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Stock-Based Compensation
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 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

 

 


Granted
47,000

 
18.75

 

 


Exercised
(41,637
)
 
15.38

 

 


Canceled/Forfeited
(9,833
)
 
17.68

 

 


Expired
—

 
—

 

 


Outstanding, September 30, 2013
389,852

 
$
15.65

 
5.49
 
$
4,355

Exercisable, September 30, 2013
326,770

 
$
15.22

 
4.82
 
$
3,790


    
The following table summarizes information about our stock options outstanding at September 30, 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
$0.01-9.43
 
71,352

 
3.22
 
$
8.72

 
71,352

 
$
8.72

$9.44-15.60
 
73,500

 
5.27
 
12.66

 
61,834

 
12.23

$15.61-20.48
 
245,000

 
6.21
 
18.57

 
193,584

 
18.57


 
389,852

 
5.49
 
$
15.65

 
326,770

 
$
15.22




The summary of the status of our unvested stock options as of December 31, 2012 and changes during the nine months ended September 30, 2013 is presented below.

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

 
$
9.01

Granted
47,000

 
10.30

Vested
(26,335
)
 
9.05

Canceled/Forfeited
(6,917
)
 
9.79

Unvested at September 30, 2013
63,082

 
$
9.87



As of September 30, 2013, there was $399,828 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of 2.14 years. Total compensation expense for stock options was $122,702 and $330,000 for the nine months ended September 30, 2013 and 2012, respectively.


    

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 each member of our Board of Directors as partial payment for 2013 Directors' fees. The restricted stock vests in quarterly installments beginning March 31, 2014. In accordance with Mr. Taylor's employment agreement, the Compensation Committee reviewed his performance in determining the issuance of restricted common stock. Based on this review which included consideration of the Company's 2012 performance, Mr. Taylor, our Chief Executive Officer, was awarded 56,950 restricted shares on April 30, 2013, which vest one year from the date of grant. Total compensation expense related to restricted stock awards was $1,011,727 and $727,658 for the nine months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, there was a total of $1,188,685 of unrecognized compensation expenses related to these shares which is expected to be recognized in 0.9 years.