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EQUITY | 12 Months Ended
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Dec. 31, 2014
EQUITY |
EQUITY | 11. EQUITY Common Stock The Company has paid quarterly dividends on its common stock since January 1999. Treasury Stock During 2012, 2013 and 2014, the Company repurchased the following shares from employees to satisfy tax withholding and stock options exercise obligations incurred in connection with the vesting of restricted stock awards and the exercise of stock options:
Year Ended December 31 |  | Shares Repurchased |  | Aggregate Cost (in thousands) |  | Average Repurchase Price |
2012 |  |  | 9,175 |  | $ | 344 |  | $ | 37.51 |
2013 |  |  | 163,222 |  |  | 8,103 |  |  | 49.64 |
2014 |  |  | 34,293 |  |  | 2,161 |  |  | 63.01 |
Stock-Based Compensation The Company has 2,000,000 shares reserved for the grant of stock options, restricted stock, restricted stock units, stock equivalents and awards of shares of common stock that are not subject to restrictions or forfeiture. Stock Options Stock options have a term of ten years and vest annually and ratably over a period of four years. The following table summarizes stock option activity for the years ended December 31, 2013 and 2014:
Year Ended December 31, 2013 |
|  | Number of Options |  | Weighted Avg. Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2013 |  |  | 720,448 |  | $ | 34.31 |  |  |  |  |  |  |
Exercised |  |  | (303,536 | ) |  | 30.64 |  |  |  |  |  |  |
Forfeited—Vested |  |  | (11,625 | ) |  | 46.01 |  |  |  |  |  |  |
Forfeited—Unvested |  |  | (4,000 | ) |  | 45.22 |  |  |  |  |  |  |
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Outstanding at December 31, 2013 |  |  | 401,287 |  |  | 36.63 |  |  | 6.0 |  | $ | 8,000,149 |
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Vested and expected to vest at December 31, 2013 |  |  | 398,036 |  |  | 35.86 |  |  | 6.0 |  | $ | 7,934,478 |
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Exercisable at December 31, 2013 |  |  | 241,662 |  |  | 35.86 |  |  | 5.2 |  | $ | 5,004,299 |
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Year Ended December 31, 2014 |
|  | Number of Options |  | Weighted Avg. Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2014 |  |  | 401,287 |  | $ | 36.63 |  |  |  |  |  |  |
Exercised |  |  | (43,034 | ) |  | 37.68 |  |  |  |  |  |  |
Forfeited—Unvested |  |  | (7,000 | ) |  | 34.22 |  |  |  |  |  |  |
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Outstanding at December 31, 2014 |  |  | 351,253 |  |  | 36.55 |  |  | 5.0 |  | $ | 10,901,529 |
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Vested and expected to vest at December 31, 2014 |  |  | 351,142 |  |  | 36.56 |  |  | 5.0 |  | $ | 10,987,590 |
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Exercisable at December 31, 2014 |  |  | 290,128 |  |  | 36.81 |  |  | 4.6 |  | $ | 8,929,815 |
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The unvested options as of December 31, 2014 represent $0.4 million in unamortized stock-based compensation which will be recognized over a weighted average term of 1.0 years. The following table summarizes information relating to options granted and exercised during 2012, 2013 and 2014 (in thousands, except fair value of options granted data):
|  | 2012 |  | 2013 |  | 2014 |
Weighted-average fair value of options granted |  | $ | 15.27 |  | $ | N/A |  | $ | N/A |
Aggregate intrinsic value of options exercised |  |  | 938 |  |  | 6,111 |  |  | 1,098,336 |
Cash proceeds received upon exercise of options |  |  | 1,452 |  |  | 2,669 |  |  | 1,621 |
Excess tax benefits from share-based compensation |  |  | (362 | ) |  | 2,101 |  |  | 513 |
The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between our closing common stock price on December 31st and the exercise price, multiplied by the number of the in-the-money stock options) that would have been received by the stock option holders had all stock options holders exercised their stock options on December 31st. The amount of aggregate intrinsic value will change based on the fair market value of our common stock. The estimated fair value of the options granted were determined using a Black Scholes option pricing model, based on the following weighted average assumptions:
|  | Options Granted in
|  | 2012
Risk-free interest rate |  | 1.4%
Expected dividend yield |  | 2.5%
Expected life |  | 6.25 years
Expected volatility |  | 53%
The Company recognized $1.8 million, $1.4 million and $0.9 million, respectively, of stock compensation expense relating to the granted options during 2012, 2013 and 2014, respectively. Restricted Stock Restricted stock issued under the 2008 Equity Investment Plan vests ratably over four years. The following table summarizes restricted stock activity during the year ended December 31, 2013:
|  | Shares |  | Weighted Avg. Fair Value |
Unvested as of January 1, 2013 |  |  | 103,853 |  | $ | 39.63 |
Granted |  |  | 100,902 |  |  | 48.54 |
Forfeited |  |  | (250 | ) |  | 46.85 |
Vested and issued |  |  | (49,986 | ) |  | 43.96 |
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Unvested as of December 31, 2013 |  |  | 154,519 |  | $ | 44.04 |
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The following table summarizes restricted stock activity during the year ended December 31, 2014:
|  | Shares |  | Weighted Avg. Fair Value |
Unvested as of January 1, 2014 |  |  | 154,519 |  | $ | 44.04 |
Granted |  |  | 109,318 |  |  | 64.73 |
Forfeited |  |  | (8,500 | ) |  | 51.44 |
Vested and issued |  |  | (60,194 | ) |  | 44.61 |
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Unvested as of December 31, 2014 |  |  | 195,143 |  | $ | 55.13 |
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In connection with the grant of restricted shares, the Company recognized $1.8 million, $3.1 million and $3.4 million of compensation expense within its income statements for 2012, 2013 and 2014, respectively. The unvested shares as of December 31, 2014 represent $8.1 million in unamortized stock based compensation which will be recognized over a weighted average period of 2.8 years.

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