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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation

Stock Options:

A summary of option activity under our 1998 Stock Option plan for the three months ended March 31, 2013 is presented below.

 
Number
 of
Stock Options
 
Weighted Average
Exercise
 Price
 
Weighted
Average
Remaining
Contractual Life (years)
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2012
394,322

 
$
15.30

 
5.79

 
$
910

Granted
—

 
—

 
—

 
—

Exercised
(4,000
)
 
7.50

 
—

 
45

Canceled/Forfeited
(2,250
)
 
16.90

 
—

 
3

Expired
—

 
—

 
—

 


Outstanding, March 31, 2013
388,072

 
$
15.37

 
6.05

 
$
1,596

Exercisable, March 31, 2013
364,990

 
$
15.33

 
5.40

 
$
1,497



    
The following table summarizes information about our stock options outstanding at March 31, 2013:

 
Range of Exercise Prices
 
Options Outstanding
 
Options Exercisable
 
Shares
 
Weighted
Average
Remaining
Contractual
Life (years)
 
Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
0.01-5.58
 
—

 
—

 
$
—

 
—

 
$
—

5.59-9.43
 
75,239

 
3.83

 
8.67

 
75,239

 
8.67

9.44-15.60
 
80,833

 
5.75

 
12.86

 
68,167

 
12.48

15.61-20.48
 
232,000

 
6.09

 
18.42

 
221,584

 
18.47

0.01-20.48
 
388,072

 
5.58

 
$
15.37

 
364,990

 
$
15.33




The summary of the status of our unvested stock options as of December 31, 2012 and changes during the three months ended March 31, 2013 is presented below.

 
 
 
Unvested stock options:
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2012 
49,334

 
$
9.01

Granted
—

 
—

Vested
(25,335
)
 
9.06

Canceled/Forfeited
(917
)
 
8.74

Unvested at March 31, 2013
23,082

 
$
9.86






As of March 31, 2013, there was $158,332 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of 1.37 years. Total compensation expense for stock options was $(21,000) and $104,234 for the three months ended March 31, 2013 and 2012, respectively. The credit balance as of March 31, 2013 was due to stock option forfeitures.

Restricted Stock:

On March 21, 2013, the Compensation Committee awarded 20,000 shares of restricted common stock to two of our three named executive officers. The restricted shares issued to Messrs Hazlett and Lawrence vest one year from the grant date. We also awarded and issued 10,000 shares of restricted stock to our Board of Directors as partial payment for 2013 Directors' fees. The restricted stock vests in quarterly installments beginning March 31, 2014. Total compensation expense related to restricted stock awards was $153,206 and $219,877 for the three months ended March 31, 2013 and 2012, respectively. As of March 31, 2013, there was a total of $337,374 of unrecognized compensation expenses related to these shares of restricted stock.