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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Restricted Stock On June 3, 2014, at our annual meeting of shareholders, our shareholders approved a proposed amendment to the 2009 Restricted Stock/Unit Plan (the "Plan") to add additional 500,000 shares of common stock to the Plan, thereby authorizing the issuance of up to 800,000 shares of common stock under the Plan. On March 19, 2015, the Compensation Committee awarded 20,000 shares of restricted common stock each to G. Larry Lawrence, our CFO, and James Hazlett, our Vice President of Technical Services, which vest one year from the grant date. We also awarded and issued 21,968 shares of restricted common stock to our Board of Directors as partial payment for 2015 directors' fees. The restricted stock issued to our directors vests over one year, in quarterly installments, beginning March 31, 2016. 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 2014 performance, Mr. Taylor, was awarded 83,590 restricted shares on January 16, 2015, which vest one year from the date of grant. Compensation expense related to the restricted shares was approximately $2,944,000, $2,818,000 and $1,485,000 for the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015, there was a total of approximately $457,000 of unrecognized compensation expense related to the nonvested portion of these restricted shares. This expense is expected to be recognized within one year. As of December 31, 2015, 361,394 shares were still available for issuance under the Plan. A summary of all restricted stock activity as of December 31, 2015 and changes during the year then ended is presented below.
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2014 | 99,238 |  |  | $ | 28.22 |  |  | 9.00 |  |  | $ | 2,286 |
Granted | 145,558 |  |  | 19.17 |  |  | — |  |  | 2,886 |
Vested | (99,238 | ) |  | 28.22 |  |  | — |  |  | 2,100 |
Canceled/Forfeited | — |  |  | — |  |  | — |  |  | — |
Outstanding, December 31, 2015 | 145,558 |  |  | $ | 19.17 |  |  | 9.12 |  |  | $ | 3,246 |
Stock Option Plan Our 1998 Stock Option Plan (the "Stock Option Plan"), which is stockholder approved, permits the granting of stock options to its employees for up to 550,000 shares of common stock. On June 16, 2009, at our annual meeting of shareholders, our shareholders approved a proposed amendment to the Stock Option Plan to add additional 200,000 shares of common stock to the Stock Option Plan, thereby authorizing the issuance of up to 750,000 shares of common stock under the Stock Option Plan. We believe that such awards better align the interests of our employees with our stockholders. Option awards are generally granted with an exercise price equal to the market price of our stock at the date of grant; those option awards generally vest based on three years of continuous service and have ten-year contractual terms. Certain option and share awards provide for accelerated vesting if there is a change in control of the Company (as defined in the Stock Option Plan). The last date that grants can be made under the Stock Option Plan is March 1, 2016, pending shareholder approval of an extension to the Stock Option Plan. As of December 31, 2015, 93,419 shares were still available for issue under the Stock Option Plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life of options granted is based on the vesting period and historical exercise and post-vesting employment termination behavior for similar grants. We use historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes.
Weighted average Black -Scholes fair value assumption during the years ended December 31, are as follows: | 2015 |  | 2014 |  | 2013
Risk free rate | 1.56 | % |  |  | 1.96 | % |  |  | 1.02 | % |
Expected life | 6 years |  |  |  | 6 years |  |  |  | 6 years |  |
Expected volatility | 45.07 | % |  |  | 58.44 | % |  |  | 60.39 | % |
Expected dividend yield | — |  |  |  | — |  |  |  | — |  |
A summary of all option activity as of December 31, 2015 and changes during the year then ended 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, 2014 | 432,269 |  |  | $ | 17.55 |  |  | 4.89 |  | $ | 2,786 |
Granted | 50,000 |  |  | 22.90 |  |  |  |  |  |
Exercised | (66,000 | ) |  | 11.76 |  |  |  |  | 481 |
Canceled/Forfeited | (1,500 | ) |  | 30.41 |  |  |  |  | — |
Expired | — |  |  | — |  |  |  |  |
Outstanding, December 31, 2015 | 414,769 |  |  | $ | 19.07 |  |  | 5.08 |  | $ | 1,814 |
Exercisable, December 31, 2015 | 312,933 |  |  | $ | 17.13 |  |  | 3.93 |  | $ | 1,766 |
We granted one option to purchase a total of 50,000 shares to non-executive employees in April 2015 at an exercise price of $22.90 with a three year vesting period. The weighted average grant date fair value of options granted during the years 2015, 2014, and 2013 was $10.33, $16.56, and $10.30 respectively. The total intrinsic value, or the difference between the exercise price and the market price on the date of exercise, of options exercised during the years ended December 31, 2015, 2014, and 2013 was approximately $$481,000, $48,000, and $458,000 respectively. Cash received from stock options exercised during the years ended December 31, 2015, 2014, and 2013 was $776,000, $59,000, and $829,000, respectively. The following table summarizes information about our stock options outstanding at December 31, 2015:
Range of Exercise Prices |  | Options Outstanding |  | Options Exercisable
| Shares |  | Weighted Average Remaining Contractual Life (years) |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
$0.01-15.70 |  | 94,852 |  |  | 3.23 |  | $ | 11.23 |  |  | 94,852 |  |  | $ | 11.23 |
$15.71-17.81 |  | 92,750 |  |  | 3.78 |  | $ | 17.56 |  |  | 92,750 |  |  | $ | 17.56 |
$17.82-20.48 |  | 119,667 |  |  | 4.27 |  | $ | 19.58 |  |  | 106,167 |  |  | $ | 19.69 |
$20.49-33.36 |  | 107,500 |  |  | 8.75 |  | $ | 26.72 |  |  | 19,164 |  |  | $ | 30.05 |
|  | 414,769 |  |  | 5.08 |  | $ | 19.07 |  |  | 312,933 |  |  | $ | 17.13 |
The summary of the status of our unvested stock options as of December 31, 2015 and changes during the year then ended is presented below.
Unvested stock options: | Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2014 | 91,834 |  |  | $ | 14.19 |
Granted | 50,000 |  |  | $ | 10.33 |
Vested | (38,498 | ) |  | $ | 13.09 |
Cancelled/Forfeited | (1,500 | ) |  | $ | 16.79 |
Unvested at December 31, 2015 | 101,836 |  |  | $ | 12.67 |
We recognized stock compensation expense from stock options vesting of $601,000, $426,000, and $198,000 for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, there was approximately $722,000 of total unamortized compensation cost related to unvested stock options. We expect to recognize such cost over a weighted-average period of 3.0 years.

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 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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