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Share-based Compensation
 6 Months Ended
Jun. 30, 2013
Share-Based Compensation [Abstract]  
Share-based Compensation
10.
Shared-based Compensation
 
The Company has issued restricted stock to employees and nonemployee directors generally with terms up to five years. The fair value is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. The following table summarizes the restricted stock activity:
 
 
 
Shares
 
Weighed-Average
Grant Date Fair Value
 
Unvested at December 31, 2012
 
 
149,667
 
$
8.21
 
Granted
 
 
311,761
 
 
25.21
 
Vested
 
 
(113,106)
 
 
12.16
 
Forfeited
 
 
-
 
 
-
 
Unvested at June 30, 2013
 
 
348,322
 
$
22.14
 
 
The total restricted stock awards vested and charged against income during the three months ended June 30, 2013 and 2012 was $829,000 and $882,000, respectively and $1.4 million and $1.5 million for the six months ended June 30, 2013 and 2012, respectively. The total income tax benefit recognized in the consolidated statement of income for these restricted stock awards was approximately $282,000 and $341,000 for the three months ended June 30, 2013 and 2012, respectively and $468,000 and $563,000 for the six months ended June 30, 2013 and 2012, respectively. The tax benefit recognized in additional paid-in capital upon vesting of restricted stock awards was approximately $98,000 and $464,000 for the three and six months ended June 30, 2013 and 2012, respectively. There was approximately $7.7 million of total unrecognized compensation cost related to restricted stock awards as of June 30, 2013. The cost is expected to be recognized over a weighted-average period of approximately 4.6 years.