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Stock-Based Compensation
3 Months Ended
Mar. 31, 2014
Stock-Based Compensation [Abstract]  
Stock-Based Compensation

 

Note 3.  Stock-Based Compensation 

 

The Company records compensation expense for stock options based on the estimated fair value of the options on the date of grant using the BSM model. The Company uses historical data among other factors to estimate the expected price volatility, the expected option life and the expected forfeiture rate. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the estimated life of the option.  The Company calculates expected volatility for stock options and awards using historical volatility as the Company believes the expected volatility will approximate historical volatility.  At March 31, 2014, the Company had one stock-based employee compensation plan.  During the three-month periods ended March 31, 2014 and 2013, there were no stock options granted or exercised.

 

As of March 31, 2014, there was approximately $190 of unrecognized compensation expense.  The Company expects to recognize this expense over the next four years.  There was no intrinsic value in the options outstanding or exercisable as of March 31, 2014 as the option exercise prices were greater than the current fair market value as of that date.