XML 41 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Stock Compensation
 3 Months Ended
Mar. 31, 2013
Stock Compensation

NOTE E — STOCK COMPENSATION

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2013 is as follows:

 

     Options     Weighted-
average
exercise price		      Weighted-
average
remaining
contractual
life (years)		      Aggregate
intrinsic
value		  

Options outstanding, January 1, 2013

      2,528,177      $ 13.06         

Grants

      100,000        10.72         

Exercises

      (64,397 )      4.69         

Cancellations

      (45,000 )      19.37         
  

 

 

          

Options outstanding, March 31, 2013

      2,518,780        13.07         5.92       $ 4,839,538   
  

 

 

          

 

 

  

Options exercisable, March 31, 2013

      1,564,405        14.32         4.87       $ 3,907,931   
  

 

 

          

 

 

  

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on March 31, 2013. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on March 29, 2013 and the exercise price.

The total intrinsic value of stock options exercised for the three months ended March 31, 2013 and 2012 was $427,100 and $56,889, respectively. The intrinsic value of a stock option that is exercised is calculated at the date of exercise.

The Company recognized stock compensation expense of $671,000 and $698,000 for the three months ended March 31, 2013 and 2012, respectively.

Total unrecognized compensation cost related to unvested stock options at March 31, 2013, before the effect of income taxes, was $4.0 million and is expected to be recognized over a weighted-average period of 1.66 years.

At March 31, 2013, there were 701,832 shares available for awards that could be granted under the Company’s 2000 Long-Term Incentive Plan.