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Share-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation Plans | 11. SHARE-BASED COMPENSATION PLANS: 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 (“RSUs”) and performance share awards (“PSAs”). In addition, the Company has one inactive stock option plan, the 1995 Stock Options Plan for Nonemployee Directors, under which previously granted options remain outstanding. The plans provide that options become exercisable according to vesting schedules, which range from immediate to ratably over a 60-month period. Options terminate 10 years from the date of grant. The plans also provide for other equity instruments, such as RSUs and PSAs, which grant the right to receive a specified number of shares over a specified period of time. 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 comparator group of companies and ranges from two to three years. The following summarizes share-based compensation expense recorded:
|  | Year ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |
Cost of sales |  | $ | 337 |  |  | $ | 662 |  |  | $ | 432 |
Selling, general and administrative expenses |  |  | 2,609 |  |  |  | 2,398 |  |  |  | 2,616 |
Total |  | $ | 2,946 |  |  | $ | 3,060 |  |  | $ | 3,048 |
As of December 31, 2014, unrecognized compensation expense related to the unvested portion of the Company’s RSUs and PSAs was $4.1 million, which is expected to be recognized over a weighted average period of 1.7 years. There were 643,393 shares of common stock available for future issuance under the Company’s stock compensation plans at December 31, 2014. Stock Options Awards A summary of status of the Company’s stock options as of December 31, 2014 and changes during the three years then ended is presented below:
|  | Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  |  |  |  |  |  |  | (in years) |  |  | (in thousands) |
Balance, December 31, 2011 |  |  | 71,597 |  |  |  | 21.26 |  |  |  |  |  |  |  |  |
Options granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Options exercised |  |  | (24,597 | ) |  |  | 17.58 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Balance, December 31, 2012 |  |  | 47,000 |  |  |  | 23.19 |  |  |  |  |  |  |  |  |
Options granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Options exercised |  |  | (7,000 | ) |  |  | 10.31 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Balance, December 31, 2013 |  |  | 40,000 |  |  |  | 25.44 |  |  |  |  |  |  |  |  |
Options granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Options exercised |  |  | (2,000 | ) |  |  | 14.00 |  |  |  |  |  |  |  |  |
Options cancelled |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Balance, December 31, 2014 |  |  | 38,000 |  |  |  | 26.05 |  |  |  |  |  |  |  |  |
Exercisable and Outstanding, December 31, 2014 |  |  | 38,000 |  |  |  | 26.05 |  |  |  | 3.68 |  |  | $ | 424 |
The total intrinsic value, defined as the difference between the current market value and the grant price, of options exercised during the years ended December 31, 2014, 2013 and 2012 was $43,000, $0.1 million and $0.1 million, respectively. The following table summarizes information about stock options outstanding at December 31, 2014:
Options Outstanding |  | Options Exercisable
Exercise Price Per Share |  | Number of Options |  |  | Weighted Average Remaining Contractual Life (years) |  | Weighted Average Exercise Price Per Share |  | Number of Options |  |  | Weighted Average Exercise Price Per Share
$22.07 |  |  | 4,000 |  |  | 0.36 |  | 22.07 |  |  | 4,000 |  |  | 22.07
$24.15 |  |  | 24,000 |  |  | 5.25 |  | 24.15 |  |  | 24,000 |  |  | 24.15
$28.31 |  |  | 4,000 |  |  | 1.16 |  | 28.31 |  |  | 4,000 |  |  | 28.31
$34.77 |  |  | 6,000 |  |  | 1.28 |  | 34.77 |  |  | 6,000 |  |  | 34.77
|  |  | 38,000 |  |  | 3.68 |  | 26.05 |  |  | 38,000 |  |  | 26.05
There were no options granted during 2014, 2013 or 2012. Restricted Stock Units and Performance Awards The Company estimates the fair value of Restricted Stock Units (“RSUs”) and Performance Stock Awards (“PSAs”) using the value of the Company’s stock on the date of grant, with the exception of market-based PSAs, for which a Monte Carlo simulation model is used. The assumptions used in the Monte Carlo simulation model for PSAs granted during each year were:
|  | 2014 |  | 2013 |  | 2012
Expected stock price volatility |  | 23.7% - 65.0% |  | 24.6% - 60.1% |  | 33.3% - 75.7%
Risk free interest rate |  | 0.61% |  | 0.41% |  | 0.24%
Expected dividend yield |  | 0% |  | 0% |  | 0%
A summary of status of the Company’s RSUs and PSAs as of December 31, 2014 and changes during the three years then ended is presented below:
|  | Number of RSUs and PSAs (1) |  |  | Weighted Average Grant Date Fair Value |
Unvested RSUs and PSAs at December 31, 2011 |  |  | 193,981 |  |  | $ | 24.41 |
RSUs and PSAs granted |  |  | 115,306 |  |  |  | 29.06 |
Unvested RSUs and PSAs cancelled |  |  | (39,306 | ) |  |  | 28.44 |
RSUs and PSAs vested |  |  | (26,840 | ) |  |  | 23.13 |
Unvested RSUs and PSAs at December 31, 2012 |  |  | 243,141 |  |  |  | 26.11 |
RSUs and PSAs granted |  |  | 117,966 |  |  |  | 34.24 |
Unvested RSUs and PSAs cancelled |  |  | (16,002 | ) |  |  | 27.45 |
RSUs and PSAs vested |  |  | (88,018 | ) |  |  | 23.37 |
Unvested RSUs and PSAs at December 31, 2013 |  |  | 257,087 |  |  |  | 30.69 |
RSUs and PSAs granted |  |  | 87,353 |  |  |  | 41.76 |
Unvested RSUs and PSAs cancelled |  |  | (32,756 | ) |  |  | 32.36 |
RSUs and PSAs vested (2) |  |  | (80,469 | ) |  |  | 25.81 |
Unvested RSUs and PSAs at December 31, 2014 |  |  | 231,215 |  |  | $ | 36.34 |
(1) | The number of shares disclosed in this table are at the target level of 100%.
(2) | 13,161 additional shares were vested for performance share awards that were granted in 2011 for the three-year performance period ended December 31, 2013, based on achievement of an actual payout percentage of 143%.
The unvested balance of RSUs and PSAs at December 31, 2014 includes approximately 185,000 PSAs included at a target level. The vesting of these awards is subject to the achievement of specified market-based conditions, and 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%. The total fair value of RSUs and PSAs vested during the years ended December 31, 2014, 2013, and 2012 was $3.5 million, $2.1 million, and $0.6 million, respectively. Stock Awards For the years ended December 31, 2014, 2013 and 2012, stock awards were granted to non-employee directors, which vested immediately upon issuance, as follows: 9,150 shares; 4,912 shares; and 4,807 shares, respectively. The Company recorded compensation expense based on the fair market value per share of the awards on the grant dates of $36.00 and $36.41 in 2014, $27.49 in 2013, and $23.40 in 2012.

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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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