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Stock Based Compensation | 12 Months Ended
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Dec. 31, 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. The options that have been granted under the 2006 Plan have vesting schedules of five or nine and one-half years from the date of grant, or immediately upon change in ownership, are not exercisable after ten years from the date of grant, and were granted at prices which equal or exceed the fair market value of Core Molding Technologies common stock at the date of grant. Restricted stock granted under the 2006 Plan require the individuals receiving the grants to maintain certain common stock ownership thresholds and vest over three years or upon the date of the participants' sixty-fifth birthday, death, disability or change in control. Core Molding Technologies follows the provisions of FASB ASC 718 requiring that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award). Core Molding Technologies adopted FASB ASC 718 using the modified prospective method. Under this method, FASB ASC 718 applies to all awards granted or modified after the date of adoption. In addition, compensation expense must be recognized for any unvested stock option awards outstanding as of the date of adoption on a straight-line basis over the remaining vesting period. Stock Options There were no grants of options in the years ended December 31, 2011 and 2010. Total compensation cost related to incentive stock options for the years ended December 31, 2011 and 2010 was $5,000 and $40,000, respectively. Compensation expense was allocated such that $5,000 and $38,000 is included in selling, general, and administrative expenses for the year ended December 31, 2011 and 2010, respectively, and $2,000 is recorded in cost of sales for the year ended December 31, 2010. There was no tax benefit recorded for this compensation cost as the expense primarily relates to incentive stock options that do not qualify for a tax deduction until, and only if, a disqualifying disposition occurs. During the year ended December 31, 2011, Core Molding Technologies received approximately $379,000 in cash from the exercise of stock options. The aggregate intrinsic value of these options was approximately $681,000. The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. Tax benefit received as a result of disqualified dispositions was $207,000 and $29,000 for the years ended December 31, 2011 and 2010, respectively. The following summarizes the activity relating to stock options under the plans mentioned above for the years ended December 31:
| 2011 |  | 2010
| Number of Options |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Exercise Price
Outstanding - beginning of year | 520,275 |  |  | $ | 3.31 |  |  | 558,825 |  |  | $ | 3.30 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | (119,625 | ) |  | 3.17 |  |  | (34,550 | ) |  | 2.99 |
Forfeited | — |  |  | — |  |  | (4,000 | ) |  | 4.58 |
Outstanding - end of year | 400,650 |  |  | $ | 3.35 |  |  | 520,275 |  |  | $ | 3.31 |
Exercisable at December 31 | 380,550 |  |  | $ | 3.39 |  |  | 494,475 |  |  | $ | 3.34 |
Vested or expected to vest at December 31 | 400,650 |  |  | $ | 3.35 |  |  | 520,275 |  |  | $ | 3.31 |
As of December 31, 2011, outstanding options had an aggregate intrinsic value of approximately $1,897,000 and a weighted average remaining contractual term of approximately two years. Vested and exercisable stock options had an aggregate intrinsic value of $1,790,000 and a weighted average remaining contractual term of approximately two years. The following summarizes the status of, and changes to, unvested options during the years ended December 31, 2011 and 2010:
| Number of Options |  | Weighted Average Exercise Price
Unvested at December 31, 2009 | 44,500 |  |  | $ | 3.29 |
Granted | — |  |  | — |
Vested | (18,300 | ) |  | 3.99 |
Forfeited | (400 | ) |  | 6.40 |
Unvested at December 31, 2010 | 25,800 |  |  | 2.75 |
Granted | — |  |  | — |
Vested | (5,700 | ) |  | 2.75 |
Forfeited | — |  |  | — |
Unvested at December 31, 2011 | 20,100 |  |  | $ | 2.75 |
At December 31, 2011, there was $17,000 of total unrecognized compensation cost related to stock options granted under the Original Plan expected to be recognized over the weighted average remaining contractual term of approximately two years. The following table summarizes information about stock options outstanding and exercisable as of December 31, 2011:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number of Options |  | Weighted Average Contractual Life in Years |  | Number of Options
$ | 2.75 |  |  | 57,100 |  |  | 2.8 |  | 37,000 |
$ | 3.21 |  |  | 280,550 |  |  | 2.1 |  | 280,550 |
$ | 3.28 |  |  | 40,000 |  |  | 3.2 |  | 40,000 |
$ | 6.40 |  |  | 18,000 |  |  | 3.8 |  | 18,000 |
$ | 7.98 |  |  | 5,000 |  |  | 4.0 |  | 5,000 |
|  | 400,650 |  |  |  |  | 380,550 |
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 and changes during the years ended December 31:
| 2011 |  | 2010
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested - beginning of year | 203,797 |  |  | $ | 3.91 |  |  | 187,445 |  |  | $ | 3.91 |
Granted | 50,466 |  |  | 9.48 |  |  | 77,040 |  |  | 5.20 |
Vested | (74,848 | ) |  | 4.43 |  |  | (60,688 | ) |  | 5.54 |
Forfeited | (5,859 | ) |  | 6.74 |  |  | — |  |  | — |
Unvested - end of year | 173,556 |  |  | $ | 5.21 |  |  | 203,797 |  |  | $ | 3.91 |
At December 31, 2011 and 2010, there was $522,000 and $457,000, 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 2.5 years. Total compensation expense related to restricted stock grants for the years ended December 31, 2011 and 2010 was $377,000 and $311,000, respectively, and is recorded as selling, general and administrative expense.

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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 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: 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 5: 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 6: 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 7: 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 8: 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 + Details
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