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Capital Stock (Tables)
12 Months Ended
Dec. 31, 2013
Cash Dividends Declared

Dividends declared in 2013 and 2012 are as follows:

 

Dividend per share

   Date declared    Date of record    Payment date

$0.025

   March 6, 2012    May 1, 2012    May 15, 2012

$0.025

   June 13, 2012    August 1, 2012    August 15, 2012

$0.025

   July 31, 2012    November 1, 2012    November 15, 2012

$0.025

   November 2, 2012    February 1, 2013    February 15, 2013

$0.03125

   March 12, 2013    May 1, 2013    May 15, 2013

$0.03125

   June 13, 2013    August 1, 2013    August 15, 2013

$0.03125

   August 2, 2013    November 1, 2013    November 15, 2013

$0.0375

   October 31, 2013    January 31, 2014    February 14, 2014
Summary of Stock Option Activity and Related Information

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

 

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

Options outstanding at December 31, 2010

     2,219,200      $ 12.46         

Grants

     391,500        11.20         

Exercises

     (123,500     5.19         

Cancellations

     (11,450     13.29         
  

 

 

         

Options outstanding at December 31, 2011

     2,475,750        12.62         

Grants

     305,000        11.64         

Exercises

     (199,823     5.47         

Cancellations

     (52,750     12.82         
  

 

 

         

Options outstanding at December 31, 2012

     2,528,177        13.06         

Grants

     390,800        12.26         

Exercises

     (247,827     4.91         

Cancellations

     (68,000     16.89         

Expirations

     (231,500     22.46         
  

 

 

         

Options outstanding at December 31, 2013

     2,371,650        12.75         6.21       $ 10,968,922   
  

 

 

         

 

 

 

Options exercisable at December 31, 2013

     1,508,350      $ 13.15         5.31       $ 7,800,990   
  

 

 

         

 

 

 
Fair Value Stock Options at Grant Date using Weighted Average Assumption

The fair values for these stock options were estimated at the dates of grant using the following weighted-average assumptions:

 

     2013     2012     2011  

Historical volatility

     61     61     60

Expected term (years)

     5.6        6.0        5.6   

Risk-free interest rate

     0.88     1.10     1.96

Expected dividend yield

     0.97     0.86     0.89