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STOCK COMPENSATION
 6 Months Ended
Jun. 30, 2014
STOCK COMPENSATION

NOTE F — STOCK COMPENSATION

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2014 is as follows:

 

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

Options outstanding, January 1, 2014

      2,371,650      $ 12.75         

Grants

      394,400        18.83         

Exercises

      (131,563 )      11.10         

Cancellations

      (31,000 )      12.21         

Expirations

      (12,000 )      18.22         
  

 

 

          

Options outstanding, June 30, 2014

      2,591,487        13.74         6.36       $ 10,230,843   
  

 

 

          

 

 

  

Options exercisable, June 30, 2014

      1,740,362        13.06         5.25       $ 8,507,338   
  

 

 

          

 

 

  

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 June 30, 2014. 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 June 30, 2014 and the exercise price.

The total intrinsic value of stock options exercised for the six months ended June 30, 2014 and 2013 was $0.9 million and $1.4 million, respectively. The intrinsic value of a stock option that is exercised is calculated at the date of exercise.

Total unrecognized stock option compensation expense at June 30, 2014, before the effect of income taxes, was $6.2 million and is expected to be recognized over a weighted-average period of 2.95 years.

During the three months ended June 30, 2014, the Company granted an aggregate of 19,691 shares of restricted stock to its independent directors as part of their annual retainer that vest 100% one year from the date of grant. The restricted stock had a fair value of $16.00 at the grant date that will be recognized in stock compensation expense over the one year vesting period. Total unrecognized restricted stock compensation expense at June 30, 2014 was $288,750 and is expected to be recognized over a weighted-average period of 0.97 years.

The Company recognized stock compensation expense of $713,000 and $722,000 for the three months ended June 30, 2014 and 2013, respectively, and $1.4 million and $1.4 million for the six months ended June 30, 2014 and 2013, respectively.

At June 30, 2014, there were 271,982 shares available for awards that could be granted under the Company’s 2000 Long-Term Incentive Plan.