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STOCK OPTION PLAN (Tables) | 12 Months Ended
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Dec. 31, 2014
STOCK OPTION PLAN [Abstract] |
Changes in stock options outstanding | A summary of changes in stock options outstanding during the year ended December 31, 2014, is as follows:
|  | 2014 |
|  | Numberof Options (in thousands) |  |  | Weighted average exercise price |  |  | Weighted average remaining contractual life (in years) |  |  | Aggregate intrinsic value (in thousands) |
Outstanding at beginning of year |  |  | 188 |  |  | $ | 14.29 |  |  |  |  |  |  |
Granted |  |  | 95 |  |  | $ | 18.17 |  |  |  |  |  |  |
Exercised |  |  | (16 | ) |  | $ | 5.56 |  |  |  |  |  |  |
Forfeited or expired |  |  | (18 | ) |  | $ | 9.14 |  |  |  |  |  |  |
Outstanding at end of year |  |  | 249 |  |  | $ | 16.71 |  |  |  | 7.4 |  |  |  | 2,474 |
Options exercisable at year end |  |  | 129 |  |  | $ | 19.46 |  |  |  | 6.1 |  |  |  | 4,138 |
Assumptions used to calculate compensation expense and fair value of stock options granted | The following assumptions were used to calculate the compensation expense and the calculated fair value of stock options granted each year:
|  | 2014 |  |  | 2013 |
Dividend yield: |  |  | — | (1) |  |  | — | (1)
Risk-free interest rate: |  |  | 1.3 - 1.5 | % |  |  | 0.7 - 1.4 | %
Expected market price volatility: |  |  | 77.1 – 80.5 | % |  |  | 80.3 – 82.3 | %
Average expected life of stock options: |  | 4.5 years |  |  | 4.5 years |
(1) The Company declared no dividends in 2014 or 2013.
Share-based compensation expense | The Company recorded the following amounts related to the expense of the fair values of options during the years ended December 31, 2014 and 2013 (in thousands):
|  | 2014 |  |  | 2013 |
Selling, general and administrative expenses and income from operations before income taxes |  | $ | 512 |  |  | $ | 173 |
Benefit for income taxes |  |  | (137 | ) |  |  | (33 | )
Effect on net income |  | $ | 375 |  |  | $ | 140 |
Unrecognized compensation cost | As of December 31, 2014, the Company had approximately $0.6 million of total unrecognized compensation expense related to stock options currently outstanding, to be recognized in future years, ending December 31, as follows (in thousands):
|  | Total gross unrecognized compensation expense |  |  | Total tax benefit associated with unrecognized compensation expense |  |  | Total net unrecognized compensation expense |
2015 |  | $ | 425 |  |  | $ | 82 |  |  | $ | 343 |
2016 |  |  | 225 |  |  |  | 18 |  |  |  | 207 |
2017 |  |  | 69 |  |  |  | — |  |  |  | 69 |
|  | $ | 719 |  |  | $ | 100 |  |  | $ | 619 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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