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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2013
Share-Based Compensation |
Share-Based Compensation | (7) Share-Based Compensation Stock option activity for the three months ended March 31, 2013 is as follows:
|  | Number of Shares |  | Weighted Average Exercise Price Per Share |
Options outstanding at December 31, 2012 |  | 1,784 |  | $ | 11.81 |
Granted |  | 548 |  | 15.01 |
Expired |  | (25 | ) | 14.52 |
Exercised |  | (64 | ) | 9.94 |
Options outstanding at March 31, 2013 |  | 2,243 |  | 12.61 |
The Company’s outstanding stock options include time-based stock options which vest over differing periods ranging from the date of issuance up to 48 months from the option grant date, performance-based stock options which vest upon achieving operating income margins of six, eight and ten percent as reported in four of five consecutive quarters over the term of the options, performance-based stock options which vest upon achieving cumulative annual net sales revenue growth targets over a rolling two-year period subject to the Company maintaining at least an eight percent operating income margin during the applicable period, and performance-based stock options which vest upon achieving annual net sales targets over a rolling one-year period. During the three-month period ended March 31, 2013, the Company granted options to purchase 548 shares of common stock under the 2012 Incentive Plan to the Company’s executive officers and other employees, which are composed of both time-based stock options and net sales revenue performance-based stock options. These options were issued with a weighted-average exercise price of $15.01 per share and a weighted-average grant date fair value of $6.17 per share. All of the options issued have an option termination date of ten years from the option grant date. The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for the three-month period ended March 31, 2013:
|  | 2013 |
Expected life (in years) |  | 5.0 to 6.0 |
Risk-free interest rate |  | 0.8 |
Expected volatility |  | 56.1 to 58.1 |
Dividend yield |  | 2.6 |
Expected option lives and volatilities are based on historical data of the Company. The risk free interest rate is calculated as the average U.S. Treasury bill rate that corresponds with the option life. The dividend yield is based on the Company’s historical and expected amount of dividend payouts, at the time of grant. Share-based compensation expense from time-based stock options for the three-month period ended March 31, 2013 and 2012 was approximately $1,074 and $313, respectively; the related tax benefit was approximately $424 and $125, respectively. As of March 31, 2013 and December 31, 2012, the unrecognized share-based compensation expense related to the grants described above was $4,379 and $2,715, respectively. As of March 31, 2013, the remaining compensation cost is expected to be recognized over the weighted-average period of approximately 2.2 years. The Company recorded shared-based compensation expense of $0 and $323 and a related tax benefit of approximately $0 and $128 for the three months ended March 31, 2013 and 2012, respectively, for the performance-based stock options. As of December 31, 2012, there is no remaining compensation expense to be recognized for the operating income performance-based stock options. The Company has not recognized any share-based compensation expense related to the net sales revenue performance-based stock options for the quarter ended March 31, 2013. Should the Company attain all of the net sales revenue metrics related to the net sales revenue performance-based stock option grants, the Company would recognize up to $1,100 of potential share-based compensation expense. At March 31, 2013, the aggregate intrinsic value of outstanding stock options to purchase 2,243 shares of common stock, exercisable stock options to purchase 1,061 shares of common stock and stock options to purchase 962 shares of common stock that are expected to vest was $6,013, $5,451 and $534, respectively. At December 31, 2012, the aggregate intrinsic value of outstanding options to purchase 1,784 shares of common stock, the exercisable options to purchase 1,011 shares of common stock, and options to purchase 644 shares of common stock expected to vest was $5,315, $5,016 and $281, respectively. Restricted stock unit activity for the period ended March 31, 2013 is as follows:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |
Units outstanding at December 31, 2012 |  | 18 |  | $ | 12.07 |
Granted |  | — |  | — |
Issued |  | — |  | — |
Forfeited |  | — |  | — |
Units outstanding at March 31, 2013 |  | 18 |  | 12.07 |
RSUs are valued at the market value on the date of grant. Due to post-vesting restrictions, a Finnerty Model was utilized to calculate a valuation discount from the market value of common shares reflecting the restriction embedded in the RSUs preventing the sale of the underlying shares over a certain period of time. The Finnerty Model proposes to estimate a discount for lack of marketability such as transfer restrictions by using an option pricing theory. This model has gained recognition through its ability to address the magnitude of the discount by considering the volatility of a company’s stock price and the length of restriction. The concept underpinning the Finnerty Model is that restricted stock cannot be sold over a certain period of time. Share-based compensation expense from RSUs for the period ended March 31, 2013 was approximately $74 and the related tax benefit was approximately $29. As of March 31, 2013 and December 31, 2012, the unrecognized share-based compensation expense related to the grants described above was $25 and $99, respectively. As of March 31, 2013, the remaining compensation expense is expected to be recognized over the weighted average period of approximately 0.2 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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: 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 3: 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=6406099&loc=d3e25284-112666 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 AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: 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 + Details
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