XML 70 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Stock and Stock-based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2013
Stock and Stock-based Compensation |
(10) | Stock and Stock-based Compensation
Employee Stock Purchase Plan The Company issued 4,697 and 4,839 shares of Company stock during 2013 and 2012, respectively, in connection with an Employee Stock Purchase Plan that commenced in April 2008. Restricted Stock Units During 2013 and 2012, the Board of Directors approved the grants of approximately 235,000 and 285,000 restricted stock units (“RSU”s) to members of management and key employees as part of the 2007 Employee Stock Incentive Plan. In May 2010, the stockholders of the Company approved amendments to the 2007 Employee Stock Incentive Plan to increase the number of shares available for issuance under the plan from 300,000 shares to 800,000 shares of stock. In June 2012, the stockholders of the Company approved amendments to the 2007 Employee Stock Incentive Plan to increase the number of shares available for issuance under the plan from 800,000 shares to 1,100,000 shares of stock. The number of RSUs awarded is generally subject to the substantial achievement of budgeted performance and other individual metrics in the year granted. The RSUs do not have voting rights of the common stock, and the shares of common stock underlying the RSUs are not considered issued and outstanding until actually vested and issued. In general, the awards convert to common stock on a one to one basis in 25% increments over four years from the grant date subject to a continuing employment obligation. The following table summarizes the activity for unvested restricted stock units for the years ended December 31, 2013 and 2012:
| Units |  |  | Weighted Average Fair Value Per RSU |
Unvested restricted stock units at December 31, 2011 |  | 321,064 |  |  | $ | 2.71 |
Awarded |  | 283,998 |  |  | $ | 4.35 |
Vested |  | (90,056 | ) |  | $ | 2.52 |
Forfeited |  | (123,593 | ) |  | $ | 2.17 |
Unvested restricted stock units at December 31, 2012 |  | 391,413 |  |  | $ | 4.11 |
Awarded |  | 234,525 |  |  | $ | 5.00 |
Vested |  | (99,844 | ) |  | $ | 3.15 |
Forfeited |  | (54,464 | ) |  | $ | 3.40 |
Unvested restricted stock units at December 31, 2013 |  | 471,630 |  |  | $ | 4.77 |
Compensation expense of approximately $818,000 and $342,000 was recorded in general administrative expense for the years ended December 31, 2013 and 2012, respectively, to reflect the fair value of the original RSU’s granted or anticipated to be granted less forfeitures, amortized over the portion of the vesting period occurring during the period. The fair value of the RSUs was based on the closing price of our common stock as reported on the NASDAQ Stock Market (“NASDAQ”) on the grant date. Based upon the fair value on the grant date of the number of shares awarded or expected to be awarded, it is anticipated that approximately $2.0 million of additional compensation cost will be recognized in future periods through 2017. The weighted average period over which this additional compensation cost will be expensed is 2 years. During February 2014, the Board of Directors approved the grants of approximately 168,000 RSUs in conjunction with the Plan, of which, approximately 150,000 units are subject to 2014 fiscal performance measures. Stock Options The Company recognizes compensation expense related to stock options in accordance with ASC 718 and has measured the share-based compensation expense for stock options granted during the year ended December 31, 2008 based upon the estimated fair value of the award on the date of grant and recognizes the compensation expense over the award’s requisite service period. The weighted average fair values were calculated using the Black Scholes-Merton option pricing model. There were no options issued in 2013 or 2012. Details of stock option activity during the years ended December 31, 2013 and 2012 follows:
| 2013 |  |  | 2013 Weighted Average Exercise Price |  |  | 2012 |  |  | 2012 Weighted Average Exercise Price |
Outstanding at beginning of year |  | 25,778 |  |  | $ | 4.23 |  |  |  | 55,855 |  |  | $ | 4.31 |
Options granted |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options exercised |  | (3,827 | ) |  |  | 4.09 |  |  |  | (4,850 | ) |  |  | 4.09 |
Options forfeited |  | (5,007 | ) |  |  | 5.11 |  |  |  | (11,848 | ) |  |  | 4.82 |
Options expired |  | — |  |  |  | — |  |  |  | (13,379 | ) |  |  | 4.09 |
Outstanding at end of year |  | 16,944 |  |  |  | 4.09 |  |  |  | 25,778 |  |  |  | 4.23 |
Exercisable at end of year |  | 16,944 |  |  | $ | 4.09 |  |  |  | 25,778 |  |  | $ | 4.23 |
A summary of outstanding stock options as of December 31, 2013 follows:
Number of Options |  | Expires |  |  | Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Intrinsic Value |
16,944 |  | 2014 |  |  |  | 0.1 years |  |  | $ | 4.09 |  |  | $ | — |
16,944 |  |  |  |  |  |  |  |  | $ | 4.09 |  |  |  |  |
Compensation expense of approximately $20,000 and $16,000 was recorded in the years ended December 31, 2013 and 2012, respectively, which is included in general and administrative expenses in the consolidated statements of operations. As of December 31, 2013, there was no unrecognized compensation cost related to stock option awards. Board of Directors Compensation Directors who are not employees of the Company and who do not have a compensatory agreement providing for service as a director of the Company receive a retainer fee payable quarterly. Eligible directors may elect to defer 50% to 100% of their retainer fee, which may be used to acquire common stock of the Company at the fair market value on the date the retainer fee would otherwise be paid, acquire stock units equivalent to the fair market value of the Company’s common stock on the date the retainer fee would otherwise be paid, or be paid in cash. During the years ended December 31, 2013 and 2012, directors of the Company elected to defer retainer fees to acquire approximately 6,000 and 6,000, respectively, stock units. Compensation expense of approximately $32,000 and $27,000 was recorded in the years ended December 31, 2013 and 2012 respectively, which is included in general and administrative expenses in the consolidated statements of operations.

X
- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration