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Equity Incentive Plan
 9 Months Ended
Sep. 30, 2013
Equity Incentive Plans [Abstract]  
Equity Incentive Plan

Note 5 – Equity Incentive Plan

 

The following table is a summary of the Company’s stock options outstanding as of September 30, 2013, and changes therein during the nine months then ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Stock Options

 

Weighted Average Grant Date Fair Value

 

Weighted Average Exercise Price

 

Weighted Average Contractual Life (years)

Outstanding - December 31, 2012
2,805,912 

 

$           2.30

 

$         7.09

 
6.07 

Granted
20,900 

 
3.06 

 
11.97 

 
9.83 

Forfeited

 -

 

 -

 

 -

 

 -

Exercised
(30,033)

 
2.30 

 
7.09 

 

 -

Outstanding - September 30, 2013
2,796,779 

 

$           2.30

 

$         7.09

 
5.34 

Exercisable - September 30, 2013
2,279,981 

 

$           2.30

 

$         7.13

 
5.40 

 

Expected future stock option expense related to the non-vested options outstanding as of September 30, 2013, is $491,000 over an average period of 0.4 years.

The following is a summary of the status of the Company’s restricted share awards as of September 30, 2013, and changes therein during the nine months then ended.

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares Awarded

 

Weighted Average Grant Date Fair Value

Non-vested at December 31, 2012

 
454,904 

 

$           7.11

Granted

 
13,300 

 
11.97 

Vested

 
(226,829)

 
7.10 

Forfeited

 

 -

 

 -

Non-vested at September 30, 2013

 
241,375 

 

$           7.35

 

Expected future stock award expense related to the non-vested restricted share awards as of September 30, 2013 is $700,000 over an average period of 0.4 years.    

 

During the three and nine months ended September 30, 2013, the Company recorded $785,000 and $2.4 million of stock-based compensation related to the above plans, respectively.  During the three and nine months ended September 30, 2012, the Company recorded $800,000 and $2.3 million of stock-based compensation related to the above plans, respectively.