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SHARE-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2013
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION | 10. SHARE-BASED COMPENSATION The Company accounts for share-based compensation arrangements, including grants of employee stock options, as compensation expense over the service period (generally the vesting period) in the consolidated financial statements based on their fair values. The impact of forfeitures that may occur prior to vesting is also estimated and considered in the amount recognized. Excess tax benefits are reported as a financing cash inflow rather than as a reduction of taxes paid. The total compensation expense recognized for share-based compensation was $425,000 and $489,000 for 2013 and 2012, respectively. There was no tax benefit or expense related thereto. Recognized share-based compensation was reduced for estimated forfeitures prior to vesting based primarily on historical annual forfeiture rates of approximately 2.8% and 3.2%, for 2013 and 2012, respectively. Estimated forfeitures will be reassessed in subsequent periods and may change based on new facts and circumstances. Executive officers and certain members of management received annual incentive awards of $133,100 and $150,300 in February 2013 and 2012, respectively, based on the achievement of certain predefined performance goals and objectives. The annual incentive awards are paid in stock of the Company and resulted in the issuance of 33,187 and 39,294 shares in February 2013 and 2012, respectively. Stock Options In May 2006, the Company's shareholders approved the 2006 Equity and Incentive Award Plan (the "2006 Plan") and an increase in the number of shares of common stock authorized under the Articles of Association by 1,000,000 shares, all of which have been reserved for issuance under the 2006 Plan. The 2006 Plan provides that the administrator can grant stock options and other equity instruments. The terms of certain grant types follow general guidelines, but the term and conditions of each award can vary at the discretion of the administrator. With respect to awards granted to non-employee directors, the administrator of the 2006 Plan is the Board of Directors. The Compensation Committee of the Board is the administrator of the 2006 Plan for all other persons, unless the Board assumes authority for administration. At December 31, 2013, there were 447,824 shares remaining and available for issuance under the 2006 Plan. A summary of stock option award activity as of and for the year ended December 31, 2013 is presented below:
|  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Grant-Date Fair Value |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value $(000)(1) |
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Outstanding at December 31, 2012 |  |  | 79,000 |  | $ | 23.52 |  |  |  |  |  |  |  |  |  |
Forfeited or Cancelled |  |  | (19,000 | ) | $ | 35.82 |  | $ | 12.29 |  |  |  |  |  |  |
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Outstanding at December 31, 2013 |  |  | 60,000 |  | $ | 19.63 |  | $ | 7.33 |  |  | 3.4 |  | $ | — |
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Exercisable at December 31, 2013 |  |  | 55,000 |  | $ | 20.94 |  | $ | 7.77 |  |  | 3.2 |  | $ | — |
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Expected to Vest at December 31, 2013(2) |  |  | 3,600 |  | $ | 5.20 |  | $ | 2.48 |  |  | 5.2 |  | $ | — |
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(1) For in the money options (2) Options expected to vest reflect estimated forfeitures. There were no stock option awards granted in 2013 or 2012. The grant date fair value of stock options vested in 2013 and 2012 was $12,000 and $35,000, respectively. As of December 31, 2013, there was $2,300 of total unrecognized compensation for awards granted under the stock options plans that is expected to be recognized over a weighted average period of 0.3 year. Restricted Stock In 2013, 12,000 restricted shares that vest as service requirements are met were granted to management employees and the Company's Board of Directors, and 74,342 shares of restricted stock vested as directors' and management service requirements were met. In 2012, 21,277 restricted shares that vest as service requirements are met were granted to management employees and the Company's Board of Directors, and 78,769 shares of restricted stock vested as directors' and management service requirements were met. All restricted shares granted in 2013 and 2012 were granted under the 2006 Plan. The weighted average grant-date fair value of restricted stock granted during 2013 and 2012 was $4.03 and $3.54 per share, respectively. A summary of the activity for nonvested restricted stock awards as of and for the year ended December 31, 2013 is presented below:
|  | Shares |  | Weighted Average Grant-Date Fair Value |
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Nonvested balance at December 31, 2012 |  |  | 94,137 |  | $ | 5.56 |
Granted |  |  | 12,000 |  | $ | 4.03 |
Vested |  |  | (74,342 | ) | $ | 4.79 |
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Nonvested balance at December 31, 2013 |  |  | 31,795 |  | $ | 5.79 |
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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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