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Stock Options (Tables)
12 Months Ended
Dec. 31, 2012
Summary of Option Activity

Option activity within each plan is as follows:

 

     Incentive
Stock Option
Plans
    Non-Statutory
Stock Options
Plans
     Weighted Average
Price Per Share
    Exercisable
Weighted
Average
Price
Per Share
 

Balance outstanding, December 31, 2009

     1,145,331        —         $ 7.55      $ 7.52   
         

 

 

 

Options granted ($7.50)

     729,000        —           7.50     

Options exercised ($3.94)

     (72,000     —           3.94     

Options expired

     (315,000     —           (7.80  
  

 

 

   

 

 

    

 

 

   

Balance outstanding, December 31, 2010

     1,487,331        —         $ 7.65      $ 7.77   
         

 

 

 

Options granted, range from $11.32- $13.24

     20,000        —           12.28     

Options exercised, range from $8.10-$11.30

     (48,000     —           8.63     

Options expired

     (70,817     —           12.38     
  

 

 

   

 

 

    

 

 

   

Balance outstanding, December 31, 2011

     1,388,514        —         $ 7.44      $ 7.26   
         

 

 

 

Options exercised, range from $3.67-$14.99

     (659,733     —           7.05     

Options expired

     (23,436     —           10.41     
  

 

 

   

 

 

    

 

 

   

Balance outstanding, December 31, 2012

     705,345        —         $ 7.70      $ 7.95   
  

 

 

   

 

 

    

 

 

   

 

 

 
Summary of Stock Options Summarized by Exercise Price

Information relating to stock options at December 31, 2012 summarized by exercise price is as follows:

 

     Outstanding Weighted Average      Exercisable Weighted
Average
 

Exercise Price Per Share

   Shares      Remaining
Life
(Months)
     Exercise
Price
     Shares      Exercise
Price
 

Incentive Stock Option Plan:

              

$7.50

     678,666         91       $ 7.50         166,000       $ 7.50   

$11.32-$14.75

     26,679         92       $ 12.90         13,345       $ 13.52   
  

 

 

       

 

 

    

 

 

    

 

 

 
     705,345          $ 7.70         179,345       $ 7.95   
  

 

 

       

 

 

    

 

 

    

 

 

 
Weighted Average Exercise Prices for Options Granted and Exercisable and Weighted Average Remaining Contractual Life for Options Outstanding

The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of December 31, 2011 and 2012 was as follows:

 

     Number
of
Shares
     Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual
Life
(Months)
     Intrinsic
Value
(thousands)
 

As of December 31, 2011:

           

Incentive Stock Option Plans:

           

Outstanding

     1,388,514       $ 7.44         62       $ 8,494   

Expected to Vest

     1,375,499       $ 7.44         61       $ 8,421   

Exercisable

     745,514       $ 7.26         22       $ 4,834   

As of December 31, 2012:

           

Incentive Stock Option Plans:

           

Outstanding

     705,345       $ 7.70         91       $ 16,481   

Expected to Vest

     699,537       $ 7.70         91       $ 16,345   

Exercisable

     179,345       $ 7.95         78       $ 4,147   
Summary of Non-Vested Shares

A status summary of nonvested shares as of and for the year ending December 31, 2012, is presented below:

 

     Number
of
Shares
    Weighted
Average
Grant-Date

Fair Value
 

Nonvested shares at January 1, 2012

     101,640      $ 11.37   

Granted

     248,536      $ 21.51   

Vested

     (102,992   $ 14.57   

Forfeited

     (1,367   $ 20.47   
  

 

 

   

 

 

 

Nonvested shares at December 31, 2012

     245,817      $ 20.23