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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2013
Share-based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation
The Company recognizes stock-based compensation in accordance with the provisions of ASC 718, Compensation-Stock Based Compensation. Stock-based compensation expense was $923 and $851 for the three months ended June 30, 2013 and June 30, 2012, respectively and $2,004 and $1,868 for the six months ended June 30, 2013 and June 30, 2012, respectively. As of June 30, 2013, there was $2,654 of total unrecognized compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.54 years. As of June 30, 2013, there was $3,821 of total unrecognized compensation expense related to restricted stock awards, which is expected to be recognized over a weighted-average period of 2.56 years.
The Company granted 20,000 and 245,625 restricted stock awards to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three and six months ended June 30, 2013. The restricted stock awards vest ratably over four years from the date of grant subject to the recipient remaining employed through the applicable vesting dates. Compensation expense for restricted stock awards is measured at fair value on the date of grant based on the number of shares granted and the quoted market closing price of the Company’s common stock. Such value is recognized as expense over the vesting period of the award, net of estimated forfeitures.
The Company granted 70,000 stock options to employees under the terms of the Amended and Restated 2006 Stock Incentive Plan during the three and six months ended June 30, 2013.
The fair value of stock options granted during the six months ended June 30, 2013 and 2012 was estimated as of the date of grant using the Black-Scholes option-pricing model. The weighted-average fair value per share for all options granted during the six months ended June 30, 2013 and 2012 was $5.44 and $4.70, respectively. The weighted-average assumptions used to value options as of their grant date were as follows:
 
Six Months Ended
 
Six Months Ended
 
June 30,
2013
 
June 30,
2012
Risk-free interest rate
0.67
%
 
0.72
%
Expected volatility
52.31
%
 
64.6
%
Expected life (in years)
4.24

 
4.22

Dividend yield
0
%
 
0
%