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STOCK COMPENSATION
 3 Months Ended
Mar. 31, 2015
STOCK COMPENSATION

NOTE F — STOCK COMPENSATION

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2015 is as follows:

 

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

Options outstanding, January 1, 2015

      2,326,627       $ 14.19         

Exercises

      (30,700 )       9.16         

Cancellations

      (19,000 )       15.09         
  

 

 

           

Options outstanding, March 31, 2015

   2,276,927      14.25      5.7    $ 7,304   
  

 

 

           

 

 

  

Options exercisable, March 31, 2015

   1,503,085    $ 13.79      4.6    $ 5,922   
  

 

 

           

 

 

  

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, 2015. 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 31, 2015 and the exercise price.

The total intrinsic value of stock options exercised for the three months ended March 31, 2015 and 2014 was $163,500 and $668,300, 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 March 31, 2015, before the effect of income taxes, was $4.4 million and is expected to be recognized over a weighted-average period of 2.4 years.

During the three months ended March 31, 2015, the Company granted 1,471 shares of restricted stock to a director with a weighted average grant date fair value of $15.65 per share. These shares will vest over approximately three months.

Total unrecognized restricted stock compensation expense at March 31, 2015 was $140,000 and is expected to be recognized over a weighted-average period of 0.6 years.

The Company recognized total stock compensation expense of $750,000 for the three months ended March 31, 2015, of which $597,000 represents stock option compensation expense, $100,000 represents restricted stock compensation expense and $53,000 represents stock awards granted in 2015. Total stock compensation expense for the three months ended March 31, 2014 was $726,000, of which $648,000 represents stock option compensation expense and $78,000 represents restricted share compensation expense.

At March 31, 2015, there were 199,022 shares available for awards that could be granted under the Company’s 2000 Long-Term Incentive Plan.