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Stock-Based Compensation
 6 Months Ended
Jun. 30, 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 six months ended June 30, 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
(3,500
)
 
17.13

 
—

 
48

Canceled/Forfeited
(1,333
)
 
17.99

 
—

 
16

Outstanding, June 30, 2014
424,019

 
$
17.33

 
5.30

 
$
6,669

Exercisable, June 30, 2014
341,185

 
$
15.34

 
4.34

 
$
6,045


    
The following table summarizes information about our stock options outstanding at June 30, 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

 
2.47
 
$
8.72

 
71,352

 
$
8.72

$9.44-15.60
70,000

 
4.56
 
12.51

 
64,166

 
12.30

$15.61-30.41
282,667

 
6.20
 
20.70

 
205,667

 
18.59

 
424,019

 
5.30
 
$
17.33

 
341,185

 
$
15.34




The summary of the status of our unvested stock options as of December 31, 2013 and changes during the six months ended June 30, 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
(28,915
)
 
9.80

Canceled/Forfeited
(1,333
)
 
9.82

Unvested at June 30, 2014
82,834

 
$
14.06



As of June 30, 2014, there was $895,174 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of 2.38 years. Total compensation expense for stock options was $174,270 and $57,144 for the six months ended June 30, 2014 and 2013, respectively.




Restricted Stock:

In accordance with the Company's employment agreement with Stephen Taylor, the Company's Chief Executive Officer, 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, 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 15,000 shares of restricted common stock to each of G. Larry Lawrence, our CFO, and James Hazlett our Vice President of Technical Services, subject to the approval at our June 2014 annual meeting of shareholders of a proposal to increase the number of shares reserved for issuance under our 2009 restricted Stock\Unit Plan. As the proposal was approved by shareholders at the 2014 annual meeting, we issued the restricted shares to Messrs. Hazlett and Lawrence which vest one year from the grant date. We also awarded and issued 13,152 shares of restricted common 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 $1,463,733 and $540,703 for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014, there was a total of $1,956,752 of unrecognized compensation expenses related to these shares which is expected to be recognized over the next eighteen months.