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Stock Based Compensation
 6 Months Ended
Jun. 30, 2011
Stock Based Compensation [Abstract]  
Stock Based Compensation
8. Stock Based Compensation
The Company has a Long Term Equity Incentive Plan (the “2006 Plan”), as approved by the Company’s stockholders in May 2006. This 2006 Plan replaced the Long Term Equity Incentive Plan (the “Original Plan”) as originally approved by the stockholders in May 1997 and as amended in May 2000. The 2006 Plan allows for grants to directors and employees of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, performance shares, performance units and other incentive awards (“Stock Awards”) up to an aggregate of 3,000,000 awards, each representing a right to buy a share of Core Molding Technologies common stock. Stock Awards can be granted under the 2006 Plan through the earlier of December 31, 2015, or the date the maximum number of available awards under the 2006 Plan have been granted.
Stock Options
The following summarizes the activity relating to stock options under the plans mentioned above for the six months ended June 30, 2011:
                 
    Number     Weighted  
    of     Average  
    Options     Exercise Price  
Outstanding at December 31, 2010
    520,275     $ 3.31  
Exercised
    (19,965 )     3.15  
Granted
    —       —  
Forfeited
    —       —  
 
           
Outstanding at June 30, 2011
    500,310     $ 2.86  
 
           
Exercisable at June 30, 2011
    474,510     $ 3.35  
 
           
The following summarizes the status of, and changes to, unvested options during the six months ended June 30, 2011:
                 
    Number     Weighted  
    Of     Average  
    Options     Exercise Price  
Unvested at December 31, 2010
    25,800     $ 2.75  
Granted
    —       —  
Vested
    —       —  
Forfeited
    —       —  
 
           
Unvested at June 30, 2011
    25,800     $ 2.75  
 
           
At June 30, 2011 and 2010, there was $19,546 and $37,692, respectively, of total unrecognized compensation expense related to unvested stock options granted under the plan. That cost is expected to be recognized over the weighted-average period of 2.5 years. Total compensation cost related to incentive stock options for the six months ended June 30, 2011 and 2010 was $2,588 and $24,810, respectively. This compensation expense is allocated such that $2,588 and $23,803 are included in selling, general and administrative expenses and $0 and $1,007 are recorded in cost of sales for the six months ended June 30, 2011 and 2010, respectively.
Restricted Stock
In 2006, the Company began granting shares of its common stock to certain directors, officers, and key managers in the form of unvested stock (“Restricted Stock”). These awards are recorded at the market value of Core Molding Technologies’ common stock on the date of issuance and amortized ratably as compensation expense over the applicable vesting period.
The following summarizes the status of Restricted Stock grants as of June 30, 2011 and changes during the six months ended June 30, 2011:
                 
            Weighted  
    Number     Average  
    Of     Grant Date  
    Shares     Fair Value  
Unvested balance at December 31, 2010
    203,797     $ 3.91  
Granted
    50,466       9.48  
Vested
    (23,779 )     4.96  
Forfeited
    —       —  
 
           
Unvested balance at June 30, 2011
    230,484     $ 5.02  
 
           
At June 30, 2011 and 2010, there was $723,563 and $604,823, respectively, of total unrecognized compensation expense related to Restricted Stock granted under the 2006 Plan. That cost is expected to be recognized over the weighted-average period of 2.2 years. Total compensation costs related to restricted stock grants for the six months ended June 30, 2011 and 2010 were $190,140 and $163,952, respectively, all of which was recorded to selling, general and administrative expense.
During the six months ended June 30, 2011, employees surrendered 6,404 shares of the Company’s common stock to satisfy income tax withholding obligations in connection with the vesting of restricted stock.