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STOCK COMPENSATION
 9 Months Ended
Sep. 30, 2014
STOCK COMPENSATION

NOTE F — STOCK COMPENSATION

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

      (339,331 )      8.44         

Cancellations

      (32,200 )      12.23         

Expirations

      (17,000 )      21.67         
  

 

 

          

Options outstanding, September 30, 2014

      2,377,519        14.32         6.19       $ 7,681,733   
  

 

 

          

 

 

  

Options exercisable, September 30, 2014

      1,527,594        13.87         4.97       $ 6,148,510   
  

 

 

          

 

 

  

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, 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 September 30, 2014 and the exercise price.

The total intrinsic value of stock options exercised for the nine months ended September 30, 2014 and 2013 was $3.0 million and $1.7 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 September 30, 2014, before the effect of income taxes, was $5.6 million and is expected to be recognized over a weighted-average period of 2.74 years.

During the nine months ended September 30, 2014, the Company granted an aggregate of 21,511 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 weighted average grant date fair value of $16.07 that will be recognized in stock compensation expense over the one year vesting period. Total unrecognized restricted stock compensation expense at September 30, 2014 was $247,000 and is expected to be recognized over a weighted-average period of 0.7 years.

The Company recognized stock compensation expense of $680,000 and $740,000 for the three months ended September 30, 2014 and 2013, respectively, and $2,133,000 and $2,131,000 for the nine months ended September 30, 2014 and 2013, respectively.

At September 30, 2014, there were 276,362 shares available for awards that could be granted under the Company’s 2000 Long-Term Incentive Plan.