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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2014
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 as of December 31, 2013, and changes during the three months ended March 31, 2014 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, 2013
378,852

 
$
15.61

 
5.23

 
$
4,533

Granted
50,000

 
30.41

 
—

 
—

Exercised
(2,000
)
 
16.93

 
—

 
29

Outstanding, March 31, 2014
426,852

 
$
17.34

 
5.57

 
$
5,480

Exercisable, March 31, 2014
342,018

 
$
15.35

 
4.60

 
$
5,058


    
The following table summarizes information about our stock options outstanding at March 31, 2014:

 
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

 
2.72
 
$
8.72

 
71,352

 
$
8.72

$9.44-15.60
70,000

 
4.81
 
12.51

 
64,166

 
12.30

$15.61-30.41
285,500

 
6.46
 
20.67

 
206,500

 
18.59

 
426,852

 
5.57
 
$
17.34

 
342,018

 
$
15.35




The summary of the status of our unvested stock options as of December 31, 2013 and changes during the three months ended March 31, 2014 is presented below.

 
 
 
Unvested stock options:
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2013 
63,082

 
$
9.87

Granted
50,000

 
16.78

Vested
(28,248
)
 
9.82

Unvested at March 31, 2014
84,834

 
$
13.09



As of March 31, 2014, there was $718,422 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of 2.5 years. Total compensation expense for stock options was $56,790 and $(21,000) for the three months ended March 31, 2014 and 2013, respectively.


    




Restricted Stock:

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 2013 performance, Mr. Taylor, our Chief Executive Officer, was awarded 49,420 restricted shares on January 23, 2014, which vest one year from the date of grant. On March 20, 2014, the Compensation Committee awarded 30,000 shares of restricted common stock to two of our three named executive officers, subject to approval at our June 2014 annual meeting of shareholders, to approve an increase in the number of shares reserved for issuance under our 2009 Restricted Stock\Unit Plan. The restricted shares, when and if issued, to Messrs. Hazlett and Lawrence will vest one year from the grant date. We also awarded and issued 13,152 shares of restricted stock to our Board of Directors as partial payment for 2014 Directors' fees. The restricted stock vests in quarterly installments beginning March 31, 2015. Total compensation expense related to restricted stock awards was $692,682 and $153,206 for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, there was a total of $2,724,576 of unrecognized compensation expenses related to these shares which is expected to be recognized over the next year.