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Stock Compensation
 9 Months Ended
Sep. 30, 2013
Stock Compensation

NOTE E — STOCK COMPENSATION

A summary of the Company’s stock option activity and related information for the nine months ended September 30, 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

      390,800        12.26         

Exercises

      (207,977 )      4.54         

Cancellations

      (45,000 )      19.37         

Expirations

      (231,500 )      22.46         
  

 

 

          

Options outstanding, September 30, 2013

      2,434,500        12.65         6.48         10,484,325   
  

 

 

          

 

 

  

Options exercisable, September 30, 2013

      1,524,450        13.02         5.59         7,517,920   
  

 

 

          

 

 

  

 

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 September 30, 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 September 30, 2013 and the exercise price.

The total intrinsic value of stock options exercised for the nine months ended September 30, 2013 and 2012 was $1.7 million and $963,000, respectively. The intrinsic value of a stock option that is exercised is calculated at the date of exercise.

The Company recognized stock option compensation expense of $740,000 and $678,000 for the three months ended September 30, 2013 and 2012, respectively, and $2.1 million for the nine months ended September 30, 2013 and 2012.

Total unrecognized stock option compensation expense at September 30, 2013, before the effect of income taxes, was $4.4 million and is expected to be recognized over a weighted-average period of 2.53 years.

At September 30, 2013, there were 621,844 shares available for awards that could be granted under the company’s 2000 Long-Term Incentive Plan.