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Stock Based Compensation Expense
 3 Months Ended
Mar. 31, 2013
Stock Based Compensation Expense

10. Stock Based Compensation Expense—The Company accounts for stock-based awards to employees and directors in accordance with FASB ASC 718, “Share-Based Payment,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including shares of common stock granted for services, employee stock options, and employee stock purchases related to the Employee Stock Purchase Plan (“employee stock purchases”) based on estimated fair values.

Stock Options—During the three months ended March 31, 2013, the Company did not grant any employees options to acquire shares of common stock.

 

Option activity within each plan is as follows:

 

     Incentive
Stock  Option
Plans		     Weighted Average
Price Per Share		      Exercisable
Weighted
Average
Price
Per Share		  

Balance outstanding, December 31, 2012

      705,345      $ 7.70       $ 7.95   

Options granted

      —          —        

Options exercised, $7.50

      (6,666 )      7.50      

Options forfeited

      (6,667 )      7.50      
  

 

 

    

 

 

     

 

 

  

Balance outstanding, March 31, 2013

      692,012      $ 7.71       $ 7.96   
  

 

 

    

 

 

     

 

 

  

Information relating to stock options at March 31, 2013 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

      665,333         88       $ 7.50         159,333       $ 7.50  

$11.32—$14.75

      26,679         89       $ 12.90         13,346       $ 13.52   
  

 

 

        

 

 

     

 

 

     

 

 

  
     692,012          $ 7.71         172,679       $ 7.96   
  

 

 

        

 

 

     

 

 

     

 

 

  

The weighted average exercise prices for options granted and exercisable and the weighted average remaining contractual life for options outstanding as of March 31, 2013 was as follows:

 

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

As of March 31, 2012:

            

Incentive Stock Option Plans:

            

Outstanding

      692,012       $ 7.71         88       $ 15,751   

Expected to Vest

      686,022       $ 7.71         88       $ 15,615   

Exercisable

      172,679       $ 7.96         74       $ 3,886   

During the three months ended March 31, 2013 and 2012, the Company recognized stock-based compensation expense, excluding expense related to modifications, related to stock options of $209 and $234, respectively.

As of March 31, 2013, the Company had approximately $609 of unamortized stock-based compensation expenses related to unvested stock options outstanding. This amount will be recognized over the weighted-average period of 0.7 years. This projected expense will change if any stock options are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures.

Restricted Shares—A status summary of non-vested shares as of and for the three months ended March 31, 2013 is presented below:

 

     Number
of
Shares		     Weighted
Average
Grant-
Date
Fair Value		  

Nonvested shares at December 31, 2012

      245,817      $ 20.23   

Granted

      145,884      $ 31.27   

Vested

      —          —     

Forfeited

      (8,000 )    $ 22.17   
  

 

 

    

 

 

  

Nonvested shares at March 31, 2013

      383,701      $ 24.39   
  

 

 

    

 

 

  

 

Restricted stock grants — During the three months ended March 31, 2013, the Company granted a total of 145,884 shares of common stock. Of these, 3,000 shares will vest one-third each year on the anniversaries of the employee’s employment date and the balance will cliff vest after three years of service. The shares granted in 2013 were average fair valued at $31.27 per share. The fair value was determined by using the publicly traded share price as of the date of grant. The Company is recognizing as expense the value of restricted shares over the required service period of three years. During the three months ended March 31, 2013, there were 8,000 restricted shares that forfeited, which had an average grant-date value of $22.17 per share.

During the three months ended March 31, 2012, the Company granted a total of 207,184 of common stock. The shares will cliff vest after three years of service. The shares granted in 2012 have an average fair value of $20.45 per share. The fair value was determined by using the publicly traded share price as of the date of grant. The Company is recognizing as expense the value of restricted shares over the required service period of three years. During the three months ended March 31, 2012, there were 82,640 restricted shares that vested, which had an average grant-date value of $11.73 per share and an average vest-date value of $17.58 per share.

During the three months ended March 31, 2013 and 2012, the Company recognized stock-based compensation expense related to restricted shares of $479 and $188, respectively.

As of March 31, 2013, the Company had approximately $7,680 of unamortized stock-based compensation expenses related to unvested restricted shares. This amount will be recognized over the weighted-average period of 2.6 years. This projected expense will change if any restricted shares are granted or cancelled prior to the respective reporting periods or if there are any changes required to be made for estimated forfeitures.