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Stock-Based Compensation
3 Months Ended
Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
Stock-Based Compensation and Stock Options
In November 2009, the Company granted an executive stock options to purchase 300,000 shares of common stock with an exercise price of $14.97, of which 75,000 options vest and become exercisable annually starting July 1, 2011. The options expire in November 2019. As of March 31, 2014, 225,000 of these options were vested and 300,000 options were outstanding. Total stock-based compensation for the three months ended March 31, 2014 and 2013 related to this option grant was $187,000 for each period. As of March 31, 2014, there was approximately $187,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 0.3 years. The Company used a forfeiture rate of 0% as the Company does not have enough historical forfeiture data to estimate the forfeiture rate. To the extent the actual forfeiture rate is greater than what we have anticipated, stock-based compensation related to these options will be lower than our expectations.
In January 2012, the Company granted executives stock options to purchase 100,000 shares of common stock with an exercise price of $28.98, of which 25,000 options become exercisable annually starting January 23, 2013. The options expire in January 2022. As of March 31, 2014, 50,000 of these options were vested and 100,000 options were outstanding. Total stock-based compensation for the three months ended March 31, 2014 and 2013 related to this option grant was $119,000 for each period. As of March 31, 2014, there was approximately $854,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 1.8 years. The Company used a forfeiture rate of 0% as the Company does not have enough historical forfeiture data to estimate the forfeiture rate. To the extent the actual forfeiture rate is greater than what we have anticipated, stock-based compensation related to these options will be lower than our expectations.
In July 2013, the Company granted an executive stock options to purchase 75,000 shares of common stock with an exercise price of $29.58, of which 25,000 options become exercisable annually starting July 1, 2015. The options expire in July 2023. As of March 31, 2014, none of these options was vested and 75,000 options were outstanding. Total stock-based compensation for the three months ended March 31, 2014 related to this option grant was $89,000. As of March 31, 2014, there was approximately $1.2 million of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 3.4 years. The Company used a forfeiture rate of 0% as the Company does not have enough historical forfeiture data to estimate the forfeiture rate. To the extent the actual forfeiture rate is greater than what we have anticipated, stock-based compensation related to these options will be lower than our expectations.