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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2013
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 9.STOCK-BASED COMPENSATION The board of directors of the Company adopted an Employees’ Equity Incentive Plan (the “EEIP”) in April 1994. The EEIP expired in April 2004. All outstanding options from the EEIP have been issued and the Company no longer administers the plan. Stockholders of the Company approved a new equity incentive plan (the “2005 Plan”) at the 2005 annual meeting of stockholders. The 2005 Plan provides for the grant of awards to eligible individuals in the form of stock, restricted stock, stock options, performance units or other stock-based awards, all as defined in the 2005 Plan. The 2005 Plan provides for the issuance of up to 2,000,000 shares of common stock to eligible individuals through the various forms of permitted awards. The 2005 Plan limits the number of options that the Company can award to an eligible individual to 200,000 per year. The Company may not issue s tock options at an option price lower than fair market value at the date of grant. All stock options must have an exercise period not to exceed ten years. Through December 31, 2013, the Company has granted, under the 2005 Plan, shares of incentive stock option awards (for which the option price was not less than the fair market value at the date of grant) and non-qualified options. Options granted to date have six-month, one-year, or four-year vesting pe riods. Through December 31, 2013, the Company has issued all outstanding options at market value as of the date of the grant. A ny committee as delegat ed by the board of directors has the power and discretion to, among other things, prescribe the terms and conditions for the exercise of, or modification of, any outstanding awards in the event of merger, acquisition or any other form of acquisition other than a reorganization of the Company under the United States Bankruptcy Code or liquidation of the Company. The 2005 Plan also allow s limited transferability of any stock options to legal entities that are 100% owned or controlled by the optionee or to the optionee’s family trust. Stock Options The Company did not issue options to employees in 20 1 3 or 2012. As of December 31, 2013, there were 70,638 options outstandi ng to employees of the Company under the 2005 Plan. Activity in the Company’s stock-based compensation plans for employee stock options was as follows:
| Option Shares | Weighted -Average Exercise Price | Weighted -Average Remaining Contractual Term | Options Exercisable | Weighted-Average Exercise Price
Outstanding at January 1, 2013 | 919,848 | $ 2.94 |  | 895,348 | $ 2.96
Granted | 0 | 0.00 |  |  |
Exercised* | (849,210) | 2.93 |  |  |
Cancelled or forfeited | 0 | 0.00 |  |  |
Outstanding at December 31, 2013 | 70,638 | $ 3.03 | $ 5.40 | 56,638 | $ 3.21
*849,210 options were exercised and 249,647 shares were issued through net share settlement. The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2013:
Dollar amounts in thousands |  |  |  |  |
Exercise Price: | Options Outstanding | Options Exercisable | Intrinsic Value of Options Outstanding | Intrinsic Value of Options Exercisable | Weighted-Average Life of Options Outstanding (1) | Weighted-Average Life of Options Exercisable (1)
$0.91 | 11,526 | 11,526 | $ 50 | $ 50 | 4.9 | 4.9
$0.93 | 11,612 | 11,612 | $ 50 | $ 50 | 4.9 | 4.9
$2.30 | 35,000 | 21,000 | $ 102 | $ 61 | 6.4 | 6.4
$9.00 | 12,500 | 12,500 | $ 0 | $ 0 | 3.5 | 3.5
| 70,638 | 56,638 | $ 202 | $ 161 | 5.15 | 5.15
(1) In years |  |  |  |  |  |
The aggregate intrinsic value represents the difference between the Compan y’s closing stock price of $5.21 per share as of December 31, 2013 and the exercise price multiplied by the number of options outstanding or exercisable as of that date. There were 30,000 options issued to independent dire ctors of the Company during 2013. As of December 31, 2013, there were 55,000 options outstanding to independent directors of the Company with a weighted-average exercise price of $6.93. During 2013, independent directors did not exercise any options. The weighted-average fair value of options granted are estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Weighted-average risk-free interest rate | 1.31%
Weighted-average expected life | 5.4 yrs
Weighted-average expected volatility | 63.6%
Weighted-average expect dividends | $0
For t he years ended December 31, 2013 and 2012, the Company recorded less than $0.1 million for stock-based compensation expense. This amount is included in general and administrative expenses. At December 31, 2013, there wa s $0.1 million of total unrecogn ized compensation expense related to unvested stock options remaining to be recognized through 2014. Cas h flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as financing cash flows on the Company’s consolidated statement of cash flows. No excess tax benefits were recorded for the years ended December 31, 2013 and 2012.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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