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Stock Based Compensation
 9 Months Ended
Sep. 30, 2012
Share-based Compensation [Abstract]  
Stock Based Compensation
Share 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, 2012:
 
Number
of
Options
 
Weighted
Average
Exercise Price
Outstanding at December 31, 2011
400,650

 
$
3.35

Exercised
(25,775
)
 
3.14

Granted
—

 
—

Forfeited
—

 
—

Outstanding at September 30, 2012
374,875

 
$
3.37

Exercisable at September 30, 2012
354,775

 
$
3.40


The following summarizes the status of, and changes to, unvested options during the nine months ended September 30, 2012:
 
Number
of
Options
 
Weighted
Average
Exercise Price
Unvested at December 31, 2011
20,100

 
$
2.75

Granted
—

 
—

Vested
—

 
—

Forfeited
—

 
—

Unvested at September 30, 2012
20,100

 
$
2.75


At September 30, 2012 and 2011, there was $13,000 and $18,000, 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 1.3 years. Total compensation cost related to incentive stock options was $4,000 for the nine months ended September 30, 2012 and 2011, all of which is included in selling, general and administrative expenses.
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, 2012 and changes during the nine months ended September 30, 2012:
 
Number
of
Shares
 
Weighted
Average
Grant Date
Fair Value
Unvested balance at December 31, 2011
173,556

 
$
5.21

Granted
59,070

 
7.93

Vested
(88,415
)
 
4.44

Forfeited
—

 
—

Unvested balance September 30, 2012
144,211

 
$
6.79


At September 30, 2012 and 2011, there was $657,000 and $626,000, 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 1.6 years. Total compensation cost related to restricted stock grants for the nine months ended September 30, 2012 and 2011 was $310,000 and $280,000, respectively, all of which was recorded to selling, general and administrative expense.
During the nine months ended September 30, 2012 and 2011, employees surrendered 31,455 and 25,902 shares, respectively, of the Company’s common stock to satisfy income tax withholding obligations in connection with the vesting of restricted stock.