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Stock Based Compensation
9 Months Ended
Sep. 30, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] 
Stock Based Compensation
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 nine months ended September 30, 2011:
 
Number
of
Options
 
Weighted
Average
Exercise Price
Outstanding at December 31, 2010
520,275

 
$
3.31

Exercised
(111,295
)
 
3.18

Granted
—

 
—

Forfeited
—

 
—

Outstanding at September 30, 2011
408,980

 
$
3.35

Exercisable at September 30, 2011
383,180

 
$
3.39



The following summarizes the status of, and changes to, unvested options during the nine months ended September 30, 2011:
 
Number
of
Options
 
Weighted
Average
Exercise Price
Unvested at December 31, 2010
25,800

 
$
2.75

Granted
—

 
—

Vested
—

 
—

Forfeited
—

 
—

Unvested at September 30, 2011
25,800

 
$
2.75

At September 30, 2011 and 2010, there was $18,252 and $26,931, 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 1.9 years. Total compensation cost related to incentive stock options for the nine months ended September 30, 2011 and 2010 was $3,882 and $35,572, respectively. This compensation expense is allocated such that $3,882 and $34,061 are included in selling, general and administrative expenses and $0 and $1,511 are recorded in cost of sales for the nine months ended September 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 September 30, 2011 and changes during the nine months ended September 30, 2011:
 
Number
of
Shares
 
Weighted
Average
Grant Date
Fair Value
Unvested balance at December 31, 2010
203,797

 
$
3.91

Granted
50,466

 
9.48

Vested
(69,000
)
 
4.29

Forfeited
(5,859
)
 
6.74

Unvested balance September 30, 2011
179,404

 
$
5.24

At September 30, 2011 and 2010, there was $625,616 and $530,440, 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 1.6 years. Total compensation cost related to restricted stock grants for the nine months ended September 30, 2011 and 2010 was $280,299 and $238,334, respectively, all of which was recorded to selling, general and administrative expense.
During the nine months ended September 30, 2011 and 2010, employees surrendered 25,902 and 9,250 shares, respectively, of the Company’s common stock to satisfy income tax withholding obligations in connection with the vesting of restricted stock.