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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 Company has one active stock incentive plan for employees and directors, the 2007 Stock Incentive Plan, which provides for awards of stock options to purchase shares of common stock, stock appreciation rights, restricted and unrestricted shares of common stock, restricted stock units and performance awards. In addition, the Company has one inactive stock option plan, the 1995 Stock Option Plan for Nonemployee Directors, under which previously granted options remain outstanding.

The Company recognizes compensation cost as service is rendered based on the fair value of the awards. The following summarizes share-based compensation expense recorded (in thousands):

 

                 
    Three months ended March 31,  
    2013     2012  

Cost of sales

   $ 128     $ 85  

Selling, general and administrative expenses

     398       494  
   

 

 

    

 

 

  

Total

   $ 526     $ 579  
   

 

 

    

 

 

  

As of March 31, 2013, unrecognized compensation expense related to the unvested portion of the Company’s restricted stock units (RSUs) and performance awards (PSAs) was $2.5 million which is expected to be recognized over a weighted average period of 1.4 years.

Stock Option Awards

A summary of the status of the Company’s stock options as of March 31, 2013 and changes during the three months then ended is presented below:

 

                                 
    Options
Outstanding		     Weighted
Average
Exercise Price
per Share		     Weighted
Average
Remaining
Contractual
Life		     Aggregate
Intrinsic  Value		  
                      (In thousands)  

Balance, January 1, 2013

     47,000     $ 23.19                  

Options granted

     —         —                    

Options exercised or exchanged

     —         —                    

Options canceled

     —         —                    
   

 

 

                          

Balance, March 31, 2013

     47,000       23.19       4.62     $ 267  
   

 

 

                    

 

 

  

Exercisable, March 31, 2013

     47,000       23.19       4.62     $ 267  
   

 

 

                    

 

 

  

Restricted Stock Units and Performance Awards

A summary of the status of the Company’s RSUs and PSAs as of March 31, 2013 and changes during the three months then ended is presented below:

 

                 
    Number of RSUs
and PSAs		     Weighted Average
Grant  Date Fair Value		  

Unvested RSUs and PSAs at January 1, 2013

     243,141     $ 26.11  

RSUs and PSAs granted

     —         —    

RSUs and PSAs vested

     (88,018 )      23.37  

RSUs and PSAs canceled

     (6,818 )      24.14  
   

 

 

          

Unvested RSUs and PSAs at March 31, 2013

     148,305       27.82  
   

 

 

          

RSUs and PSAs are measured at the estimated fair value on the date of grant. RSUs are service-based awards and vest according to vesting schedules, which range from immediate to ratably over a three-year period. PSAs are service-based awards with a market-based vesting condition. Vesting of the market-based PSAs is dependent upon the performance of the market price of the Company’s stock relative to a peer group of companies and ranges from two to three years. The unvested balance of RSUs and PSAs at March 31, 2013 includes approximately 115,000 PSAs at a target level of performance; the actual number of common shares that will ultimately be issued will be determined by multiplying this number of PSAs by a payout percentage ranging from 0% to 200%.