |
Granted |  |  | 9,830 |  |  |  | 8.59 |  |  |  | 32.57 |  |  |  | 5.6 |
Exercised |  |  | (217,820 | ) |  |  | 7.92 |  |  |  | 4.40 |  |  |  | 4.8 |
Canceled |  |  | (250 | ) |  |  | 8.69 |  |  |  | 4.57 |  |  |  | 6.3 |
Outstanding at December 31, 2012 |  |  | 120,460 |  |  |  | 8.58 |  |  |  | 6.76 |  |  |  | 5.7 |
Granted |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Exercised |  |  | (63,239 | ) |  |  | 8.51 |  |  |  | 6.86 |  |  |  | 4.4 |
Canceled |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding at December 31, 2013 |  |  | 57,221 |  |  |  | 8.66 |  |  |  | 6.65 |  |  |  | 5.0 |
Exercisable Options Outstanding at December 31, 2013 |  |  | 46,851 |  |  |  | 8.66 |  |  |  | 6.89 |  |  |  | 5.0 |
Non-Vested Options Outstanding at December 31, 2013 |  |  | 10,370 |  |  |  | 8.68 |  |  |  | 5.57 |  |  |  | 5.2 |
At December 31, 2013, the aggregate intrinsic value of all options, including exercisable options, was $3.7 million. Deferred Stock Deferred stock awards vest based on the passage of time or the Company's attainment of performance objectives. Upon vesting, these awards convert one-for-one to common stock. In 2013, 4,430 deferred stock awards were issued to non-employee directors that will vest in April 2014 and 5,952 deferred stock awards were issued to non-employee directors that will vest in April 2016. In 2012, 4,542 deferred stock awards were issued to non-employee directors that will vest in April 2013 and 6,102 deferred stock awards were issued to non-employee directors that will vest in April 2015. In 2011, 9,487 deferred stock awards were issued to non-employee directors that vested in April 2012 and 12,744 deferred stock awards were issued to non-employee directors that will vest in April 2014. Compensation expense related to these awards is amortized ratably over the vesting period. Compensation expense related to these awards was $0.5 million, $0.5 million and $0.5 million in 2013, 2012, and 2011, respectively. At December 31, 2013, there was $0.5 million of unrecognized compensation cost related to deferred stock that is expected to be recognized over a period of 2.5 years. Restricted Stock Units Beginning in the second quarter of 2009, the Company began granting restricted stock units in lieu of incentive stock options to senior employees. These RSU's have a vesting "double trigger." The vesting of these RSU's is dependent on the achievement of corporate objectives established by the Compensation Committee of the Board of Directors and the passage of time. During 2013, 32,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $1.8 million, of which $0.5 million was recognized in 2013. The remaining costs will be recognized ratably over the remaining period required before the units vest, which is 34 months. During 2012, 139,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $6.2 million, of which $1.5 million and $1.2 million was recognized in 2013 and 2012, respectively. The remaining costs will be recognized ratably over the remaining period required before the units vest, which ranges from one to three years. During 2011, 524,000 restricted stock units were issued. Compensation costs related to these restricted stock units was $10.7 million, of which $2.5 million, $2.5 million, and $1.8 million was recognized in 2013, 2012 and 2011, respectively. The remaining costs will be recognized ratably over the remaining period required before the units vest, which ranges from one to two years. At December 31, 2013, there was $8.6 million of unrecognized compensation cost related to restricted stock units that is expected to be recognized over a period of 2.5 years.

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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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